Identity politics threat to cypherpunks

grarpamp grarpamp at gmail.com
Mon Mar 20 14:55:23 PDT 2023


> @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


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