Saifedean Ammous Profile picture
Sep 24, 2020 5 tweets 2 min read Read on X
California has re-invented pre-industrial society.

Good luck to owners of electric cars charging them from a grid running on solar, wind, and politicians' delusions.
If California continues to eliminate nuclear and gas and marches to the 18th century, the real alternative energy will be wood. The increased logging will probably lead to the thinning of forests and fewer forest fires, but the risk of fire & suffocation at home & no electricity.
California tech companies all have their own private glorious hydrocarbon generators which provide enormous amounts of high power, on demand, 24/7/365.

They are constantly virtue-signalling about renewable bullshit only because they haven't tried running their servers on it.
"Oh, it's getting cloudy again, we're going to have to have to turn off the servers and call it a day. See you tomorrow, everyone"

-Tim Cook, 2024
I would like to request that all tech companies first make a hydrocarbon-free microchip before virtue-signalling & lecturing others about electricity and CO2.

"for each chip, around 3.5 pounds of fossil fuels are necessary."
computer.howstuffworks.com/how-computers-….

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More from @saifedean

Oct 14, 2023
When was the last time you found yourself supporting the complete destruction of the lives of 2.2 million people because you've been manipulated into believing in collective guilt like a criminal moron?

"Gaza will eventually turn into a city of tents. There will be no buildings"
You have to be a complete retard if you think the systematic destruction of Gaza is about targeting Hamas, which this Israeli government has worked hard to support over the years. This is just Israel's national sport: ethnic cleansing
~50% of Gaza's population is under 18.
~75% were unborn/too young to vote in the last election in 2006.
Do they all deserve to have their lives destroyed over that vote?
How would YOU like to be held personally responsible for everything your government does, forever?
Read 5 tweets
Aug 8, 2023
Bitcoin fixes renewables by bankrupting all fiat governments that subsidize electricity from intermittent sources, forcing TV-watching virtue-signallers to come to terms with thermodynamic reality: a choice of hydrocarbons vs cold, darkness, poverty, primitiveness, & early death
Wind & solar are unpredictable & intermittent, so no sane engineer would ever connect them to an electric grid, whose entire point is to provide reliable power regardless of weather. Only fiat makes this insanity possible.
When sun doesn't shine or wind doesn't blow, the cost of electricity from solar & wind is infinite. Modern technology, from fridges to baby incubators, relies on steady power, which means solar & wind require backups for their entire capacity, which makes them entirely superflous
Read 9 tweets
Apr 25, 2023
There is no inflation if you accept you are poorer!

#TheFiatStandard
"British households and businesses “need to accept” they are poorer and stop seeking pay increases and pushing prices higher, the Bank of England’s chief economist, Huw Pill, has said."
theguardian.com/business/2023/…
See #TheFiatStandard hashtag for countless stories leading to the BoE's conclusion that you can fix inflation by learning to have fun staying poor

Read 6 tweets
Mar 28, 2023
Fractional reserve banking would not survive in a real free market. It currently only exists because the Fed is a cartel with a monopoly on banking & currency, which effectively taxes full reserve banks to subsidize fractional reserve banking scams.
Currently, the fiat cartel rejects applications of any banks that want to offer full reserve banking, because if they did not, then the slightest problem in the banking system would result in a run on all fractional reserve banks to the full reserve banks
But more fundamental than the blatant cartelization of banking is the distortionary impact of inflation and deposit insurance, which is a tax on full reserve banks & a subsidy to fractional reserve scam banks, that makes it impossible for the former to compete with the latter
Read 8 tweets
Mar 25, 2023
Promoters of the fractional reserve banking scam insist it's the inherent & inevitable form of banking. They fail to see how the fiat cartel makes it illegal for anyone to build a bank that's not fractionally reserved to protect their cartel from competition from solvent banks
"The free market chooses fractional reserve banking" takes the form of a private cartel with government monopoly protection telling honest bankers they would go to jail if they open a solvent bank that doesn't engage in counterfeiting.

Custodia isn't the first full reserve bank to be banned by the fiat cartel. The Narrow Bank had nothing to do with crypto and was also banned for no reason except that it would destroy insolvent banks
Read 4 tweets
Mar 22, 2023
I feel dirty sounding bearish on bitcoin, but I do not think bitcoin will hit $1m in 90 days & and I do not think the dollar can possibly hyperinflate this quickly.

My reasoning follows
1- Even if @balajis is right on the extent of the banking crisis, a banking crisis is deflationary. When a bank goes bankrupt, the money supply is reduced. If ~all banks go bankrupt, then a majority of the money supply is destroyed & that would make hyperinflation less likely,… twitter.com/i/web/status/1…
3- This chart shows the fastest rates of inflation recorded in history, but these all came at *the end* of hyperinflationary periods, after a relatively slow start. Even in highly dysfunctional countries with decrepit monetary & financial institutions & no global reserve… twitter.com/i/web/status/1…
Read 7 tweets

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