Writes about economics, tweets about rabbits.
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Sep 19 • 7 tweets • 2 min read
All the crypto in the world is worth about 8% of all the gold in the world, about 0.9% of all the stocks in the world, and 0.02% of all the real estate in the world.
Bitcoin, by itself, is worth about 3.3% of gold.
Sep 17 • 5 tweets • 2 min read
The Financial Times recently wrote an article describing the U.S. as "a poor society with some very rich people".
This is very wrong. In fact, the broad U.S. middle class is quite rich compared to the middle classes of other nations.
First, note that the U.S. data ends a year earlier than others. This makes Norway look ahead of us at the median, when they're not.
Sep 17 • 7 tweets • 2 min read
I just don't understand how this headline and tweet fit with the data presented in the graphs. The graphs show that at the 50th percentile -- i.e., the middle class -- America is richer than nearly anyone else.
It is just bizarre to say that America is a "poor society" when its median income is higher than almost any other country's.
Sep 16 • 4 tweets • 1 min read
Many people now think of the 90s as this golden age of good feelings and social unity, and yet it featured a ton of right-wing terrorism, including one attack that killed 168 and injured 800.
Imagine if a rightist blew up a building and injured or killed almost a thousand people today. Imagine Waco and Ruby Ridge and the Atlanta bombings today. Most people would call it a civil war.
Sep 13 • 13 tweets • 6 min read
1/A few days ago, I posted a pair of charts about carbon emissions. Both were fairly well-received.
But both received some criticisms regarding the use of per capita emissions vs. total emissions, some of which I will now post.
2/People criticized the graph on the left for not looking at per capita.
People criticized the graph on the right for looking at per capita.
Sep 11 • 6 tweets • 2 min read
My guess is that China will provide some economic assistance to Russia in order to get cheap oil and gas, and then basically just leave a dysfunctional, unstable, weakened Russia to be a North-Korean style distraction for Europe.
My suspicion is that because China's leaders know they aren't good at doing true alliances, and because they don't really respect any other country, they want to build up a portfolio of "rabid dogs" -- dysfunctional militarized regional powers to distract potential rivals.
Sep 10 • 4 tweets • 1 min read
In 2009, I remember buying a cup of Tazo Awake Tea. On the teabag was written something like: "Picture yourself on a lush tea estate in 19th century India. Your morning cup of tea would have probably tasted something like Awake."
I remember showing it to the person next to me and saying "Well, this is assuming I wasn't one of the people working in the fields..."
Sep 9 • 5 tweets • 2 min read
Batteries are crucial to the industries of the future. Drones are crucial to the future of warfare.
Right now, China absolutely dominates both of these industries. That needs to change.
I think this is it, yeah. Social media -- especially Twitter and Facebook -- initially steered us toward non-exclusive circles, which meant that instead of finding your people, you spent all your time defending against people you didn't really want to interact with.
The censoriousness of 2010 wokeness was just an outgrowth of social media, I think. In the 90s you could seclude yourself in a subculture; in the 2010s, every FB group degenerated into flame wars.
Sep 7 • 8 tweets • 2 min read
For me, the biggest red flag about 2010s wokeness was that it didn't come with any improvement in lifestyle. 60s/70s wokeness merged with the hippie movement, and that meant it had love, drugs, sex, rebellion, art, creativity, a search for new ways to live.
2010s wokeness, though, didn't seem to offer any of that. It was always problematizing itself into perfect sterility. Hippie culture was all about doing the things you weren't supposed to; 2010s wokeness was about always finding more and more things you weren't supposed to do.
Sep 5 • 7 tweets • 3 min read
If American workers are going to be able to thrive and win in the modern economy, they need lots and lots of automation.
It's time to leave the "great robot freakout" of the 2010s in the past.
And guess what? More of their workers are employed in manufacturing than in the U.S.
This is not a coincidence.
Sep 5 • 6 tweets • 2 min read
This agrees perfectly with what I see from a lot of Republicans -- they wish Trump would somehow go away, but they can't actually oppose him because that would be giving progressives and Democrats a W.
Yep. I think a lot of people got obsessed with the idea of "winner-take-all" markets and finding the "next Facebook". But in fact, most companies don't need to be Facebook -- an economy dominated by a few mega-corporations has a lot of problems.
I mean, with stiff competition from TikTok and others, and its stock back down to 2017 levels, it's not clear that even Facebook fulfills the 2010s VC dream of a natural monopoly bestriding the world like a colossus.
Sep 3 • 8 tweets • 2 min read
Thread about conservatives' unhelpful obsession with looking tough:
I would add that liberals consistently seem to bait their foes into rash action by looking a lot less tough than we are. This is why Richard Hanania predicted the Ukrainian army would crumble, and why Putin thought Europe wouldn't unite against him.
Sep 3 • 5 tweets • 1 min read
Biden's move here was blunt, even crass, but the message was clear: There will be no Spain 1936 situation in the U.S. in 2024.
Remember, the one truly scary civil war scenario is that a disputed 2024 presidential election causes the military to split and fight itself on behalf of the two claimants.
Biden is sending a message that this will not happen.
Aug 29 • 4 tweets • 1 min read
Car loans are not owned by the federal government, so can't be discharged by executive action like student loans were.