# ![@GeorgeSelgin Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::343019754.png) @GeorgeSelgin George Selgin

George Selgin posts on X about bitcoin, money, gold, deflation the most. They currently have [------] followers and [---] posts still getting attention that total [------] engagements in the last [--] hours.

### Engagements: [------] [#](/creator/twitter::343019754/interactions)
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- [--] Week [-------] +318%
- [--] Month [-------] +316%
- [--] Months [---------] -29%
- [--] Year [---------] +16%

### Mentions: [--] [#](/creator/twitter::343019754/posts_active)
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- [--] Week [---] +195%
- [--] Month [---] +175%
- [--] Months [---] +32%
- [--] Year [-----] -1.30%

### Followers: [------] [#](/creator/twitter::343019754/followers)
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- [--] Week [------] +0.48%
- [--] Month [------] +0.69%
- [--] Months [------] +2.60%
- [--] Year [------] +7.30%

### CreatorRank: [-------] [#](/creator/twitter::343019754/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::343019754/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  53.68% [cryptocurrencies](/list/cryptocurrencies)  19.12% [countries](/list/countries)  3.68% [automotive brands](/list/automotive-brands)  2.21% [social networks](/list/social-networks)  1.47% [technology brands](/list/technology-brands)  1.47% [exchanges](/list/exchanges)  0.74%

**Social topic influence**
[bitcoin](/topic/bitcoin) 16.91%, [money](/topic/money) #2214, [gold](/topic/gold) 8.09%, [deflation](/topic/deflation) #69, [debt](/topic/debt) 6.62%, [in the](/topic/in-the) 6.62%, [inflation](/topic/inflation) #338, [theory](/topic/theory) #2081, [to the](/topic/to-the) 4.41%, [increase in](/topic/increase-in) #19

**Top accounts mentioned or mentioned by**
[@danalexanderbtc](/creator/undefined) [@impossiblebob](/creator/undefined) [@tsartoshi](/creator/undefined) [@oldhand_35](/creator/undefined) [@bobmurphyecon](/creator/undefined) [@alexviladot](/creator/undefined) [@crypttrade8](/creator/undefined) [@isabelpat1886](/creator/undefined) [@grok](/creator/undefined) [@chadashtonbrown](/creator/undefined) [@hdselecta](/creator/undefined) [@johnocker5](/creator/undefined) [@jessebabies](/creator/undefined) [@paperhackwriter](/creator/undefined) [@sidprabhu](/creator/undefined) [@msanz](/creator/undefined) [@trebor6127](/creator/undefined) [@eghost4](/creator/undefined) [@btc_bryan_21](/creator/undefined) [@eccentricecon](/creator/undefined)

**Top assets mentioned**
[Bitcoin (BTC)](/topic/bitcoin)
### Top Social Posts
Top posts by engagements in the last [--] hours

"The problem in a recession is NOT a lack of spending. @DanielBuchfink He's thinking that the baker would hoard his money (gasp). The broken window would bring about sooner spending and employment instead of later spending and employment. But the problem in a recession is NOT a lack of spending. It's finding economizing and productive uses of @DanielBuchfink He's thinking that the baker would hoard his money (gasp). The broken window would bring about sooner spending and employment instead of later spending and employment. But the problem in a recession is NOT a lack of spending. It's finding"  
[X Link](https://x.com/GeorgeSelgin/status/2022606967177347213)  2026-02-14T09:40Z 30.9K followers, 11.4K engagements


"When M is expanded to accommodate an increase in money demand the first recipients of additional M are _not_ the ones receiving newly-lent units. Instead they are those who reduce their spending in order to accumulate real balances. So: no Cantillon effects. @sephthreek The point remains that there is no basis for any Cantillon effect. The late recipients of additional M gain no less than the first. @sephthreek The point remains that there is no basis for any Cantillon effect. The late recipients of additional M gain no less than the first"  
[X Link](https://x.com/GeorgeSelgin/status/2023321466109112452)  2026-02-16T09:00Z 30.9K followers, [----] engagements


"@IsabelPat1886 @EconBreau moves exactly to accommodate currency creation (Ms). Like hell do I claim any such thing: inflation and deflation would never happen if that were true. As you misrepresent my claims and otherwise offer no reason for being taken seriously I wont respond to you again"  
[X Link](https://x.com/GeorgeSelgin/status/2023396353951342978)  2026-02-16T13:57Z 30.9K followers, [--] engagements


"🧵As numerous textbooks explain the money multiplier formula telling how much M increases for every extra unit of high-powered reserves is m = (1+c)/(r+c) where r is the banking system reserve ratio and c is the currency share of M. The higher c the lower thr multiplier. Hey @BobMurphyEcon can you get this to George @GeorgeSelgin--he's blocked me 😰 and I'd like to annoy him with it: why the money multiplier model only works if loans are in cash https://t.co/bg3Wm2rf24 Hey @BobMurphyEcon can you get this to George @GeorgeSelgin--he's blocked me 😰 and I'd like to annoy him with it: why the"  
[X Link](https://x.com/GeorgeSelgin/status/1992817652969132391)  2025-11-24T04:48Z 30.8K followers, 11.7K engagements


"A remarkable example of how bad economic policies tend to backfire. Also under President Trump's leadership the U.S. trade deficit rose by $27.6 billion in November to $56.8 billion - a 95% increase. Also under President Trump's leadership the U.S. trade deficit rose by $27.6 billion in November to $56.8 billion - a 95% increase"  
[X Link](https://x.com/GeorgeSelgin/status/2018196484580130969)  2026-02-02T05:35Z 30.7K followers, [----] engagements


"I respectfully disagree: that huge balance sheet is a consequence of the Feds adoption of a floor operating system that has proven far more problematical than its proponents ever imagined. shrinking the Fed's balance sheet is a silly idea and I doubt Warsh will do it. Mindless virtue signaling. BUT if he does do it he should read David's proposal in this blog post. At least David has thought seriously about this issue. required reading today shrinking the Fed's balance sheet is a silly idea and I doubt Warsh will do it. Mindless virtue signaling. BUT if he does do it he should read David's"  
[X Link](https://x.com/GeorgeSelgin/status/2018306664194003245)  2026-02-02T12:53Z 30.8K followers, [----] engagements


