Lawrence H. White @lawrencehwhite1 Twitter profile

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Lawrence H. White

4 years

Almost everyone talking about the #coronavirus is displaying strong confirmation bias. Which only goes to prove what I’ve always said.

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Last Seen Profiles

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Lawrence H. White

@lawrencehwhite1

6 years

On the cover of the 22 October New Yorker: an unflattering caricature of rich men in suits. On the inside cover and first page: a two-page spread advertising suits for rich men.

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Lawrence H. White

@lawrencehwhite1

2 years

We will cripple the Russian economy by cutting off their access to world markets. They will have to buy Russian. We will strengthen the American economy by cutting off our own access to world markets. Buy American! One of these two does not compute.

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Lawrence H. White

@lawrencehwhite1

9 months

Anybody who doesn't understand that the economy's indefinite growth is in the value of output, not in the physical mass of output, is either ignorant, or a TV show host.

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Lawrence H. White

@lawrencehwhite1

4 years

I have a joke about Bitcoin, but I’m hodling it.

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Lawrence H. White

@lawrencehwhite1

3 years

Paul Krugman is not a historian of economic thought; he only role-plays one in his NYT opinion column. He has never understood the Austrian / Hayekian theory of the business cycle, so he thinks that it couldn't have been a serious rival to Keynes’s theory in the 1930s. But /1

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Lawrence H. White

@lawrencehwhite1

3 years

Two years ago in the metaverse.

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Lawrence H. White

@lawrencehwhite1

8 months

Milei wins handily! I look forward to @ocampo_emilio and his team systematically withdrawing the Argentine peso and winding down the central bank. It will be the blessed end of a high-Inflation era.

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Lawrence H. White

@lawrencehwhite1

3 years

Will he be able to hit his targets?

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Lawrence H. White

@lawrencehwhite1

3 years

As valid as any "technical analysis."

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Lawrence H. White

@lawrencehwhite1

2 years

Biden approval rating: 42.7%. If you're not with the 57.3% majority who don't approve, then you know, that is extreme. Biden approvers are extremists. QED.

Disclose.tv

@disclosetv

2 years

NOW - White House: "When you are not with what majority of Americans are, then you know, that is extreme. That is an extreme way of thinking."

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Lawrence H. White

@lawrencehwhite1

1 year

Why is the cover of a book on "Free Market" ideas adorned with government-issued coins rather than privately issued coins?

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Lawrence H. White

@lawrencehwhite1

3 years

In an alternative metaverse:

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Lawrence H. White

@lawrencehwhite1

3 years

Roubini refers to "irresponsible behavior"? Going on TV to say that BTC has zero use case, having made no effort to become better informed, THAT is irresponsible behavior.

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Lawrence H. White

@lawrencehwhite1

2 years

87 years of capital accumulation.

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Lawrence H. White

@lawrencehwhite1

2 years

Having just finished the first draft of a book ms. on fiat vs. gold vs. bitcoin, I am ready to be the guy on the right.

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Lawrence H. White

@lawrencehwhite1

3 years

But the US dollar since 1971 *is* a fiat currency in the standard meaning of the term. Should we stop describing the dollar accurately?

Let’s all please stop calling dollars ‘fiat money’

Currencies are not memes that only have value because governments say they do

www.ft.com

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Lawrence H. White

@lawrencehwhite1

3 years

New addition to my spring Money and Banking course reading list.

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Lawrence H. White

@lawrencehwhite1

2 years

The Austrian business-cycle concept of unsustainable investment projects, illustrated.

Igor Schatz

@Copernicus2013

2 years

China demolishing unfinished buildings.. beautiful Keynesianism at work

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Lawrence H. White

@lawrencehwhite1

3 years

Aug 1961 to Aug 1971, the geometric average US inflation rate (CPI-U) was 1.3% per year. Aug 1971 to Aug 1981, the average inflation rate was 8.5% per year. Hmmm. Did something change in August 1971?

