Maybe fungi created capitalism.

Both taxes and money-printing redistribute capital, but the difference is that money-printing does it less transparently.

With money-printing, the effect works behind the scenes in ways that are harder to quantify. That's why when a government can't find a solution between hard spending choices, they print money. It's the easier method.

People know their personal tax rate, they will riot if their taxes are too high, and they know exactly who is responsible for tax levels.

But inflation is a more complex beast. It comes with a lag, for starters, since it takes time for printed money to work its way through the system. And when it comes, propaganda built on grains of truth is effective at making it unclear to people who is responsible. "It's the greedy corporations that are responsible for raising prices, not the fact that we increased the money supply 40% over the past two years!"

And so money-printing effects people not directly based on their income, their need, or other things, but based on their level of awareness of what's happening. It rewards people who are aware of it, and are borrowing the devalued currency, owning scarcer assets, and denominating contracts in harder currency. It harms people who are not aware of it, who are earning wages in and keeping their savings in cash or bonds. Many of them are led to believe that CPI is the target to beat, which is a false low target. The real target is the money supply growth rate.

And capital gains taxes, if the cost basis is unadjusted for the rate of money supply growth, further recoup some of that value from the various harder assets that aware people try to protect themselves with.

A lot of MMT advocates act as though they found some grand formula. But really what they have re-identified is nothing new: it's that the less transparent that government spending is, the bigger it can be before people will complain. People will complain about taxes right away, but currency debasement is the sneakier method for which the consequences come with a lag. So it sidesteps hard decisions this year, and leads to bigger issues a year or two from now, when someone else can be blamed and the whole ordeal can be obfuscated.

And it's not new, despite how some MMT advocates would spin it. Currency debasement has been occurring since the adoption of coinage. And even MMT-scale currency debasement has been occurring since World War I. It is turned to so frequently because its lack of transparency allows it to occur at times and magnitudes when more transparent taxes would not.

What is Bitcoins stated mission?

#AskNostr

FBI WANTS YOU TO KNOW NON KYC SATS ARE DANGEROUS.

NOSTR TOLD ME KYC IS THE ILLICIT ACTIVITY

I actually started with the *American format* due to being American 🤭 but in my adulthood I noticed that YYYY-MM-DD in the file name (same place in file name) always solved my “sorting” issues. Then I just grew used to that format as my “preferred” format when possible.

I think for it to be universal, it would need to be YYYY-Month name-DD otherwise we’re just moving the MM/DD vs DD/MM issue to another format for the unfamiliar people. 😔

This is only because Bitcoin has been a failure so far.

You know what else has a record of being as it is? Government.

The government is not your enemy, but it's also not your friend.

It's a frenemy. Act accordingly.

the samourai/wasabi news has me thinking a lot about privacy but as a court jester and not a builder I’m always left feeling like “what the hell can I even do” to “help” anything 😟 anyway Friday breakfast thoughts good morning.

Whilst it’s better to have someone to blame, still gotta do the fucking bed! I hate fitted sheets sober!!!

The worst. And I only have myself to blame. Lol 😆

Agreed. Our paths are parallel I think. It's good to remember how to learn when you're teaching others.