"Except that WWII spending cant explain the sustained. recovery after the war ended when government spending shrank again to a share of GDP close to that of [--]. Many economists feared this would bring the Depression roaring back. It didnt. The question is why not Libertarians are technically correct to assert that New Deal programs did not "fix" the Great Depression only American entry into WW2 did. All this proves is that we need social democracy AND a totalizing war economy to achieve economic growth clearly. 🧠 🔝 Libertarians are technically correct to assert that New Deal programs did not"  
[X Link](https://x.com/GeorgeSelgin/status/2018430980839682056)  2026-02-02T21:07Z 30.8K followers, [----] engagements


"@MonetaryWonk I must repeat: there was no consumer dissaving after the war. Saving rates declined but that meant more consumption spending only once consumer earnings rose. The business investment horse pulled the consumer spending wagon"  
[X Link](https://x.com/GeorgeSelgin/status/2018725743535030417)  2026-02-03T16:38Z 30.8K followers, [---] engagements


"Ive no idea what sort of bailout Sherman has in mind. But I wouldnt put it past this administration which once considered stocking-up on BTC to take advantage of its inevitable _appreciation_ to propose stocking-up on it in order to limit its _depreciation_. 1/2 TREASURY SAYS IT CANNOT BAIL OUT BITCOIN Senator Sherman asked if the Treasury could intervene to bail out Bitcoin. Treasury Secretary Bessent responded that he has no authority to use taxpayer dollars to buy the cryptocurrency. TREASURY SAYS IT CANNOT BAIL OUT BITCOIN Senator Sherman asked if the Treasury could intervene to bail out"  
[X Link](https://x.com/GeorgeSelgin/status/2019177886570180763)  2026-02-04T22:34Z 30.8K followers, [----] engagements


"If their math tells them that BTC is headed toward zero AND that its correlated with the Nasdaq mustnt that same math also tell them that the Nasdaq is heading to zero Concur with @michaeljburry . Our BTC price target is [---]. That's not just for shock factor. It's where the math takes us. It's not worked as a dollar hedge rather it's just a speculative instrument correlated to the Nasdaq. It's not gaining any traction as medium of Concur with @michaeljburry . Our BTC price target is [---]. That's not just for shock factor. It's where the math takes us. It's not worked as a dollar hedge rather"  
[X Link](https://x.com/GeorgeSelgin/status/2019191216739344553)  2026-02-04T23:27Z 30.8K followers, 17.8K engagements


"Too bad the US govt didnt start diversifying into Bitcoin last year by trading gold for it directly or spending monetized gold reserve capital gains as many pundits (including some economists) recommended. Just think how much closer wed be to paying-off the federal debt"  
[X Link](https://x.com/GeorgeSelgin/status/2019329603903652257)  2026-02-05T08:37Z 30.8K followers, 12.1K engagements


"Total factor productivity gains from _any_ cause dont generally warrant rate cuts. Walshs contrary view rests on his devotion to strict inflation targetinga naive policy thats a recipe for unwanted fluctuations in aggregate demand and associated cyclical instability. Economists reject Kevin Warshs claim that AI boom will enable rate cuts https://t.co/IECzZ1xkt2 Economists reject Kevin Warshs claim that AI boom will enable rate cuts https://t.co/IECzZ1xkt2"  
[X Link](https://x.com/GeorgeSelgin/status/2020538689286189505)  2026-02-08T16:42Z 30.7K followers, [----] engagements


"Bitcoin still isnt worthless and those whove declared it so for years have nothing to gloat about. But worse than worthless are snake-oil sellers like Saylor and this guy wholl say anything to get naive and gullible (and often very young) people to pump their sagging bags. When Bitcoin is $1M per coin do you think it will have been a good decision to not buy Bitcoin at $69000 because you thought it had to go to $58000 because some [--] year old chart squiggler with zero real word experience said so When Bitcoin is $1M per coin do you think it will have been a good decision to not buy Bitcoin at"  
[X Link](https://x.com/GeorgeSelgin/status/2020555426513764774)  2026-02-08T17:48Z 30.7K followers, [----] engagements


"@Hodling_btc @mikealfred I dont understand it enough to have _that_ sort of opinion If anything Bitcoins nature makes any prediction of its value a decade hence an exercise in sheer speculation"  
[X Link](https://x.com/GeorgeSelgin/status/2020594866066248175)  2026-02-08T20:25Z 30.7K followers, [--] engagements


"🧵It has taken six trilllion dollars so far plus a new Standing Repo Facility to avoid liquidity shortfalls once routinely addressed by a functioning interbank Federal Funds marketa market that the switch to an IOER-based floor system destroyed. @tmsusmilch @GeorgeSelgin Rationale for IOER - allows huge excess reserves to exist (for liquidity/safety in the financial system and to support QE asset purchases) without losing control of short-term rates. @tmsusmilch @GeorgeSelgin Rationale for IOER - allows huge excess reserves to exist (for liquidity/safety in the financial system and to support"  
[X Link](https://x.com/GeorgeSelgin/status/2020819922696147168)  2026-02-09T11:19Z 30.8K followers, [----] engagements


"As for IOER supporting QE purchases when are such purchases warranted other than when overnight rates reach their lower bound And if they are only warranted then what need for IOER"  
[X Link](https://x.com/GeorgeSelgin/status/2020819925552579047)  2026-02-09T11:19Z 30.7K followers, [---] engagements


"What IOER does is make it possible for the Fed and other central banks to engage in QE when doing so _serves no legitimate macroeconomic purpose_. It thus opens the way to abuses of their balance sheet that Ive elsewhere dubbed Fiscal QE"  
[X Link](https://x.com/GeorgeSelgin/status/2020819928459186361)  2026-02-09T11:19Z 30.7K followers, [---] engagements