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Lawrence H. White

@lawrencehwhite1

1 year

Borrow short, lend long. Privatize the resulting profits, socialize the resulting losses. Is that any way to run a sound banking system?

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Lawrence H. White

@lawrencehwhite1

2 years

@cafreiman Ricardo and Marx struggled with the "transformation problem" of accounting for the time-value of money in a labor-theory-of-value framework. Existential Comics: "Easy. It's theft."

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Lawrence H. White

@lawrencehwhite1

1 year

Today I learned that Elon Musk doesn't understand how bond yields are determined. Not by the Treasury's choice of coupon rate, but by market determination of the bond's price via discounting its coupons and principal. Market discount rates up, bond prices down, bond yields up.

Elon Musk

@elonmusk

1 year

@paulg FDIC needs to change to unlimited coverage to stop bank runs and Treasury needs to stop issuing ridiculously high yield bills, such that it makes no sense to have money in a low interest rate bank “savings” account. Right now.

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Lawrence H. White

@lawrencehwhite1

11 months

Professor Blanchard needs to update his thinking. Lowering inflation does not require, nor is it even associated with, higher unemployment in the last 40 years of US data. The Phillips Curve is dead. Source: McLeay and Tenreyro, NBER Macro Annual 2019, .

Olivier Blanchard

@ojblanchard1

11 months

4. Short of a direct effect on inflation expectations, or mind control, or price/wage controls, this requires slowing down the economy, and thus increasing unemployment. To me, the increase in unemployment is causal, and needed to reduce inflation.

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Lawrence H. White

@lawrencehwhite1

3 years

Answer: surveillance.

Cato CMFA

@CatoCMFA

3 years

What can public digital currencies accomplish that private digital currencies cannot?

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Lawrence H. White

@lawrencehwhite1

1 month

This is the moment at which Milei cited Kirzner on the market as a discovery process.

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Lawrence H. White

@lawrencehwhite1

1 year

My copies have arrived!

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Lawrence H. White

@lawrencehwhite1

1 year

Forthcoming in March.

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Lawrence H. White

@lawrencehwhite1

3 years

Carl Menger's influential Principles of Economics was published in 1871, 150 years ago. That's a lot of years. And yet I have spoken with a man who himself saw Menger at the University of Vienna.

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Lawrence H. White

@lawrencehwhite1

7 months

The view that states are responsible for the introduction of money is just as implausible as the view that states are responsible for the introduction of language. Ditto for the view that state actions improve money or language.

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Lawrence H. White

@lawrencehwhite1

4 years

In recognition of Hayek's birthday.

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Lawrence H. White

@lawrencehwhite1

2 years

"MMTers never said to fight inflation with tax hikes."

Stephanie Kelton

@StephanieKelton

2 years

MMT has obviously proven correct. It’s big claim was that massive deficits would not lead to runaway interest via bond vigilantes or insolvency. Huge win. MMTers never said to fight inflation with tax hikes. #Fail

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Lawrence H. White

@lawrencehwhite1

4 years

Kamala Harris: "Equitable treatment means we all end up at the same place." Really? Are there no differences in human talents, tastes, or efforts? F. A. Hayek: "There is all the difference in the world between treating people equally and attempting to make them equal."

Kamala Harris

@KamalaHarris

4 years

There’s a big difference between equality and equity.

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Lawrence H. White

@lawrencehwhite1

1 year

Today I learned that Charlie Munger understands neither cryptocurrency nor statistics.

Steve Hanke

@steve_hanke

1 year

"A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it's a gambling contract with a nearly 100 percent edge for the house." – Charlie Munger

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Lawrence H. White

@lawrencehwhite1

8 months

Useful example for teaching students how it's a mistake to think that a lower rate of inflation (lower *rate of growth* in the price level) means a drop in the *level* of prices.

