LifeGoesOnBro

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@stmatomato vr support?👀👀

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@sanventpipe @NoContextHumans Lone - Pineapple Crush

[Jake Williams @MalwareJake]

Yo, Microsoft, we need to talk. This is Notepad. Literally nobody asked for this...

[LifeGoesOnBro @soobidoop]

@deadmau5 Is it possible to watch this after the event? Or is it live only?

[Wide Awake Media @wideawake_media]

Geologist, Professor Ian Plimer, utterly demolishes the human-induced "climate emergency" fairy tale in three and a half minutes:

"[Six of the six] great ice ages started when we had more carbon dioxide in the atmosphere than now. We have 0.04% of that gas in the atmosphere... Well that means nothing to me, because the atmosphere has changed in its carbon dioxide content from over 20% to now, which is really low in geological time. If we halved it, all plant life would die, and animals would die."

Full talk: https://t.co/wIH2oKrQa9

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#ClimateScam #ClimateCult #NetZero

[Bitcoin Magazine @BitcoinMagazine]

🇸🇻 El Salvador is creating a $1 billion #Bitcoin mining farm by utilizing volcano energy 🌋

Eventually, every country will be mining #Bitcoin

[LifeGoesOnBro @soobidoop]

@justervesen Aldri dumt å ha flere alternativer når man skal betale for ting og tjenester. Dette er den eneste analoge betalingsmåten vi folk flest har igjen. Vi har blitt meget digital og det er bra på flere måter, men vi skal være helt sikker før vi velger å fjerne kontanter. 🙂

[Rune Østgård @enur72]

The Norwegian krone has become a Shitcoin
- and it's because it's a Fraudcoin

This article is an extended version of a comment I posted this morning in Norwegian.

In a time of unusually high price inflation, people have started to notice that the Norwegian krone (NOK) has depreciated by roughly 50% against the euro (EUR) over the last 20 years. As a result, we now see growing tensions and even the mainstream media covers it.

I write this article as a comment on an op-ed in our largest financial newspaper, Dagens Næringsliv (DN), earlier this week. I’m going to shed light on how so-called “experts” knowingly or unconsciously contribute to what best can be described as systematic fraud and coercion of the Norwegian people.

My comment should be interesting to anyone worried about inflation. It’s worded in a way that makes it easy for all of you to understand it, regardless of what kind of background you have.

Please share it with others if you think it’s important that more people get to know how monetary policy affects wages and society.

The op-ed in DN is written by chief economist Marius Gonsholt Hov at Handelsbanken Capital Markets, and Olav Slettebø, senior adviser at Statistics Norway, which is a governmental bureau. They use the op-ed to try to refute that there is any problem that the krone has depreciated. Instead, they portray it as something positive.

The authors argue that the depreciation of the krone "is hardly a warning that something is completely wrong with the Norwegian economy, but rather an adjustment that brings Norwegian wage levels into better balance with the level abroad. It helps us with a necessary restructuring."

They also write that "Actually, we've been fortunate to have the foreign exchange market do this job for us. In this respect, we may also be able to allay some of the alarmism surrounding the weak nominal exchange rate."

The bureaucrats in the Ministry of Truth in George Orwell's book 1984would have been moved to tears if they witnessed such a capacity for gaslighting.

When we now kick off with our analysis, we take as a starting point that Norway has always been a rich country due to the gifts that our fantastic nature has given to us. At first, we were well off because of hunting, gathering and fishing, which made it possible for us to engage in extensive trade with the outside world.

We later supplemented this with agriculture, which, despite the short season, was profitable in parts of the country where we have a climate that gives us quite stable crops. In the early 1900s, we started converting the power in our numerous waterfalls to electricity, and in the 1960s we discovered vast reservoirs of oil and gas in the North Sea.

With such enormous wealth bestowed upon us, the natural state of things means that Norwegian workers will be paid more for their labor compared to workers in other countries. It’s especially the access to cheap energy, for consumption and production, that has this effect.

What happens, however, is that politics in general, and especially the monetary policy, take the value of labor out of the workers’ hands and give it to others.