"@OscarLZaina The best solution involves a compromise: establish a tiered reserve system with grandfathered reserves paying the policy rate (or upper bound) and reserves beyond the threshold earning no interest. Over time the threshold might be gradually lowered"  
[X Link](https://x.com/GeorgeSelgin/status/2020902239129260294)  2026-02-09T16:46Z 30.7K followers, [--] engagements


"Dan is excellent. Thanks for the shout out @DavidBeckworth on @Macro_Musings. Folks need to listen to this great episode with @CornellLaw Prof. @DanAwrey . I always learn when Dan speaks. https://t.co/uwhSc1MaN5 Thanks for the shout out @DavidBeckworth on @Macro_Musings. Folks need to listen to this great episode with @CornellLaw Prof. @DanAwrey . I always learn when Dan speaks. https://t.co/uwhSc1MaN5"  
[X Link](https://x.com/GeorgeSelgin/status/2021060349848588709)  2026-02-10T03:15Z 30.7K followers, [----] engagements


"Gold in theory is infinite. (You just need a philosophers stone.) I am often asked: Which is a better investment Gold or Bitcoin. Obviously I would say both for diversification of assets and add silver. Yet if I had to choose only one asset I would choose Butcoin. Why Because gold is in theory infinite. When the price of gold rises I am often asked: Which is a better investment Gold or Bitcoin. Obviously I would say both for diversification of assets and add silver. Yet if I had to choose only one asset I would choose Butcoin. Why Because gold is in theory infinite. When the price of gold"  
[X Link](https://x.com/GeorgeSelgin/status/2021117241995976769)  2026-02-10T07:01Z 30.8K followers, [----] engagements


"@Qgambit324 @rknoxjohnston Doing that would make no sense at all"  
[X Link](https://x.com/GeorgeSelgin/status/2021195082699882734)  2026-02-10T12:10Z 30.7K followers, [--] engagements


"@SatPayjack21Mil There is no such thing as a budget neutral way for the govt to buy Bitcoin as Saylor wants it to do as opposed to merely retaining what it has on hand. And Senator Lummiss plan is no exception. So Im not the one whos clueless. https://www.cato.org/blog/tanstaafsbr-or-theres-no-such-things-free-strategic-bitcoin-reserve https://www.cato.org/blog/tanstaafsbr-or-theres-no-such-things-free-strategic-bitcoin-reserve"  
[X Link](https://x.com/GeorgeSelgin/status/2021203751143669862)  2026-02-10T12:45Z 30.8K followers, [--] engagements


"@ioandtitan No it wouldnt because they would incur risk they can otherwise avoid as well as being denied the ability to invest othetwise whereas those already holding BTC and pushing for govt support will certainly gain by that support"  
[X Link](https://x.com/GeorgeSelgin/status/2021215291917717598)  2026-02-10T13:30Z 30.7K followers, [---] engagements


"@btc_bryan_21 Its not safe at all; it even eats peoples brains"  
[X Link](https://x.com/GeorgeSelgin/status/2021215858190586267)  2026-02-10T13:33Z 30.8K followers, [---] engagements


"@RameshPonnuru Two of my friends beat the big C recentlyIm counting on you to keep up that winning streak"  
[X Link](https://x.com/GeorgeSelgin/status/2021225574186852769)  2026-02-10T14:11Z 30.7K followers, [---] engagements


"Besides having to suggest that Saylor himself doesnt qualify as a Bitcoiner this fellow must somehow be missing the countless tweets from others on this forum who are evidently banking on having the US govt to stock up on Bitcoin. @GeorgeSelgin If thats what you think Bitcoiners are doing then youve completely missed the point. Ill turn it around why dont you do your own damn studying on Bitcoin and leave your fellow citizens to do the same (since you cannot) instead of trying to get the government into more @GeorgeSelgin If thats what you think Bitcoiners are doing then youve completely"  
[X Link](https://x.com/GeorgeSelgin/status/2021232904001450205)  2026-02-10T14:40Z 30.8K followers, [----] engagements


"@Tsartoshi [--]. The govt buying BTC wont fix the dollar. [--]. Saying it shouldnt doesnt make one an apologist for inflation. [--]. That I am no inflation apologist is easy to know if one bothers to look before accusing"  
[X Link](https://x.com/GeorgeSelgin/status/2021241043430097291)  2026-02-10T15:13Z 30.8K followers, [---] engagements


"@mememulsified Bitcoin isnt going to rescue the govt and those wanting the govt to buy it are no better than any other unworthy bailout seekers or recipients"  
[X Link](https://x.com/GeorgeSelgin/status/2021246023360827770)  2026-02-10T15:32Z 30.7K followers, [--] engagements


"An insult to Mises. Many people have no choice but to deal in and hold dollars; and many oppose irresponsible fiat policy and inflation (which hardly props up their holdings) as much as any Bitcoin maxi. Whats inexcusable is lame attempts to justify a govt Bitcoin bailout. @GeorgeSelgin Fiat cronies: do your own damn investing and risk-taking and leave your fellow citizens free to do the same instead of trying to get the @USAGov to use the @federalreserve to stack the deck in your favor. @GeorgeSelgin Fiat cronies: do your own damn investing and risk-taking and leave your fellow citizens free"  
[X Link](https://x.com/GeorgeSelgin/status/2021258123822956793)  2026-02-10T16:21Z 30.8K followers, [----] engagements


"Im sick of seeing these fake quotes. If you cant tell at once that Smith couldnt possibly have said anything like it check to make sure before spreading the darn things around Investing quote of the day: https://t.co/EivJbtFkVA Investing quote of the day: https://t.co/EivJbtFkVA"  
[X Link](https://x.com/GeorgeSelgin/status/2021262929216041323)  2026-02-10T16:40Z 30.8K followers, [----] engagements


"@Bryan10309 You are of course in your rights to not mind them investing your money for you; but not caring what the government does with other peoples money and making a display of not caring aint exactly showing much concern for your fellow citizens"  
[X Link](https://x.com/GeorgeSelgin/status/2021268122171232392)  2026-02-10T17:00Z 30.7K followers, [--] engagements