Joe Biden

@JoeBiden

8 months

Let me be clear to any corporation that hasn’t brought their prices back down even as inflation has come down: It’s time to stop the price gouging. Give American consumers a break.

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Lawrence H. White

@lawrencehwhite1

4 years

I have a joke about fiat money, but I’m just going to declare that it’s funny.

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Lawrence H. White

@lawrencehwhite1

3 years

I feel seen.

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Lawrence H. White

@lawrencehwhite1

11 months

@n_cachanosky @vivicanosaok @ocampo_emilio @LANACION Primero te ignoran. Entonces se ríen de ti. Luego te difaman. Entonces ganas.

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Lawrence H. White

@lawrencehwhite1

2 years

Given the checkered history of fiat monies, why do so many economists defend fiat standards? Mostly they defend an ideal version of how a fiat standard could perform, not how the typical fiat standard has performed in practice.

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Lawrence H. White

@lawrencehwhite1

2 years

UK Exchequer: We'll be cutting taxes and borrowing massive sums. Market: We fear that the Bank of England will monetize the debt and amplify inflation. We're dumping £ bonds. Bank of England: To calm the bond market, we're going to monetize the debt.

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Lawrence H. White

@lawrencehwhite1

5 years

Roses are red; Central banks are wack. Let monies compete. Bring free banking back.

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Lawrence H. White

@lawrencehwhite1

3 years

Matt Stoller, a would-be anti-monopolist, seems unaware that crypto remittance services are helping to break up the market dominance of Western Union and MoneyGram, bringing down prices to consumers.

Matt Stoller

@matthewstoller

3 years

Cryptocurrencies should obviously be banned. Let's just stop playing passive aggressive here, crypto is interesting technology used almost entirely by scammers and money launderers. And forcing them to obey the law is the same as banning.

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Lawrence H. White

@lawrencehwhite1

3 years

Prices go up when greed goes up. And how do we know when greed goes up? When we see prices go up!

Richard D. Wolff

@profwolff

3 years

Inflation occurs when employers raise prices. Profit drives their decisions. But they dare not publicly admit that reason. Instead they blame gov't or rising wages or "shortages" etc.: anything/anyone but themselves. Dont be fooled.

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Lawrence H. White

@lawrencehwhite1

3 years

Price controls won’t fix broken supply chains. In fact they will discourage efforts to fix them. (HT to @GeorgeSelgin )

The Guardian

@guardian

3 years

We have a powerful weapon to fight inflation: price controls. It’s time we use it | Isabella Weber

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Lawrence H. White

@lawrencehwhite1

11 months

30% in the first round for a candidate who wants to abolish the central bank and dollarize. Remarkable and encouraging, whatever disagreements I may have with Milei on other issues.

MaryAnastasiaO'Grady

@MaryAnastasiaOG

11 months

Javier Milei’s showing has sent a message to Buenos Aires—and the world—that the Argentine middle class may no longer accept a status quo that robs them of the fruits of their labor. via @WSJopinion

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Lawrence H. White

@lawrencehwhite1

3 years

JR Hicks was there, and wrote in his 1967 essay “The Hayek Story”: /2

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Lawrence H. White

@lawrencehwhite1

3 years

The argument should be that Bitcoin is worth it. Not that its costs are benefits.

Alex Gladstein 🌋 ⚡

@gladstein

3 years

Can your Proof-of-Stake coin do this?

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Lawrence H. White

@lawrencehwhite1

3 years

You got to admire the boldness of someone who derives his policy advice on x from his failure to understand x.

Project Syndicate

@ProSyn

3 years

I don’t understand the need for cryptocurrencies, says @Harvard 's @JFrankelEcon . "Like many economists, I fail to see what problem they solve."

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Lawrence H. White

@lawrencehwhite1

2 years

Bitcoin supply is not like wheat supply. Bitcoin's quantity is on a pre-determined path. Price below the current cost of "production" (mining) reduces mining but does nothing to reduce supply. The current cost of mining therefore gives zero support to the price of Bitcoin.

