To me, it is remarkable that:

1) Almost everyone on the planet seems to be “using/training” AI to make themselves more efficient without realizing that the improvement comes at the expense of their long term income.

And….. 2) While at the same time, advocating/reinforcing a monetary/political system that pushes prices higher through manipulated money.

And…

A few lessons from "FTX" and "crypto"
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1) Follow the money - It leads you to all sorts of people who will be "blinded" by it, or sacrifice their integrity to get it. 2) Counterparty risk......"the probability that the other party in an investment, credit, or trading transaction may not fulfill its part of the deal and may default on the contractual obligations" is very REAL!

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1) El Salvador has reaffirmed to me what I have learned from my travels throughout the world.

The vast majority of people in this world are beautiful people.

With similar hopes and dreams for a better life for themselves and their families, trying their best to achieve it 2) Media and governments, through a biased lens of manipulation, label these people as a group - and we then fall for it. In doing so, we fail to see the individual people on the other side.

In El Salvador, I, myself almost fell into the trap worrying about the gangs and crime

1) Robert Solar on the productivity paradox.

“You can see the computer age everywhere but in the productivity statistics.”

Q - How do you measure productivity gains of the camera on your phone? Unlimited photos for free or nearly free with amazing editing capabilities. 2) Productivity has never been greater, and getting better at an exponential rate as technology plays an ever increasing role in our economies.

Economists don't see it because they're locked in a different system that requires NEVER ending growth. (measured in things)

1) Imagine a society where it was almost universally accepted that it was okay to take something from you, without your knowledge, and gives it to someone else.

That is the world we live in.

And it is called....... inflation. 2) In a more rational world, we might call inflation a "theft".

Taking $$ from the middle class and poor and gifting to the rich.

The more you have the more you are enriched. The less you have the more you are impoverished.

https://twitter.com/JeffBooth/status/1278200286775894022

1) Serious question @BillGates.

How is possible to solve climate change from an economic system that REQUIRES inflation? 2) Instead of embracing the exponential technological gains that naturally bring deflation and broader based abundance, monetary policy (globally) is fighting it - keeping society on a treadmill of ever higher prices and needing more consumption and more production....forever.

1) The structural change we're going through as a society is very difficult for people to come to terms with because it challenges core "beliefs" 2) Often with technology - the status quo is disrupted and with it our minds shift to what is possible that we could not see before.
Many "experts" - fight that shift the entire way - trying to protect what "used" to be. -ie - Kodak, Blockbuster.

1) 32 years ago I was given the following questions, and every day since - I have read them when I wake up and before going to sleep. 2) Through all the ups and downs that life throws, the questions have helped me understand that it is not outside events or people or things - but our thoughts to them that control us.

1) Many people believe that global warming/environmental destruction is humanities #1 challenge. 2) The scientific evidence is clear. It is a big problem with severe consequences for humanity.

1) Don't underestimate the power of a network effect

Internet users in 1995 = 16 million
Internet users in 2020 ~ 5 Billion

For those that don't remember the internet in 1995, the use cases were narrow. Most people didn't see what was coming. 2) @PaulKrugman in 1998 using traditional models to understand the new paradigm - “By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”

1) When the Fed and every other policy maker says they want inflation...What they are really saying is that they want "real" wages to go down. Repeated all over the world - a global arms race to manipulate currency. 2) Why? Because with how fast technology is moving across industries, the labour % of cost must move down for a business to remain competitive - as every company in the world competes with technology.

1) Exponentially increasing efficiency driven by technological progress REQUIRES a currency that allows for Deflation. 2) Think about that for a minute! I fully realize the consequences for the existing inflationary system - but it does not change the facts.

1) Central banks believing they can escape a massive debt problem by exponentially adding more debt makes me think of this quote from Mises - "There is no means of avoiding the final collapse of a boom brought about by credit expansion...... 2) ....The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

1) My wish! - that policy makers (on both sides of the isle) economists and major media would "actually" debate the merits of Deflation on a first principles basis instead of blocking out all rational thought to protect a system that is so clearly failing society. 2) That way, instead of dividing society further through policies designed for a different time - and pointing fingers, we could start to imagine a world where 1) the economic systems work - 2) the abundance from technological progress is broadly shared.

1) Just another example of a completely incoherent strategy......That will end miserably. @APompliano @PrestonPysh @CaitlinLong_ @RaoulGMI @LynAldenContact 2) Federal reserve (in a desperate effort to drive inflation) takes rates to near zero and start the printing press. marketwatch.com/story/trump-pr…

1) When I wrote @priceoftomorrow I knew I was going up a global monetary system that I believed could not work into a future where technology was advancing at the pace it is today. And that pretending it could, we were only dividing society - but... 2) If I'm being honest, I also felt huge personal and reputational risk in writing it - and almost didn't. Putting out ideas that challenge conventional wisdom is not for the faint of heart. As Voltaire said: It is dangerous to be right in matters where established men are wrong.

1) The reason we're taught that Deflation (prices going down) is a bad thing is because we built a financial system and way of life that is based on the opposite. (Inflation) 2) That entire financial system is under pressure and will eventually collapse because of an epic battle to "save the system" a) Currency manipulation to increase prices (Inflation) versus b) Exponential technological progress decreasing prices faster (Deflation)

1) In the game Monopoly, once enough properties are owned by a single player, renters can't afford to pay rents and are therefore forced into bankruptcy - and the game ends. 2) For those who have played, you will notice how systems work. ie - Once you have an early advantage, the game becomes easier (because you have the rents) to acquire more properties, add more houses/hotels. A "positive feedback loop" is created - concentrating wealth.

We are told we need inflation. This is not true. It only seems true because the rules of the game were designed that way. An inflationary environment that was manufactured by central banks - and once they were caught in it, they didn't see a way out. So, instead of facing new facts - That technology brings efficiency and allows prices to fall, they "doubled down" on inflation.

1) Technological deflation was impacting economies long before Covid19. With technology you would continue to get more for less. If natural forces were at play, prices of EVERYTHING would fall. 2) That didn't happen. It was hidden - through massive injections of debt that could never be re-paid. 185 trillion added in last 20 years to achieve 46 Trillion of GDP growth. Creating a problem so BIG - that governments continue(d) to be "forced" to bail out existing system.

1) It is highly likely that we are entering into the biggest financial crises of our time - bigger than 2008. Unlike anything people have ever seen.
@priceoftomorrow 2) In 2008, most still falsely believe it was housing that led to the crises. It was NOT - it was too much debt that could not be paid back, that sent people rushing for the exits when the housing market slowed.
@priceoftomorrow