"@Tsartoshi No it doesnt: https://www.cato.org/blog/digital-gold-fallacy-or-why-bitcoin-cant-save-us-dollar-1 https://www.cato.org/blog/digital-gold-fallacy-or-why-bitcoin-cant-save-us-dollar-1"  
[X Link](https://x.com/GeorgeSelgin/status/2021268458860576780)  2026-02-10T17:02Z 30.8K followers, [--] engagements


"I know that there are still some honest-to-goodness lets have a stateless money Bitcoiners out thereand bless all their hearts. But damn I hate the creepolas who have turned Bitcoin into a crass get-rich-quick scheme no less infested by shysters and suckers than any other"  
[X Link](https://x.com/anyuser/status/2021271199959912880)  2026-02-10T17:13Z 30.8K followers, 42.2K engagements


"@MebFaber Smith never said any such thing"  
[X Link](https://x.com/GeorgeSelgin/status/2021273084305531119)  2026-02-10T17:20Z 30.8K followers, [---] engagements


"@Tsartoshi You obviously didnt read the article: the gold reserve isnt doing anything. The dollars troubles have nothing to do with the reserves supposedly backing it. Nothing at all"  
[X Link](https://x.com/GeorgeSelgin/status/2021274374355997171)  2026-02-10T17:25Z 30.8K followers, [--] engagements


"@profplum99 @PeterMcCormack I knew some of the OGs"  
[X Link](https://x.com/GeorgeSelgin/status/2021275131016786097)  2026-02-10T17:28Z 30.8K followers, [---] engagements


"Please consider tuning in for this event to learn about and discuss my recent bookits going to be fun The first session of the Spring [----] International Macro History Online Seminar Series will feature @GeorgeSelgin presenting "False Dawn: The New Deal and the Promise of Recovery 1933-1947". Chair: @SussmanNathan. [--] Feb @ 17:00 CET. https://t.co/KdWHuzWiZX https://t.co/1IKJTEHWLo The first session of the Spring [----] International Macro History Online Seminar Series will feature @GeorgeSelgin presenting "False Dawn: The New Deal and the Promise of Recovery 1933-1947". Chair: @SussmanNathan."  
[X Link](https://x.com/GeorgeSelgin/status/2021293014099079433)  2026-02-10T18:39Z 30.8K followers, [----] engagements


"The government isnt a friggin mutual fund that were all supposed to be happy to have invest some of our money for us with no choice and no clear prospect of gain (just try cashing in your contribution) and people like Saylor and Trump as fund managers. Its called stupid. @GeorgeSelgin You're nonsensical If the gov buys into bitcoin its not a bailout. Its called investing. Sorry but you don't redefine reality. Attempts to do so just makes one a jackass @GeorgeSelgin You're nonsensical If the gov buys into bitcoin its not a bailout. Its called investing. Sorry but you don't redefine reality."  
[X Link](https://x.com/GeorgeSelgin/status/2021294742173253822)  2026-02-10T18:46Z 30.8K followers, [----] engagements


"Some governments maintain sovereign wealth funds. But thats because they have surplus wealth from oil sales or whatever that they have to invest somehow as opposed to almost $40 _trillion_ in debt"  
[X Link](https://x.com/GeorgeSelgin/status/2021296079879245858)  2026-02-10T18:51Z 30.8K followers, [----] engagements


"Ah yes: the good ol whatabout argument: Whatabout those other perhaps equally unjustified bailouts Since weve had those we might as well have more Jeez. @GeorgeSelgin Sorry dude that ship sailed in [----] with Fannie Mae and Freddie Mac not to mention a host of banks. You're crying now is too little too late on a small violin. Bet you didn't object to real bailouts back then though. dont lie now 😉 @GeorgeSelgin Sorry dude that ship sailed in [----] with Fannie Mae and Freddie Mac not to mention a host of banks. You're crying now is too little too late on a small violin. Bet you didn't object to"  
[X Link](https://x.com/GeorgeSelgin/status/2021297475701674142)  2026-02-10T18:57Z 30.8K followers, [----] engagements


"@crypttrade8 Its a subsidy which is a bailout of investors who might otherwise suffer capital losses"  
[X Link](https://x.com/GeorgeSelgin/status/2021298739474797042)  2026-02-10T19:02Z 30.8K followers, [--] engagements


"@cryptokubrology I have no idea what it means for Bitcoin to get hijacked by crypto. But getting rich was the main goal of the vast numbers who bought into it after it started showing spectacular returnsjust as anyone might predict would happen"  
[X Link](https://x.com/GeorgeSelgin/status/2021301535473283474)  2026-02-10T19:13Z 30.8K followers, [---] engagements


"@dandolfa @Nouriel @LowBeta It resembles the pseudo free banking laws of some States before the Civil War. These required full backing of banknotes w/ specific bonds often including state govt debt and the later National Banking rule requiring full backing of Natl banknotes w/ federal debt. 1/2"  
[X Link](https://x.com/GeorgeSelgin/status/2021316390867607976)  2026-02-10T20:12Z 30.8K followers, [---] engagements


"@Hodling_btc What reason have you to suppose that I dont mind those other abuses But they have their own critics. I pick on Bitcoin because it falls in my bailiwick"  
[X Link](https://x.com/GeorgeSelgin/status/2021350526747840654)  2026-02-10T22:28Z 30.8K followers, [--] engagements


"Step aside Virgil Dante Shakespeare and Proust JUST IN: BILLIONAIRE CHAMATH PALIHAPITIYA JUST CALLED THE #BITCOIN WHITE PAPER ONE OF THE GREATEST WRITTEN WORKS IN ALL HISTORY BTC IS PURE POETRY. TRUTH 🚀 https://t.co/4gb8WQZUam JUST IN: BILLIONAIRE CHAMATH PALIHAPITIYA JUST CALLED THE #BITCOIN WHITE PAPER ONE OF THE GREATEST WRITTEN WORKS IN ALL HISTORY BTC IS PURE POETRY. TRUTH 🚀 https://t.co/4gb8WQZUam"  
[X Link](https://x.com/GeorgeSelgin/status/2021454075028730004)  2026-02-11T05:19Z 30.8K followers, [----] engagements


