Britain restored the gold standard in 1821, pegging sterling at £3 17s 10½d per troy ounce, and the following decades gave you one of the most instructive experiments in monetary history: falling prices coexisting with explosive real growth.
Prices fell. Roughly 50% between 1820 and 1850 by some price indices. The textile mills of Manchester kept expanding. Railway track mileage in Britain jumped from virtually zero in 1820 to over 6,000 miles by 1850. Real wages climbed. The orthodox panic about deflation, the kind you still hear from central bankers today, would have predicted stagnation. Instead you got the industrial revolution, accelerating.
The mechanism is simple once you strip away the Keynesian fog. Deflation under a gold standard reflects genuine productivity gains: producers squeeze more output from the same inputs, and prices fall because goods become cheaper to make. This is healthy deflation, not demand collapse. The cotton spinners of Lancashire caused falling yarn prices through innovation.
Sound money advocates have always stressed this distinction. Falling prices from productivity growth reward savers, keep capital costs honest, and force businesses to earn their profits through efficiency rather than inflating their way to margins.
The British experience between 1821 and 1850 is an inconvenient data point that modern central bankers quietly ignore: a hard currency, shrinking prices, and the fastest sustained economic expansion the world had yet seen. Simultaneously.
The Uber story isn't appreciated enough.
There's nothing you can say in defense of the taxi cartels.
Uber broke the law, and freed the rest of us from their grip.
Every time you use a rideshare app, you're celebrating a victory over human parasites. https://t.co/lLYJzCt8AM
Hey @RudyGiuliani, do you remember this? Your 2019 lunch with your long time fixer, Vitaly Pruss.
It was at Cipriani on 57th Street. Lev Parnas set it up and sat at the table. Pruss was your guy, fifteen years as your go-between for business in the former Soviet Union, who first paid you $100K for a speech to a Russian steel company back in 2003.
Pruss told you the FSB had gotten hold of my personal devices and that photos, texts and emails could be delivered to you from Ukraine.
You pounded the table. "We got him."
Here's the part you never mention. Pruss is the same man who arranged the Burisma board seat in the first place, through Devon Archer. I met him a handful of times. He was your associate the entire time. So, the man who helped put me on that board ended up being your fixer who showed up five years later to help you build kompromat about it.
And your team already knew a "hard drive" was coming. Lev testified Yuriy Lutsenko promised him one in February 2019. That is two months before anyone claims a laptop was dropped off at a repair shop in Delaware.
Now about Lev. On March 20, 2024, the man who sat at that table with you, who ran your errands across Ukraine and Vienna and everywhere in between for the better part of a year, who raised his right hand before the House Oversight Committee and swore to tell the truth.
Under penalty of perjury he told Congress he found "precisely zero proof of the Bidens' criminality." He told them every piece of dirt pushed about my family in Ukraine came from one source, Russia and its agents. He told them you knew it. He told them your friends in Congress knew it. He named them.
You have never been asked any of that under oath, Rudy. Lev did.
So please, sue me.
Lev will be my first witness. Then maybe I’ll call Pavlo Fuks. We can talk about him tomorrow.
There will not be another like the Queen of Country, Dolly Parton. Her music spoke to millions across generations, including in our family. And America is a better place because the inspiring and unifying example she set with her spirit of generosity and belonging will endure far into the future, just like her timeless music.
Dolly Parton was one of a kind—a great songwriter and performer who told the stories of everyday Americans with honesty, humility, and heart. She rose high from her East Tennessee roots and never forgot where she came from. And she always believed in giving back, especially in her efforts to promote literacy. Hillary and I were big fans and first saw her in 1974, and will always be grateful for the music and the memories. Our thoughts and prayers are with her family, her legion of fans, and everyone who loved her.
Simply put, Dolly Parton was an American original. She was an inspiration to millions. She was a relentless advocate for women and for equality. Through her Imagination Library, she placed the gift of reading into the hands of millions of children because she understood literacy is the foundation of opportunity.
But perhaps most importantly, Dolly treated everyone with kindness and respect. She lived her values with a flair and vitality for life that was uniquely her own. She was a trailblazer in every sense of the word, and she will be missed by millions around the world.
Jill and I are keeping her family, her friends, and her millions of fans in our prayers.
God bless Dolly Parton.
Yes you do. You don't even have to go back very far.
It was last election, when "corporate Dems" were lighting their hair on fire warning about the deranged fascist running for president and promising to do fascism, while people like Hasan spent all their energy "fighting" and lying against Democrats because they wanted Trump to win to "teach Dems a lesson."