Anthony Pompliano 🌪

@APompliano

2 years

"Bitcoin’s price sits at the lower bound of its production cost for the first time since the March 2020 liquidity crisis as well. The idea here is that Bitcoin should at minimum be worth the cost of energy to produce it." - @WClementeIII

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Lawrence H. White

@lawrencehwhite1

2 years

Hayek advocated social engineering? This is a stunning new achievement in misunderstanding and misrepresentation.

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Lawrence H. White

@lawrencehwhite1

3 years

Krugman's NYT opinion column is here: For a very helpful account of the Austrian theory incorporating the economy's production possibilities frontier, see Roger Garrison here:

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Lawrence H. White

@lawrencehwhite1

3 years

Building a bridge uses labor and capital. What follows? a) It is a waste. b) It is worth doing. c) Neither. Cost > 0 does not imply cost > benefit (waste). Nor is resource use itself a benefit. (Bridge to nowhere is waste.) Correct answer: c. OK? Now try "Bitcoin uses energy."

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Lawrence H. White

@lawrencehwhite1

3 years

ON THIS DAY IN BITCOIN HISTORY. On 28 Dec. 2009, New Liberty Standard , the first market maker in Bitcoin, posted these bid and ask prices. To get inventory, NLS had in Oct. bought 5050 BTC from @marttimalmi for $5.02 in the first known BTC/USD trade.

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Lawrence H. White

@lawrencehwhite1

5 months

Bindsell and Schaaf seem to think, mistakenly, that if BTC is not a common medium of exchange for everyone, it is not a useful medium of exchange for anyone for any purpose. The concept of a successful niche medium of exchange for legitimate purposes has eluded them.

European Central Bank

@ecb

5 months

Bitcoin has failed to become a global decentralised digital currency, instead falling victim to fraud and manipulation. The recent approval of an ETF doesn’t change the fact that Bitcoin is costly, slow and inconvenient, argues #TheECBBlog

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Lawrence H. White

@lawrencehwhite1

2 years

Today I learned ...

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Lawrence H. White

@lawrencehwhite1

3 years

in cases of slumping velocity. He called for stabilizing nominal income in a closed economy to avoid slumps due to an unsatisfied excess demand for money. See my article here:

Did Hayek and Robbins Deepen the Great Depression?, by Lawrence H. Whi

Contrary to some accounts, the Hayek-Robbins ("Austrian") theory of the business cycle did not prescribe a monetary policy of "liquidationism" in the sense of passive indifference

ideas.repec.org

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Lawrence H. White

@lawrencehwhite1

3 months

I'll be talking about dollarization at what looks to be an important conference in Buenos Aires in June. Conference schedule just dropped here:

The Rebirth of Liberty in Argentina and Beyond

The Cato Institute and the Argentina‐based Libertad y Progreso think tank are pleased to announce a major conference that will bring together prominent classical liberals from around the world to...

www.cato.org

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Lawrence H. White

@lawrencehwhite1

3 years

@nic__carter My two cents: You are talking sense about hyperinflation and she is not. Monetary expansion dilutes purchasing power, driving both domestic price inflation and falling FX value. Blaming speculators for the collapse of the dollar's peg to gold is what Nixon did to shift blame.

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Lawrence H. White

@lawrencehwhite1

3 years

If an asset’s value is zero with less than 100% probability, then it’s expected value is positive.

Steve Hanke

@steve_hanke

3 years

There is no exchange-rate model that is suitable for the determination of the Bitcoin/USD exchange rate. That’s why, although we know Bitcoin's price, it’s value is unknown & is probably ZERO. My latest interview with @YahooNews :

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Lawrence H. White

@lawrencehwhite1

2 years

@AgnesCallard Why don’t they just hide the candy from you?

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Lawrence H. White

@lawrencehwhite1

1 year

My new book is out, and early sales appear to be brisk.