"Doing zilch would be better than stocking-up on Bitcoin which once acquired will never be sold gain or no gainjust like the gold stock. Every dollar bought will thus _increase_ the debt burden. Wanna reduce that burden Instead of having the govt buy BTC have it sell gold @GeorgeSelgin @jeffreytucker Got a better idea of paying off the debt @GeorgeSelgin @jeffreytucker Got a better idea of paying off the debt"  
[X Link](https://x.com/GeorgeSelgin/status/2021470909752803677)  2026-02-11T06:26Z 30.8K followers, [----] engagements


"@RockyPsionics Unrealized gainsif gains indeed there aredo not reduce the debt because they areunrealized Your accounting leaves much to be desired"  
[X Link](https://x.com/GeorgeSelgin/status/2021491189887926498)  2026-02-11T07:47Z 30.8K followers, [--] engagements


"@JohnOcker5 Because revaluing gold and monetizing the gain isnt likely to reduce the nominal debt burden and can only reduce the real burden to the extent that it contributes to inflation. https://www.cato.org/blog/tanstaafsbr-or-theres-no-such-things-free-strategic-bitcoin-reserve https://www.cato.org/blog/tanstaafsbr-or-theres-no-such-things-free-strategic-bitcoin-reserve"  
[X Link](https://x.com/GeorgeSelgin/status/2021493746089779368)  2026-02-11T07:57Z 30.8K followers, [--] engagements


"@robvsnature Reserve assets have no bearing on the dollars value. They matter only for fixed or dirty float) exchange rate currency regimes"  
[X Link](https://x.com/GeorgeSelgin/status/2021506557750460505)  2026-02-11T08:48Z 30.8K followers, [--] engagements


"@robvsnature Details on why Bitcoin purchases cant strengthen the dollar here: https://www.cato.org/blog/digital-gold-fallacy-or-why-bitcoin-cant-save-us-dollar-1 https://www.cato.org/blog/digital-gold-fallacy-or-why-bitcoin-cant-save-us-dollar-1"  
[X Link](https://x.com/GeorgeSelgin/status/2021506994172239887)  2026-02-11T08:49Z 30.8K followers, [--] engagements


"@jessebabies Still ridiculous"  
[X Link](https://x.com/GeorgeSelgin/status/2021552894827536604)  2026-02-11T11:52Z 30.8K followers, [--] engagements


"@GHOSTawyeeBOB I would let everyone make their own choices; you would have the govt force them to invest as _it_ chooses so between us you are the statist; youre also an idiot for getting things so topsy-turvey"  
[X Link](https://x.com/GeorgeSelgin/status/2021563257232965843)  2026-02-11T12:33Z 30.8K followers, [--] engagements


"@curious_vii If Bitcoin were the publics preferred exchange medium"  
[X Link](https://x.com/GeorgeSelgin/status/2021578872249004323)  2026-02-11T13:35Z 30.8K followers, [--] engagements


"@tonklaus It has long been a good hedge; Bitcoin has never been. Of course theres only experience to go on"  
[X Link](https://x.com/GeorgeSelgin/status/2021647425862299803)  2026-02-11T18:08Z 30.8K followers, [--] engagements


"@RogerWilkins_au @farmerrf Theres a juvenille tweet here allright but it isnt Rogers. And Roger is dead-on on New Keynesians and Old Monetarists as the great Leland Yeager demonstates in his essay of that title in _The Fluttering Veil_"  
[X Link](https://x.com/GeorgeSelgin/status/2021689841147121883)  2026-02-11T20:56Z 30.8K followers, [--] engagements


"@tonklaus An asset is a hedge against inflation if and only if it can be relied on to appreciate more if inflation takes off. https://arnoldkling.substack.com/p/hedging-inflation-with-real-assets https://arnoldkling.substack.com/p/hedging-inflation-with-real-assets"  
[X Link](https://x.com/GeorgeSelgin/status/2021848007625314325)  2026-02-12T07:25Z 30.8K followers, [--] engagements


"By many economists I dont mean just Keynesians. The Chicago Scohool economists were among many non-Keynesians who championed countercyclical public works spending"  
[X Link](https://x.com/GeorgeSelgin/status/2021988039560695825)  2026-02-12T16:41Z 30.8K followers, [----] engagements


"As for the New Deal despite high unemployment it wasnt Keynesian at all: New Deal deficits were paltry by Keynesian standards; and though Keynes tried to get FDR to do deficit-spend more he didnt succeed. Except when it came to relief spending FDR tried to avoid deficits"  
[X Link](https://x.com/GeorgeSelgin/status/2021988046187712638)  2026-02-12T16:41Z 30.8K followers, [----] engagements


"Thus the most potent New Deal deficit in [----] was a result of that years Veterans Bonus Bill passed _over FDRs veto_. (Hoovers deficits of [--] and [--] actually packed bigger punches.)"  
[X Link](https://x.com/GeorgeSelgin/status/2021988050910498904)  2026-02-12T16:41Z 30.8K followers, [----] engagements


"@jmhorp Even the GDP growth ratestotal and per capitafor those decades werent impressive compared to later and especially several post-WWII decades"  
[X Link](https://x.com/GeorgeSelgin/status/2022021871026467054)  2026-02-12T18:55Z 30.8K followers, [---] engagements


"More nonsense. Keynes was practically to the manner borne: his father was a prominent economist and impt influence and he grew up surrounded by economics luminaries including Alfred Marshall who became his mentor. No modern econ. PhD program could match that @GeorgeSelgin The standard Economist's view of Keynes is misleading. Keynes was an Old Etonian with a degree in Math. He took Econ for one term only. Had he been selected for the Treasury he would have been making policy. He got India Office (boring shite) and so quit and returned to work on @GeorgeSelgin The standard Economist's view of"  
[X Link](https://x.com/GeorgeSelgin/status/2022048459805929843)  2026-02-12T20:41Z 30.8K followers, [----] engagements