It's frustrating how little in control we have over our destiny. Or, more precisely, how indifferent we are to changing our current trajectory.
Social Security and Medicare were established in 1935 and 1965.
In a few decades, they'll be half the federal budget when you don't include interest on the debt.
Young people are having their financial futures stolen from them. But it's also a robbery of their democratic voice.
DOGE couldn't cut spending because all the money went to old people. And we won't get socialism for the same reason. We don't have money to keep in our own pockets or to give to who we want.
It all goes to the demographic that least needs it.
All these debates about women's sports and meanwhile the next generation of Americans are going to have to temper their ambitions so we can keep shoveling money to the elderly.
Few things are as important for the future of the country as getting entitlements under control. https://t.co/0yrKnRa8Yq
Russiagate was real btw. 34 people were charged, most of whom were Russian nationals who fled the country. 8 Americans on Trump’s campaign were convicted or pled guilty and sent to prison.
And then Trump pardoned them.
You just forgot because he did worse stuff
The disgraced former mayor of New York, Rudy (I was just tucking in my shirt) Giuliani, has threatened to sue me for defamation over an interview in which I never said his name. No one even mentioned him.
I want to apologize to Rudy. Going forward I will be certain to say his name directly.
Rudy, you worked with known Russian agents and their proxies to spread lies about me and my father. Their names are Andrii Derkach, Konstantin Kulyk, Andriy Telizhenko and Oleksandr Dubinsky and more. Kulyk handed you a dossier filled with disinformation. You flew to Kyiv in December 2019 to sit down with Derkach, then went on television with him to sell his bullshit tapes.
Trump’s own national security adviser warned the White House that what you brought back was Russian disinformation. You kept going.
Then Trump’s own Treasury Secretary, Steven Mnuchin, sanctioned Derkach in September 2020 as an active Russian agent for over a decade, for spreading the same lies you are still spitting. Four months later, on his way out the door, Mnuchin sanctioned the rest of your sources. Kulyk. Telizhenko. Dubinsky. Eleven people and four media front companies in all. Not sanctioned by me. Not by my father. By Donald Trump’s Treasury Department.
And remember Vienna Rudy. In October 2019 you, Lev Parnas and Igor Fruman had tickets to fly there to collect a hard drive, courtesy of Dmytro Firtash, an indicted oligarch who has spent a decade in Vienna fighting extradition to the United States. Lev and Igor were arrested at Dulles holding one-way tickets. You canceled yours the next morning. That was way before a computer repairman in Wilmington was ever a twinkle in your eye.
So please, @RudyGiuliani. Please, please sue me. Discovery will be a joy for everyone.
To give a rundown of the zombie facts haunting the data center debate:
-They pollute water: Every instance we've seen so far was caused by something relating to construction, mostly the same as other large buildings.
-They raise electricity prices as much as 267%: this was a stat about wholesale prices at specific nodes very close to data centers, not household prices in the area, which are often very different. There's no reliable pattern right now between DCs getting built and electric bills going up, but that could change in the future.
-Their normal operation harms people's access to water: No clear case I can find, outside a weird case in Georgia where a DC accelerated the need for a larger water treatment plant which got passed onto consumers as higher bills.
-They take all the land: even in Loudoun County with the most data center capacity anywhere DCs take up about 3% of the land. By 2030 all US data center buildings would cover about the surface area of Disney World
-They create harmful infrasounds: this was based on a single video that lied about almost every study it flashed on the screen. We don't have any reason to think data center infrasound is harmful unless it's so loud you can physically feel it.
-They don't pay taxes: this is the result of a game of telephone that started because data centers don't pay a specific type of tax (M&E sales) in most states, which got reported on a lot as "residents missing out on this much in tax revenue" which people mistook to mean DCs basically pay no taxes or get funded to get built. In reality that's just one of several taxes places can apply and in basically everywhere they're built DCs pay a lot of taxes. Loudoun collects $1.3 billion per year from them and doesn't charge M&E sales tax.
-They reliably make annoying sound: there are clear cases where they've created awful noise pollution, but these mostly seem like outliers, though there are enough to be concerned.
-They create harmful heat islands: The only study that's measured this finds that data centers can heat the air very close to them by a few degrees, and this drops to zero just a little farther out. A separate study that found that they heat the land for miles around seemed to have accidentally measured the results of normal land use change like new paved roads, and didn't control for that. It could be that the very largest ones create a harmful effect in areas where heat doesn't dissipate well, like desert valleys.
I'm finding that most educated adults I meet believe almost all of these.
if the point here is our government is broken, and without private industry we would decay into another dark age, yes, agree, that’s all there is to say