I suspect that it would be easier to understand each others' positions if we discussed this face to face, and that if we did that it would be possible that we agreed on more things than what we disagreed on. A lot of communication get's lost in this format, and I don't intend to be disrespectful. Let's just leave it there, ok?
Pure religion.
Lowery has IMO misunderstood the basics of property rights, what it is and which service it does to individuals and societies.
It actually runs deeper than that. He is not able to distinguish well enough between human beings, animals, plants and michrobes.
That's why he lands on this "projection of power" theory of property and money.
When one doesn''t understand this correctly, the analysis of money must necessarily be faulty.
I say that I support your right to disagree with me, and your response is that I'm blind. Give me one reason why I should continue to talk to you.
Bitcoin isn't inevitable. That's what I call religious. Most people who study bitcoin understand that it's far from inevitable.
And to embrace chaos and destruction because it will produce something good - sort of an analogy with wildfire - is a dangerous path that I vividly will argue against. In the same way as I will argue against people who say that Bitcoin is "a weapon", or that central banks should print money to buy bitcoin or thar governments should "invest" in bitcoin. I think those ideas are based on an misunderstanding of bitcoin money, government, private property, monetary policy and politics in general.
But I will defend to my death your right to disagree with me, as Voltaire said.
Nope, and that I would consider a religious statement
Wishing for evil policies because it will be good for something else is IMO very well thougt through. But I might have misunderstood your note
I would say it's reason to be optimistic on behalf of humanity when a book debunking the myth "inflation is good" is the most popular book in Norway in economics/political economics/macroeconomics/economic history.
I've got a raffle going, feel free to join if you want to win some good stuff to read on the beach this summer 😎
https://twitter.com/enur72/status/1674074811964825601?t=TpJztv5jLjYzM0kiXwy4WQ&s=19
I got the same message but I think it was a bug that thet fixed right afterwards
Nice!
Any idea on how far we can go with this one, Jack?
It should be right up your alley.
https://twitter.com/enur72/status/1671819263714238465?t=nDeb2AAyz3cUF5uIRxJMlg&s=19
A big shout out to all of the Nostrians who joined me in the celebration of the first ever official
"Kick-the-central-banks-in-the-nuts-day"
on the 22 June.
We're approaching 24H since I tweeted, and it has now reached 1.5 million viewers.
Rave on!
https://twitter.com/enur72/status/1671819263714238465?t=sdA6q_E3Vi7sT1I-B_5Jyw&s=19
Someone here who's got Elon's mail address?
Dear Nostrians,
This tweet about monetary policy, rate hikes and inflation in Norway has been seen by 52K people since I posted it 3 hours ago.
Let's fakin turn up the central banks' Painometer.
It will hurt all central banks if we can make it go viral today.
Thx for your attention.
https://twitter.com/enur72/status/1671819263714238465?t=rfuR8wxXExW3bL4AoxO0vQ&s=19
"Double" interest rate hike in Norway.
The Norwegian central bank today announced that it raises the key interest rate with 0,5%.
It blames the weak currency (which increases import costs, which in turn feeds into prices).
But what has caused this weak currency?
Perhaps the central bank's policy of increasing the money supply by an average of 6,9% per year in the period 2002 - 2022 had something to do with it?
Yes, indeed.
When you increase the money supply like a drunken sailor, and pretend that you have the reserve currency of the world and that you can export your inflation to other countries, that of course has an effect.
Over 10 years, an annual average increase of 6,9% of the money supply doubles the amount of money in the society.
And in 20 years, it quadrupples the amount of money.
What do you think would happen in the market place, if a private company did something like that with the goods that it sells?
Just try to imagine that Volkswagen flooded the market with 4 times the amount cars in a periode of 20 years?
The answer is simple: It's impossible.
Volkswagen would bankrupt itself, most likely within 5 or 10 years if it tried to do something like that.
When the central bank and the government does the this with the currency, the effect is exactly the same - it bankrupts things.
The only difference is that it has zero effect on the "business" of the central bank and the government.
All of the costs of moneyprinting are shuffled over to the citizens and the privately owned companies. Some of the companies go bankrupt, while most of them are just being boiled very slowly - like the infamous frog.
In addition our central bank has been literally flooding the FX market with sales of NOK from April 2022. And the "funny thing" is that this goes on today, see link.
At its worst the central banks sold 4300 million NOK per day. This makes up 1,7% of the total FX market's trade of NOK.
It's like pooring gasoline on the bonfire with a high pressure washer.
Now, let's see what these policies have done to our currency:
If we compare 2008 with today, you now have to spend more than twice the amount of NOK to buy USD.
That's remarkable, considering that the US also quadruppled it's money supply in the 20 year period from 2002 to 2022.
And in 2023 NOK has even been outperformed by the Turkish lira and the Somali shilling.
Did someone yell "BANANA REPUBLIC!" ???
Now, what will the effect on the economy be in the future?
Well, sales of new homes is already as low as it was at the lowest during the financial crisis in 2008-2009, when we adjust for population growth. This part of the real estate market has basically fallen off a cliff.
Therefore - the home building sector will probably crash. I think we will se a number of big entrepreneurs go bankrupt already this summer and in the beginning of the fall.
Next up will be commercial real estate (industry, offices etc) and holiday homes.
And when those markets dry out - the prices of used homes in the biggest cities will also plummet.
Prices in the rural areas will be less affected, but it will be felt.
Furthermore - because real estate is the main part in Norway's money printing machine, the total amount of money we have in society will probably fall. Real estate is the most important collateral for loans, and when the value of the collateral falls, this will reduce credit generations, which in turn reduces the money supply. And when the money supply is deflated, all prices will begin to deflate.
And what happens when all prices are deflated?
The central bank and the government will panic, and drop the interest rate to zero or below zero again.
Which spells rampant price inflation, something which very well can be the end of the NOK.
Conclusion
Our central bank and our government is the root cause of the price inflation, the currency devaluation and the corresponding interest rate hikes.
It's a policy that is enormously destructive for our society.
Even the Joker would be impressed by the chaos they are creating.
norges-bank.no/en/topics/Stat…
Perfecting the art of being a rebel, requires persistence and hard work. You need at least 10.000 hours of rebelling before you can call yourself an expert. This is me, about 3 years old I would think, trampling down my mother's flower bed in our garden. Pure talent.
I think this book does the job that many other books on the topic haven't been able to achieve - to explain in a simple and engaging manner what inflation is, so that readers without any education understands it
#Fraudcoin - 1000 Years of Inflation as a Policy hasn't only become a bestseller in Norway. Now the biggest public library has it on its list of recommended reading, and they have a long line of people who are waiting for a copy to be available for them.
By other words: Reading a book that explains inflation and our monetary system has now become mainstream in Norway.
Here is what Deichmans reviewer says about Fraudcoin:
***
We recommend
"Exposing the biggest fraud in history."
With impressive and orderly systemic criticism, Østgård explores how your money becomes worth less and less thanks to history's most powerful tool for the centralization and accumulation of power: inflation. The author provides a strong incentive for monetary freedom, and the book is an absolute 'must' for anyone interested in macroeconomics in modern society.
Suitable for you who...
spend money.
Julian Darío, Deichman
***
The English version is available here
Fraudcoin: 1000 Years with Inflation as a Policy https://a.co/d/5UT4eSh