Rothbard's Wisdom

Can't we all just get along without coercion?

[Rothbard's Wisdom @RothbardsWisdom]

@RelearningEcon Arsonists don't cause damage by lighting fires but rather firefighters who decide how much to put out or let burn.

[Rothbard's Wisdom @RothbardsWisdom]

@RealKeithWeiner @saifedean @PeterSchiff Why is gold behaving like Bitcoin?

[Rothbard's Wisdom @RothbardsWisdom]

@RealKeithWeiner Why is gold's price so volatile? Isn't gold mining supposed to prevent these huge price movements we've seen over the past few years? Yikes.

[Rothbard's Wisdom @RothbardsWisdom]

@wbmosler @litewhisperer Obviously true but with better obfuscation.

[Rothbard's Wisdom @RothbardsWisdom]

@RelearningEcon Really? They don't allow their workers to quit and find another job?

[Rothbard's Wisdom @RothbardsWisdom]

@SantiagoAuFund Semantic side quest.

What matters are the long term consequences for actual human beings and those consequences aren't good.

[Rothbard's Wisdom @RothbardsWisdom]

@RelearningEcon Your ignorance of the alternatives does not mean they do not exist.

[Rothbard's Wisdom @RothbardsWisdom]

@VezoVezir @cullenroche @ProfSteveKeen Imagine you are a bank and someone gives you a $100. You mark down in your ledger that YOU OWE THEM $100. That's a bank liability.

[Rothbard's Wisdom @RothbardsWisdom]

@cullenroche Yeah, it all works until the market revalues the assets and then the central bank has to bail out the commercial banks with newly created reserves. The fiat monetary system is a farce.

[Rothbard's Wisdom @RothbardsWisdom]

@mcsquared34 And every consumer demands the best possible product at the lowest possible price.

[Rothbard's Wisdom @RothbardsWisdom]

@C29215274971 @GeorgeSelgin Banks create financial credits not really new assets. Think of a mortgage for example.

[Rothbard's Wisdom @RothbardsWisdom]

@cutupcado @AaronSepulvedaC Yup. https://t.co/LSgALC4lPf

[Rothbard's Wisdom @RothbardsWisdom]

@GeorgeSelgin @HenricCont Ok, so what would you like to call the effect where people who don't have access to credit fail to benefit from falling prices? It's effectively the same as the Cantillon effect but I'm happy to call it something else.

[Rothbard's Wisdom @RothbardsWisdom]

@GeorgeSelgin @HenricCont I suspect that the pushback you receive from Austrians and like-minded promoters of liberty stems from a focus on nominal prices and semantics as opposed to real world implications for individuals.

[Rothbard's Wisdom @RothbardsWisdom]

@GeorgeSelgin @HenricCont Ok, so what would you like to call the effect where people who don't have access to credit fail to benefit from falling prices? It's effectively the same as the Cantillon effect but I'm happy to call it something else.

[Rothbard's Wisdom @RothbardsWisdom]

@GeorgeSelgin @HenricCont "No they (Cantillon effects) don’t. Those effects specifically depend on prices rising after first recipients of new money start spending it.

Are home prices not higher than they otherwise would be without fiat bank credit creation?

[Rothbard's Wisdom @RothbardsWisdom]

@GeorgeSelgin @HenricCont When a loan is taken out for a home mortgage that money is spent immediately on the purchase of the new home.

[Rothbard's Wisdom @RothbardsWisdom]

@DavidCritz @RealKeithWeiner @CepnikMaciej Did they get into financial trouble specifically for paying out dividends in gold?

[Rothbard's Wisdom @RothbardsWisdom]

@kirawontmiss Yes they do and yes 'we' are.

[Rothbard's Wisdom @RothbardsWisdom]

@Mrcryptoxwhale So he understands currency debasement but doesn't see the value in Bitcoin and gold. Help me understand his logic.

[Rothbard's Wisdom @RothbardsWisdom]

@SantiagoAuFund And now a private company like Tether can take full advantage of it.