"The reason Marshall wanted to recruit Keynes was because he was Marshalls own mentee and because despite some disagreements Marshall considered him brilliant"  
[X Link](https://x.com/GeorgeSelgin/status/2022049762535686193)  2026-02-12T20:46Z 30.8K followers, [---] engagements


"File under: Make up your minds Much of Murray Rothbards _Americas Great Depression_ is devited to explaining how Hoovers (and later FDRs) policies that artificially propped prices up kept the US economy depressed. Is that also a myth Strange to see learned economists deny opportunity costs. It's all because of the sticky prices myth Friends don't let friends do MDT. Strange to see learned economists deny opportunity costs. It's all because of the sticky prices myth Friends don't let friends do MDT"  
[X Link](https://x.com/GeorgeSelgin/status/2022095048176021718)  2026-02-12T23:46Z 30.8K followers, [----] engagements


"I refer only to Rothbard-stickiness here; but of course there were other kinds Its absurd to suppose for example that nominal interest rates outstanding debt contracts would have freely adjusted to reflect an unanticipated decline in other prices supposing those fell"  
[X Link](https://x.com/GeorgeSelgin/status/2022097240245080175)  2026-02-12T23:55Z 30.8K followers, [----] engagements


"And given the extend if outstanding fixed rate debt at the time that stickiness alone would have sufficed to make relying on deflation alone to end the Depression futile"  
[X Link](https://x.com/GeorgeSelgin/status/2022097926315790403)  2026-02-12T23:58Z 30.8K followers, [---] engagements


"@AMoser_E @jmhorp Thats a fallacy based on misleading and obsolete statistics as well as a tendency to identify deflation with depression"  
[X Link](https://x.com/GeorgeSelgin/status/2022206252437450944)  2026-02-13T07:08Z 30.8K followers, [--] engagements


"@rdgrongoodnet1 @JimeeLiberty What tax This us about deficit spending"  
[X Link](https://x.com/GeorgeSelgin/status/2022206536765125078)  2026-02-13T07:09Z 30.8K followers, [--] engagements


"@MThesleff Yes in that both favored policies to revive aggregate demand when a lack of it results in unemployment"  
[X Link](https://x.com/GeorgeSelgin/status/2022210366584107347)  2026-02-13T07:24Z 30.8K followers, [---] engagements


"@PaperhackWriter No. Next question"  
[X Link](https://x.com/GeorgeSelgin/status/2022217203924529647)  2026-02-13T07:52Z 30.8K followers, [--] engagements


"@PaperhackWriter The emphasis on rearmament eventually beggared other German industries; but again this was due to the shift to a war economy not post-1933 spending per se. There is no basis for assuming that fiscsl stimulus was not effective in countering Germanys unemployment"  
[X Link](https://x.com/GeorgeSelgin/status/2022222427993125175)  2026-02-13T08:12Z 30.8K followers, [--] engagements


"@PaperhackWriter Finally no one is claiming that deficit spending cant go too far. By [----] Germany had arguably returned to full employment. Continued deficit spending beyond that point aimed at mobilization and making armamentsnot countering Uinvolved crowding out"  
[X Link](https://x.com/GeorgeSelgin/status/2022224144214171650)  2026-02-13T08:19Z 30.8K followers, [--] engagements


"@MartinStencel1 @rapid_rar2 Im confused. The article clearly says that the broken-window critique of Keynesian policy begs the question by implicitly assuming full employment that is assuming away the problem the policy seeks to solve. That there was high unemployment in the 30s noone I trust disputes"  
[X Link](https://x.com/GeorgeSelgin/status/2022251345776955590)  2026-02-13T10:07Z 30.8K followers, [--] engagements


"Heres how this works: thoughtful criticisms I welcome and try to reply to; idiotic comments like this (the topic is the Great Depression) get you muted or if sufficiently idiotic blocked. @GeorgeSelgin @sidprabhu My gosh if govt doesnt spend to build a road then no roads would ever get built 🙄 @GeorgeSelgin @sidprabhu My gosh if govt doesnt spend to build a road then no roads would ever get built 🙄"  
[X Link](https://x.com/GeorgeSelgin/status/2022274895808266665)  2026-02-13T11:41Z 30.8K followers, [----] engagements


"@danalexanderbtc There is absolutely no reason to suppose that Bitcoin is about to become the new world reserve and particularly that it is going to displace the dollar so that pipe dream cannot possibly supply adequate grounds for a strategic Bitcoin stockpile"  
[X Link](https://x.com/GeorgeSelgin/status/2022331563896397860)  2026-02-13T15:26Z 30.8K followers, [---] engagements


"@AlexViladot I have not denied that deflation can be a bad thing and is sometimes very bad indeed. But its cause matters"  
[X Link](https://x.com/GeorgeSelgin/status/2022340202635891004)  2026-02-13T16:00Z 30.8K followers, [---] engagements


"@610Stomper @danalexanderbtc You are assuming that having some desirable properties is the same as having a prospect of adoption"  
[X Link](https://x.com/GeorgeSelgin/status/2022350514437181720)  2026-02-13T16:41Z 30.8K followers, [--] engagements


"@danalexanderbtc @venusdeotis Theres no reason why and no evidence that the growth in Bitcoin liquidity will lead to its becoming an important CB resetve medium let alone an important invoice currency in intt exchange. Plenty of assets that have large liquid markets will never become money of any sort"  
[X Link](https://x.com/GeorgeSelgin/status/2022354102634844267)  2026-02-13T16:56Z 30.8K followers, [--] engagements


"@danalexanderbtc @610Stomper It isnt a fair assumption for a network good and especially not when govt authorities are among the relevant decision makers"  
[X Link](https://x.com/GeorgeSelgin/status/2022354618681037143)  2026-02-13T16:58Z 30.8K followers, [--] engagements


