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My most important thread from twitter for posterity:
The significance of Executive Order 6102 was not just that individuals could no longer own gold, but more specifically, that they could no longer redeem bank notes for gold. This was an indefinite disruption of the settlement to the base layer of money.
Historically, when banks engaged in fractional expansion of their promissory notes a time period of liquidation would bring them back to reality.

3,000 fucking euros. That's how much the ECB thinks is appropriate for you to have saved.
bloomberg.com/news/articles/20

That's approximately 1-2 months worth of living expenses in what's supposed to be the most liquid instrument you save for times of uncertainty. The ECB must hate its constituency. And yes, they dig their own grave by pushing more to

.

I was discussing dogecoin with some younger co workers the other day and they told me to have fun staying poor. We are close.

Mises.org has a ton of some of the best literature ever written, available for free.

Wait, let me get this straight, Coinbase "breaking" again caused a whole bunch of people to sell their Bitcoin at rock bottom prices? Why am I not surprised.

Money is not a belief system. It is a concrete network mechanism of trust in the underpinnings of voluntary exchange in a society. And settlement to the base layer is necessary to retain that trust in the process of mutually beneficial cooperation.

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A monetary system built on a distributed global consensus of software which settles on the base layer in finality, and the degrees of that assurance being set according to market demand. A system of transparency in which reserves at the base layer can be audited by anyone and claimed whenever a period of liquidation arises.

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Mafias which dictate the terms of economic calculation and manipulate the underlying reality of the aggregate wealth of society. As the world moves beyond the long tail paradigm of fiat central banking, a new system should be envisioned. One in which the settlement to the base layer is a RIGHT retained to every individual. In this way, the market will decide who is whole and who is not, instead of bureaucrats who curry backroom deals in favor of special interests.

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, for much the same reasons suspension of redemption of specie occurred throughout the 19th century. An arrest of liquidation. Settlement to the base layer of money is a CRUCIAL process in the trust instilled by the market into financial institutions. Without this settlement, financial institutions (and more particularly currency issuance parties) are little more than Mafias.

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The term "Fiat" money is often misconstrued because people don't know this history. The fiat (order or decree) aspect of the money was that their face value would remain as it was when backed by redeemable specie without the ability for the market to settle to the base layer. Settlement to the base layer (for the next 50ish years) was reserved for sovereign nations under Bretton Woods, and ultimately ended in 1971...

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A common strategy of the US government throughout every major financial panic in the 19th century was to temporarily arrest this process of liquidation (or redemption of bank notes for specie). The reason for this, is that these banks were the primary holders of US government bonds, and the government relied on their solvency to continue borrowing and spending. The significance of EO 6102 was that it was an indefinite suspension of settlement to the base layer.

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Periods of bank note expansion (usually driven by government debt expansion and rampant private enterprise speculation following large government subsidy, such as railroads) followed by a snap liquidation of mal-investment. By settling back down to the base layer money.
The market was able to come to terms with "who still had their shorts".

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Liquidation in this sense means settlement back to the base layer (gold). As @mrcoolbp
likes to say, to see who still has their shorts on when the tide goes out. After a period of liquidation (settlement back to the base layer) a bank that was still solvent (either by prudent financial management or by faith of the market) got to carry on.
If you take the time to read The History of Money and Banking by Rothbard, you will find that every major financial crisis in the US had a common theme.

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My most important thread from twitter for posterity:
The significance of Executive Order 6102 was not just that individuals could no longer own gold, but more specifically, that they could no longer redeem bank notes for gold. This was an indefinite disruption of the settlement to the base layer of money.
Historically, when banks engaged in fractional expansion of their promissory notes a time period of liquidation would bring them back to reality.

it's very clear that political elites in this country are completely spineless, rolling over to contrived narratives (especially re parler) with no resistance. it's time for some new counter elites to emerge, that aren't so fucking afraid to stick up for themselves. bitcoiners need to rise up and assume power.

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