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Lawrence H. White

@lawrencehwhite1

11 months

@DanielRaisbeck Evidence in support of your thesis:

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Lawrence H. White

@lawrencehwhite1

2 years

For a critical discussion of the Diamond-Dybvig model, see my The Theory of Monetary Institutions, ch. 6.

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Lawrence H. White

@lawrencehwhite1

1 year

I had a rough weekend, feeling less than 100%, but I'm fine now, thanks.

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Lawrence H. White

@lawrencehwhite1

4 years

Cryptographic money transmission, 1869.

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Lawrence H. White

@lawrencehwhite1

8 months

A "public good," in economics jargon, is non-rival in consumption and non-excludable. Digital payment services are rival and excludable. Not a public good, even when nationalized like paper money. For centuries we used banknotes issued by private commercial banks.

Richard Turrin

@richardturrin

8 months

CBDCs still have not found their raison d'être @B_Eichengreen we have a right to expect digital payment as a public good just as gov't printed paper money. US and EU spend 2.4% & 1.4% of their GDP on payments. #fintech #tech #finserv @efipm @BrettKing

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Lawrence H. White

@lawrencehwhite1

2 years

How bad has inflation gotten?

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Lawrence H. White

@lawrencehwhite1

4 years

@theotheredmund My grad macro prof: “Either the world is log-linear or God is cruel.”

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Lawrence H. White

@lawrencehwhite1

7 months

Why didn't Milei eliminate rather than devalue the official peg to the dollar, and eliminate exchange controls?

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Lawrence H. White

@lawrencehwhite1

3 years

@steve_hanke @steve_hanke , do you support complete know-your-customer rules and the Financial Action Task Force? Don't you favor a greater degree of financial privacy?

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Lawrence H. White

@lawrencehwhite1

3 years

Some numbers: The CBO projects a US federal budget deficit of $200b/mo. in 2021. The Fed is currently buying >$120b/mo. in securities. Thus the Fed is financing >60% of the deficit by expanding the monetary base ("printing money").

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Lawrence H. White

@lawrencehwhite1

4 years

Econ professor here. Let's end the Fed, but let's be clear: it's a government agency. The parts that are nominally private (the Reserve Banks) get their budgets and policy orders from the Board of Governors. The Governors are federal employees and Presidential appointees.

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Lawrence H. White

@lawrencehwhite1

3 years

Krugman thinks “This [Austrian] view had logical problems: If transferring resources out of investment goods causes mass unemployment, why didn’t the same thing happen when resources were being transferred in and away from other industries?” PK’s puzzle comes from his /3

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Lawrence H. White

@lawrencehwhite1

8 months

Thanks to the generosity of new friends, I will be coming home from @labitconf in Buenos Aires with some typical products of Brazil, Uruguay, and Argentina.

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Lawrence H. White

@lawrencehwhite1

3 years

neglecting the macro context. The latter transfer is driven by loose monetary policy that drives the economy temporarily outside the LR ppf. By contrast, the collapse of the boom is accompanied by a “secondary contraction” that pulls the economy inside the ppf. /4

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Lawrence H. White

@lawrencehwhite1

3 years

Krugman claims that “Hayek and Schumpeter were adamantly against any attempt to fight the Great Depression with monetary and fiscal stimulus.” Hayek thought “fiscal stimulus” a waste, yes. But in the fourth lecture of _Prices and Production_ he favored monetary expansion /5

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Lawrence H. White

@lawrencehwhite1

1 year

Senator Warren is absolutely correct to insist that Bitcoin is not the same as a government fiat currency. But she is mistaken to regard that as a case against Bitcoin. Without differences there would be no point to Bitcoin.

Bitcoin News

@BitcoinNewsCom

1 year

Elizabeth Warren: #Bitcoin has no value because it’s not backed by governments, less valuable than art because you can’t “throw darts at it” 🧐

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Lawrence H. White

@lawrencehwhite1

3 years

@b_nishanov @gladstein For those who don't remember where Yakutsk is:

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Lawrence H. White

@lawrencehwhite1

3 years

Only on paper.