"@AlexViladot Close. It is deflation caused by reduced Aggregate Demand as opposed to increased Aggregate Supply. A reduction in M isnt essential"  
[X Link](https://x.com/GeorgeSelgin/status/2022359967563682027)  2026-02-13T17:19Z 30.8K followers, [--] engagements


"@msanz @AlexViladot Grok is wrong to blame the US panics on either the gold standard or the deflation that went along with it. Had those sufficed to cause panics similar panics would have occurred in other gold standard nations. They didnt because flawed US banking arrangements were to blame"  
[X Link](https://x.com/GeorgeSelgin/status/2022522523917914344)  2026-02-14T04:05Z 30.8K followers, [--] engagements


"@grok @msanz @jack_legault @eb70899 @TreeNewsFeed The gold standard and the deflation that went with it werent to blame for US panics. Had they been panics would have occurred in other gold standard nations. The US panics were caused by its peculiar and flawed banking and currency arrangements. See https://www.cato.org/publications/policy-analysis/new-yorks-bank-national-monetary-commission-founding-fed https://www.cato.org/publications/policy-analysis/new-yorks-bank-national-monetary-commission-founding-fed"  
[X Link](https://x.com/GeorgeSelgin/status/2022526269456372166)  2026-02-14T04:20Z 30.8K followers, [--] engagements


"@grok @msanz @jack_legault @eb70899 @TreeNewsFeed The question suggests its snswer: US laws restricting branch banking were among the peculiar banking and currency arrangements that gave rise to occassional panics there both by making banks vulnerable to shocks and by inclining them to place reserves w/ city correspondents"  
[X Link](https://x.com/GeorgeSelgin/status/2022528821472133377)  2026-02-14T04:30Z 30.8K followers, [--] engagements


"@grok @msanz @jack_legault @eb70899 @TreeNewsFeed Today new problems have replaced former ones. Banks can now branch for example. But since the 30s the expansion of implicit and explicit deposit guarantees has created a moral hazard problem thats now a major cause of excessive bank risk taking and banking crises"  
[X Link](https://x.com/GeorgeSelgin/status/2022531340579865010)  2026-02-14T04:40Z 30.8K followers, [--] engagements


"@ImpossibleBob @KevinTartis @BobMurphyEcon The US money stock consisted ca. [----] mainly of bank deposits and Federal Reserve notes not gold which was a reserve medium. The reduction was in deposits: that counts. And those deposits were redeemable claimsfiduciary media not fiat money by Mises definitions"  
[X Link](https://x.com/GeorgeSelgin/status/2022914820794913259)  2026-02-15T06:04Z 30.9K followers, [--] engagements


"@ImpossibleBob @BobMurphyEcon While those were part of the story theres much more that mattered. For starters one must take account of the unravelling of the gold exchange standard and the collapse of much of the US banking system both of which contributed to a severe monetary contraction"  
[X Link](https://x.com/GeorgeSelgin/status/2022910093038358642)  2026-02-15T05:45Z 30.9K followers, [--] engagements


"@PocketHoosier @GeneSohoForum The question is what _causes_ downturns not why they persist. _Some_ Austrians obviously do claim that the only cause is malinvestment or this thread wouldnt have gotten started"  
[X Link](https://x.com/GeorgeSelgin/status/2023291920827785245)  2026-02-16T07:02Z 30.9K followers, [----] engagements


"@chadashtonbrown Im assuming nothing. If A then B doesnt imply that A happens a lot"  
[X Link](https://x.com/GeorgeSelgin/status/2023421921908719765)  2026-02-16T15:39Z 30.9K followers, [---] engagements


"@PolitBirojs @Tsartoshi No. Our having all that unnecessary gold instead of profiting by selling it is what looks silly. Canada sold its gold and it did it no harm at all"  
[X Link](https://x.com/GeorgeSelgin/status/2021308085155889436)  2026-02-10T19:39Z 30.8K followers, [--] engagements


"@jmhorp Written in late [----] and early 2012; first SSRN posting with slightly different title early Feb [----]. https://papers.ssrn.com/sol3/papers.cfmabstract_id=2000118 https://papers.ssrn.com/sol3/papers.cfmabstract_id=2000118"  
[X Link](https://x.com/GeorgeSelgin/status/2021323160138748145)  2026-02-10T20:39Z 30.8K followers, [--] engagements


"Anyone who thinks that believing that a collapse of spending can cause a rexession or depression makes one a Keynesian needs to learn a lot more exonomics Excepting some* Austrians and New Classical economists almost all economists share my belief. @GeorgeSelgin At this point it just sounds like you changed your mind and are now a straightforward Keynesian. Kudos to you for the openness of mind unironically. But why not just say so and explicitly give your reasons why you think Austrians are wrong in endorsing Say's law @GeorgeSelgin At this point it just sounds like you changed your mind and"  
[X Link](https://x.com/GeorgeSelgin/status/2022633541511827937)  2026-02-14T11:26Z 30.9K followers, [----] engagements


"*Some meaning mainly Rothbard and his followers. Not Hayek; not Machlup; not @lawrencehwhite1; not the late Steve Horwirz"  
[X Link](https://x.com/GeorgeSelgin/status/2022633544405622991)  2026-02-14T11:26Z 30.8K followers, [---] engagements


"@lawrencehwhite1 Horwitz"  
[X Link](https://x.com/GeorgeSelgin/status/2022635979279077591)  2026-02-14T11:36Z 30.8K followers, [---] engagements


"you put the capital expenditure of entrepreneurs and State deficit spending on an equal footing. Hardly. Like most I consider countercyclical govt spending a stopgap to compensate for inadequate private spending and to encourage its revival. (And I favor monetary stimulus.) @GeorgeSelgin [--]. What is strange about the way you imply NGDP and recessions are about aggregate spending is that you put the capital expenditure of entrepreneurs and State deficit spending on an equal footing implicitly acknowledging both as capable contributors to NGDP and hence growth. @GeorgeSelgin [--]. What is strange"  
[X Link](https://x.com/GeorgeSelgin/status/2022643165321400394)  2026-02-14T12:04Z 30.9K followers, [----] engagements


