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0 sats \ 24 replies \ @stackt0shi 28 Oct \ on: Money Isn't a Measuring Stick, Idiots (TDE, Pete Earle) econ
A bitcoin in Florida in 2009 is a bitcoin in Alaska in 2025. You think comparing is only something you do across space. The problem is that our high-time preference overlords want us fighting over scraps today with a monetary unit that everyone knows will be worth less tomorrow.
The unit doesn't do that. Prices do. Currency manipulators want to mask all of those signals that factor into the politically useful prices.
Prices do that, correct. What's a price?
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An amount, an observation, a numerical constant when holding all other variables constant. You want it to be a coefficient of another politically influenced variable created by forces that absolutely loathe economic freedom.
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The Harmonizing Variable: A Ship (or: How Economists Smuggle Politics (dishonesty) into the Equation)
Picture a lone vessel——anchored in calm waters, holding position while every other current shifts around it. Now imagine a fleet of dishonest, politically engineered tides, disguised as variables, pushing and pulling against that still point.
You call it a coefficient—a neutral multiplier. But beneath the surface, it’s a keel weighted by ideology, a number designed to tilt the ship toward one safe harbor or another.
Hold all else constant, and the equation seems stable. Yet even constants drift when the currents are written by those who fear open seas.
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wrong.
go back and read a) a textbook, b) Pete's article again.
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I will never read anything that contains something so nonsensical as this: "Importantly, we don’t want money to be a fixed unit in the way a meter or kilogram is. We want money to fluctuate — to stretch and compress — because it is through those changes that money performs one of its most vital functions: signaling economic conditions. Transmitting relative price changes, in response to underlying conditions of supply and demand, is among money’s key purposes..."
That is prescriptive Keynesian drivel.
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you clearly don't have the cognitive capacity to hang out in these parts, do you?
Come back when you've reassessed.
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Ad hominem. No, I understand completely: you like a fluctuating yardstick because you believe central bankers are better planners than individuals and should protect them from their own incompetence. This is the Fatal Conceit Hayek described back in the 80s. Have you heard of it?
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Den is wrong about a lot of things, but he's right on this one
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Nice to hear that
Why does money need to signal "economic conditions"?
No, idiot. At one point did I say that?
Jeezus.
I read Fatal Conceit before you could spell the words "central bank". Please fuck off
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That's what you quoted! And I quoted!
Rather than name-call, how about explain who stretches and compresses the dollar, and why individuals can't assess the exchange value of their preferred MoE.