@perrymetzger
Here Perry Metzger the self-asserted "Rabid Libertarian" shills apologies for the US FED Central Banksters, then because Twitter almost never censors anyone anymore unlike Perry Metzger who censorbans everyone who speaks Cryptocurrency truth off his list, Metzger gets spanked by the fine Austrian Economists of CT and forced to admit that the system is printing rehypothecating and stealing money... https://duckduckgo.com/?iax=videos&ia=videos&q=creature+from+jekyll+island https://duckduckgo.com/?iax=videos&ia=videos&q=taxation+is+theft https://www.youtube.com/watch?v=h0-cgs51zEA Taxation Is Theft w Toine Manders https://www.facebook.com/TaxationIsTheft2 https://duckduckgo.com/?iax=videos&ia=videos&q=inflation+is+theft https://www.youtube.com/watch?v=3C28ePi_NK8 Inflation Is Theft w Breedlove https://fee.org/articles/inflation-is-theft/ https://www.aier.org/article/inflation-is-theft-on-the-founding-of-aier/ https://inflationistheft.org/ Fiat Emperors have no clothes. Exit Fiat. That's the whole point. https://twitter.com/perrymetzger/status/1637792616078098433 Perry E. Metzger @perrymetzger For those playing along at home who would like to determine if @balajis is right about uncontrollable printing at the Fed, here is a graph of the Fed monetary base. You will note its been slowly contracting of late as the Fed unwinds the COVID-19 Quantitative Easing. Mar 20, 2023 · 12:26 PM UTC · Twitter for iPhone Perry E. Metzger @perrymetzger That’s a graph of BOGMBASE, which is roughly the Fed’s assets plus circulating cash in the US. (Some people used to call this M0.) If @balajis is right, then this graph should shoot up over the next month. If I am right, it’s not going up very much if at all. Perry E. Metzger @perrymetzger I would ask those inclined to believe @balajis to write down a criterion for themselves to decide if he was or was not correct about his extraordinary prediction. One way is to pick a bitcoin price for June 15 or so that you regard as a line, or perhaps a value of BOGMBASE. Perry E. Metzger @perrymetzger It’s very important to ask yourself how you would falsify a prediction and to review your falsification criterion to avoid moving the goalposts and deluding yourself. So I encourage you to pick one and review it to see how it came out. Perry E. Metzger @perrymetzger For myself, I expect inflation to stay roughly where it is, I expect no extraordinary run up in the bitcoin price (I would frankly be shocked if it hit $100k let alone $1M) and I expect that the monetary base will roughly continue to slowly decline as the Fed rolls off… Perry E. Metzger @perrymetzger …perhaps with a several percent blip up this month because the Fed is now allowing banks to borrow at par against their (old) treasury holdings. Perry E. Metzger @perrymetzger I’m afraid I agree with @tylercowen. The Fed is also not doing uncontrolled printing to save the banks. All it is doing is telling them that they can come to the discount window with treasuries at par. Most of them haven’t because it’s expensive; the window charges interest. Perry E. Metzger @perrymetzger I will wager to anyone who wants that one month from now, the monetary base will not be more than a few percent larger than it is now. Balaji @balajis Replying to @perrymetzger Banks have already gone vertical in accepting that printed money. Discount window already beyond 2008 levels. Balaji @balajis The system is set up to be intentionally opaque, to hide what they’re doing from public view. But now you can see the printing going vertical. Perry E. Metzger @perrymetzger Yah, we have a brief spike here. You’re talking about a sum that’s, what, a few percent of Fed assets? I don’t think it’s a long term thing, it’s just a move by a few banks that are under stress. JPMC isn’t going to use this facility, it’s got 15% in cash right now. Reid Atcheson @reidatcheson Replying to @perrymetzger @balajis website says this includes data up to feb 28. would the recent liquidity programs targeting banks show up in this graph once it includes those dates too? Perry E. Metzger @perrymetzger Yes. When the Fed loans money at the discount window that creates a Fed asset. The numbers here are the total of Fed assets plus the amount of actual cash circulating. Doug @MarkJam73395966 Replying to @perrymetzger @balajis An awesome use of Twitter Spaces would be to have knowledgeable people debate these issues