Samson Mow

@Excellion

3 years

The Federal Reserve is privately owned.

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Lawrence H. White

@lawrencehwhite1

5 months

Once, in the 1990s, I joked that future historians of economic thought would describe me as a "minor pre-Selginian." The current issue of Reason Magazine comes close: it [] describes me as "Selgin's closest ideological ally in the free banking movement."

How 1990s libertarians laid the groundwork for cryptocurrency

Economist Friedrich Hayek inspired an early foray into electronic cash.

reason.com

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Lawrence H. White

@lawrencehwhite1

3 years

@NeerajKA In April 2020 the Fed reclassified trillions in savings accounts and started counting them in M1, so that exaggerates the M1 rise. Stick to M2 for an undistorted measure of recent monetary expansion. It's alarming enough.

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Lawrence H. White

@lawrencehwhite1

8 months

I'm always suspicious when a firm (especially the #2 firm) wants its industry (including of course the #1 firm) to be regulated more strictly. What makes Circle think that government regulation would build trust in stablecoins better than capital adequacy and market performance?

Circle

@circle

1 year

The time has come for the United States to lead the development of global rules that will determine how the U.S. dollar moves on the internet. If the dollar is going to remain the world’s reserve currency, then we need to build trust in digital dollars & regulate stablecoins

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Lawrence H. White

@lawrencehwhite1

3 years

That (rare) "wildcat banking" problems were due to absence of regulation is a myth: they were due to bad regulations. That less-restricted private monies around the world have been less trustworthy than more-restricted or government-issued monies is untrue. Study the history.

Open Markets Institute

@openmarkets

3 years

@GaryGensler : “I would also note to some thinking of investing in this space: private money often fails. We had a lot of private monies during the wildcat banking era of the mid-19th century.” #AspenSecurityForum #AspenSecurity #crypto #stablecoins

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Lawrence H. White

@lawrencehwhite1

8 months

A new t-shirt I got today after speaking at the Latin American Bitcoin Conference ⁦ @labitconf ⁩. Gracias, ⁦ @escuelitabtc ⁩!

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Lawrence H. White

@lawrencehwhite1

5 years

Weird. Author Matt Stoller is a fellow of the Open Markets Institute, whose mission is "to expose the dangers of monopolization." But here he says that no private firm should be allowed to challenge the currency and payment system monopoly of the Fed.

Opinion | Launching a Global Currency Is a Bold, Bad Move for Facebook (Published 2019)

The way we structure money and payments is a question for democratic institutions, not technology companies.

www.nytimes.com

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Lawrence H. White

@lawrencehwhite1

3 years

@vtg2 Is Deese nuts?

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Lawrence H. White

@lawrencehwhite1

2 years

Irony: A BBC correspondent in Russia this morning, observing on NPR that people who get their news and political commentary from state media tend to repeat the government's talking points almost word for word.

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Lawrence H. White

@lawrencehwhite1

3 years

What’s happening is higher inflation, not hyperinflation (except in Venezuela). It’s too bad that Twitter doesn’t allow Jack to edit his tweet.

jack

@jack

3 years

Hyperinflation is going to change everything. It’s happening.

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Lawrence H. White

@lawrencehwhite1

3 years

Thanks to @WilliamJLuther for unearthing this nugget.

𝕎𝕚𝕝𝕝𝕚𝕒𝕞 𝕁. 𝕃𝕦𝕥𝕙𝕖𝕣

@WilliamJLuther

3 years

OG @lawrencehwhite1 writing about #cryptocurrencies in 1995. (Check out that @halfin reference in the opening!) And yet many on #bitcoin Twitter dismiss economists out of hand—as if none of us have ever thought seriously about these things. 🙄

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Lawrence H. White

@lawrencehwhite1

4 years

Leading proposals for a "national digital currency" would have the US government enter the retail payments business. That would be bad for efficiency and privacy, I argue in today's Wall Street Journal.

