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Saifedean Ammous Profile picture
@saifedean
Apr 25 • 6 tweets • 3 min read Twitter logo Read on Twitter
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

You'll love the pod!
Industrialization is probably overrated anyway

All the authorities agree!

My second book, @thefiatstandard, explains why fiat creating poverty is a feature, not a bug.

saifedean.com/tfs

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More from @saifedean

Saifedean Ammous Profile picture
Mar 28
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
Saifedean Ammous Profile picture
Mar 25
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
Saifedean Ammous Profile picture
Mar 22
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
Saifedean Ammous Profile picture
Mar 20
If a bridge collapses, do you blame the pedestrians for not having enough confidence in the bridge? What about a bank collapsing?

The only reason you could think banks are different is that you consume bank propaganda universities, TV, and newspapers.
All of the world's humans could decide to panic about a solvent bank & all its clients could ask to withdraw all their funds, and the bank would be able to stay solvent and satisfy all claims because of one simple trick: don't promise to hold the same thing to two people.
All of the world's humans could decide to have complete confidence in a bank, but if the bank doesn't have enough cash on hand to meet all its obligations at any point in time, the bank is insolvent & all the world's confidence won't plug a cent of shortfall.
Read 4 tweets
Saifedean Ammous Profile picture
Mar 19
It's been more than a century of fiat people getting bamboozled into believing that central banks destroying their currency to bail out banks is not theft but a necessity for the functioning of a modern economy.
These fiat people actually go to university & read books & serious magazines to learn that if central banks didn't destroy money to enrich bankers we wouldn't have a functioning modern economy & we'd all be living in mud huts.
Fiat people genuinely believe it's impossible for a bank to hold someone's money, or transfer it to another person, without gambling that money AND having recourse to destroying everyone's money when the gamble fails.
Read 4 tweets
Saifedean Ammous Profile picture
Mar 11
David thinks the purpose of the fiat banking cartel is to serve customers, when it's there to rob customers to the benefit of the cartel. That's why the Fed won't license a 100% reserve bank & will try to stop you in every way from trying to save your money away from them
This bit from @thefiatstandard is relevant here. If the Fed simply licensed basic safe 100% reserve banking, it would destroy the fractional reserve banking model of the fiat cartel.
Risking all your money in a casino chasing a very tiny yield is such a dumb idea, that in a free market it would quickly bankrupt all the morons who engage in it, customers & banks. But with the fiat cartel taking over your government, this dumb idea is now mandatory for everyone
Read 5 tweets

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