This shouldn’t come as a surprise to anyone. Politics is at its core about redistribution of wealth. What might surprise some of you is that this social democratic country steals so much from its workers.

It’s the central bank, Norges Bank, which is responsible for the monetary policy in Norway. In the period 2002-2022, it made sure that the money supply (NOK M2) increased by as much as 6.9% on average per year.

In the eurozone, the European Central Bank stimulated an increase of the money supply (EUR M2) by 5.9% on average per year.

Thus, the money supply grew 16% faster in Norway than in the euro area. Over time, this differential results in the value of the krone being diluted considerably more than the value of the euro.

How do you think that this affects the exchange rate?

The krone has depreciated by an average of 1.9% per year against the euro. And as mentioned in the introduction, the result is roughly a 50% depreciation in 20 years.

Another consequence of the growth in the money supply is that prices rise. Imports from the euro area becomes more expensive, something which contributes to the price inflation in our country. This results in a rising consumer price index (CPI), which in turn determines Norges Bank's interest rate policy. When the CPI goes up, the central bank raises the interest rate, forcing debtors to pay more to the creditors.

The increase in the money supply, and the corresponding dilution of the value of the krone, is a result of Norwegian borrowers taking out more and more loans. This has happened because Norges Bank has kept interest rates relatively low.

The result is that Norwegian workers have become hooked on debt. In the OECD area, only the Danes have more debt than Norwegians.

When employees have so much debt, the government and the other employers have considerable leeway in wage negotiations with the unions. The employers argue that the Norwegian economy "is running hot" and demand that the workers must "show moderation". And then they threaten to blame the workers if Norges Bank raises interest rates, corporations start laying people off and the small and medium sized companies go belly up.

The government and the large corporations ignore the fact that it is monetary policy and the constant increase in the money supply that is the reason why prices go up. It’s a “non-issue”, something that shall not be talked about. The workers bow their heads and accept the loss, year in, year out.

The consequence is that wage growth in Norway has been only 3.9% per year for the past 20 years. That's three percentage points lower than the rate of expansion of the money supply, which we saw was 6.9%. This cuts the wages in real terms in half, in as little as 23 years.

If workers had been compensated for the dilution of the value of money during this period, the average wage in 2022 would have been almost twice as high, at NOK 1,176,998 against NOK 664,700.

In other words, we have a spiral of death in which the value of the Norwegians' labor is constantly weakened, whether we compare it with the increase in the money supply and wages in the Eurozone. This is due to a deliberate policy, and it has nothing to do with natural conditions.

I am not surprised that Hov and Slettebø portray these mechanisms as good. Economics students all over the world are taught that inflation is good, because it facilitates restructuring by making workers accept falling real wages. It’s the fraudulent heritage of the inflationistas par excellence, professor Ragnar Frisch at the University of Oslo, professor Irving Fisher at Yale University, and the infamous economist John Maynard Keynes.

Furthermore, being employed in institutions that benefit the most from the redistribution of the wealth – the financial sector and the state – doesn’t give the authors incentives to unlearn these chapters of the curriculum.

What I am worried about, is that ordinary people are being deceived and that workers are being pressured to receive an ever-smaller share of the pie.

I guess we'll just have to wait and see how many people in the working and middle class follow in the path of the wealthiest Norwegians and emigrate to Switzerland.

***

If you like this article, the algorithms and I would appreciate it if you hit the like button and follow me here on Twitter.

If you want to learn more about inflation, read Fraudcoin – 1000 Years of Inflation as a Policy, which has become a bestseller in Norway.

[LifeGoesOnBro @soobidoop]

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@unginvestorr

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[F-Secure @FSecure]

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@HolographicMD

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@lukebelmar Nope

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@SpareParet

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Best kind of Prozac is Gratitude 🙏

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@hadleytom881 @lukebelmar It's just a glitch

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Assange lawyer Jen Robinson speaks to @abc730: "This precedent means that any journalist anywhere in the world could be extradited and face prosecution for publishing truthful information" | @suigenerisjen