Does the U.S. Need a National Digital Currency?

Proponents say payments with a digital dollar would be faster and easier. Opponents say it would be costly and inefficient.

www.wsj.com

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Lawrence H. White

@lawrencehwhite1

1 year

Well said by Vahan Roth.

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Lawrence H. White

@lawrencehwhite1

3 years

@jordanbpeterson You shouldn't. Ed Dolan has shown persuasively that ShadowStats far overstates a reasonable measure of US consumer prices.

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Lawrence H. White

@lawrencehwhite1

3 years

As a UCLA econ grad student, I took a course on Marxism in the Phil dept from Julius Sensat ("Anti-Samuelson"). The class was me and 6 lefties. They never did the reading, and shouted at Sensat for allowing me to raise Bohm-Bawerk's refutation of Marx's price theory. True story!

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Lawrence H. White

@lawrencehwhite1

2 years

I just finished a 75-minute virtual presentation + Q&A with 100+ economists and staff at the International Monetary Fund, talking about private money in general and why we shouldn't restrict stablecoins (although caveat emptor). Good questions. Mostly skeptical, as you'd expect.

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Lawrence H. White

@lawrencehwhite1

2 months

I used to vote for the Libertarian presidential candidate to register a clear protest against the other candidates who wanted to enlarge the state. I regret that voting Libertarian won't do that this year.

Being Libertarian

@beinlibertarian

2 months

Vivek Ramaswamy, RFK Jr, and Donald Trump are scheduled to appear at the Libertarian Party National Convention at the end of the month. What are your thoughts?

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Lawrence H. White

@lawrencehwhite1

4 years

Paul Krugman fails the ideological Turing test. He can't conceive of any sincere and non-deluded position being held by people whose policy views differ from his.

New York Times Opinion

@nytopinion

4 years

. @PaulKrugman responded to readers commenting on his column "Learn to Stop Worrying and Love Debt." Join the conversation here:

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Lawrence H. White

@lawrencehwhite1

3 years

When I buy milk with a credit card, the IOU to my card issuer didn’t previously exist. I created it out of thin air. And yet when the Fed buys milk with new IOU-nothings, diluting the value of existing dollars, people act like it’s different somehow.

Joe Weisenthal

@TheStalwart

3 years

When any entity (a government or a company) sells a bond, the bond didn’t exist until it was sold. The bond was created out of thin air. And yet when the Fed creates reserves out of thin air, somehow that’s seen as some kind of scandalous money printing. But it’s the same thing.

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Lawrence H. White

@lawrencehwhite1

3 years

For those who remember the Liberty Dollar project, Troy echoes US Attorney Anne M. Tompkins' absurd and outrageous claim that peacefully offering silver coins as an alternative to fiat dollars was a form of "domestic terrorism.”

Defendant Convicted of Minting His Own Currency

archives.fbi.gov

Dave Troy

@davetroy

3 years

I can't stress this enough: the crypto attack on the dollar is not strictly a "pump and dump" or a "grift." It's an ideologically-driven attack on the legitimacy of fiat currency, the @federalreserve , and the incumbent financial system. It is the sequel to the January 6th attack.

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Lawrence H. White

@lawrencehwhite1

8 months

When the majority votes for a monetary standard beyond the reach of its elected officials, that is democracy at the constitutional level tying the hands of democracy at the day-to-day political level.

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Lawrence H. White

@lawrencehwhite1

3 years

It won't be a 2% annual tax on an individual's stock of wealth, but a 20% tax on each 10% annual increment to the individual's stock of wealth. See? Very different.

The Hill

@thehill

3 years

. @SecYellen on the proposed tax which would pay for the Build Back Better act: "It's not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals."

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