"(And if you think the collapse of spending was required to purge the economy of such malinvestments as did take place you get an F on Austrian cycle theory itself.)"  
[X Link](https://x.com/GeorgeSelgin/status/2022662337958940737)  2026-02-14T13:20Z 30.8K followers, [----] engagements


"And there us also direct evidence that many of those seeking jobs could not find them even after many months if not years of trying. Any suggestion that they must not have tried hard enough deserves scorn"  
[X Link](https://x.com/GeorgeSelgin/status/2022679161350033755)  2026-02-14T14:27Z 30.9K followers, [---] engagements


"@RexNhongo2 @NatanGalula This is pure fiction. Most businesses that closed in the 30s would have been perfectly viable had spending not collapsed. The capital they represented wasnt destroyed: it was unemployed just like many workers"  
[X Link](https://x.com/GeorgeSelgin/status/2022687223301423132)  2026-02-14T14:59Z 30.8K followers, [--] engagements


"(Should say 1933.)"  
[X Link](https://x.com/GeorgeSelgin/status/2022783386180366447)  2026-02-14T21:21Z 30.9K followers, [----] engagements


"@sidprabhu The Fed does not regulate markets in the sense relevant to this discussion. Nothing it did stood in the way of needed adjustment of prices and other nominal contracts to reflect reduced spending. That the Fed could influence economic activity in other ways is beside the point"  
[X Link](https://x.com/GeorgeSelgin/status/2022799619139252703)  2026-02-14T22:26Z 30.9K followers, [--] engagements


"@BobMurphyEcon But there is evidence suggesting that prices and money wages had been getting stickier over even before Hoover and FDR"  
[X Link](https://x.com/GeorgeSelgin/status/2022806061808296103)  2026-02-14T22:52Z 30.9K followers, [---] engagements


"@KevinTartis @ImpossibleBob @BobMurphyEcon Theres nothing intrinsically wrong with growth in fiduciary media including growth accompanied by declining reserve ratios. What matters is whether or not the growth matches growth in the real demand for such media"  
[X Link](https://x.com/GeorgeSelgin/status/2022922911728963666)  2026-02-15T06:36Z 30.8K followers, [--] engagements


"@oldhand_35 @PerBylund Im absolutely certain. Some details here: https://www.cato.org/publications/policy-analysis/new-yorks-bank-national-monetary-commission-founding-fed https://www.cato.org/publications/policy-analysis/new-yorks-bank-national-monetary-commission-founding-fed"  
[X Link](https://x.com/GeorgeSelgin/status/2023135467785613740)  2026-02-15T20:40Z 30.9K followers, [--] engagements


"@NatanGalula If the nominal M stock rises proportionately with equilibrium M/P (real demand for money balances) P stays unchanged. Please consider your further replies for my time is limited"  
[X Link](https://x.com/GeorgeSelgin/status/2023343796390711358)  2026-02-16T10:28Z 30.8K followers, [--] engagements


"Bitcoiners: do your own damn investing and risk-taking and leave your fellow citizens free to do the same instead of trying to get the government to use public funds to stack the deck in your favor. Michael Saylor says the USA can make $80 trillion by buying Bitcoin and wipe out their entire debt 🤯 https://t.co/WRzJC6TW3J Michael Saylor says the USA can make $80 trillion by buying Bitcoin and wipe out their entire debt 🤯 https://t.co/WRzJC6TW3J"  
[X Link](https://x.com/GeorgeSelgin/status/2021192312353595731)  2026-02-10T11:59Z 30.9K followers, 40.2K engagements


"A Bitcoin fanatics response to the modest suggestion that he should stick to investing his own money. @GeorgeSelgin Ok fiat cuck @GeorgeSelgin Ok fiat cuck"  
[X Link](https://x.com/GeorgeSelgin/status/2021238881404719430)  2026-02-10T15:04Z 30.9K followers, [----] engagements


"The belief that the dollars strength depends on the US govts holdings of either gold or Bitcoin is a fallacy for reasons I explain here: https://www.cato.org/blog/digital-gold-fallacy-or-why-bitcoin-cant-save-us-dollar-1 @GeorgeSelgin I'm in favor of the government acquiring bitcoin and gold organically as a reserve to strengthen the monetary system. I'm especially supportive of a strategy to defend the US position vs. China by exploiting our head start in bitcoin. If that's what you mean by wanting the https://www.cato.org/blog/digital-gold-fallacy-or-why-bitcoin-cant-save-us-dollar-1"  
[X Link](https://x.com/GeorgeSelgin/status/2021254292791771190)  2026-02-10T16:05Z 30.9K followers, [----] engagements


"Thread: This standard free-marketeer view of Keynes is misinformed in many ways. In [----] Keynes famously wrote that paying people to dig holes and fill them back up would boost the economy. Meanwhile French economist Bastiat was spinning in his grave having warned a century earlier about the "broken window fallacy" - the illusion that destruction creates https://t.co/Y3OwIGYqYB In [----] Keynes famously wrote that paying people to dig holes and fill them back up would boost the economy. Meanwhile French economist Bastiat was spinning in his grave having warned a century earlier about the"  
[X Link](https://x.com/GeorgeSelgin/status/2021988032493367395)  2026-02-12T16:41Z 30.9K followers, 83.6K engagements


"The broken window storya story emphasizing the unseen (missed) opportunity costs that are the flip side of a misguided effort to keep glaziers busy implicitly assumes that that there is no large pool of unemployed workers to drawn upon"  
[X Link](https://x.com/GeorgeSelgin/status/2021988042920042668)  2026-02-12T16:41Z 30.9K followers, 15.3K engagements


"What utter bullshit. @BitcoinMagazine Saylor's call for the US to lead on Bitcoin specifically through purchasing and legislation is fundamentally about securing America's economic future. A dominant position in Bitcoin would hedge against inflationary pressures and provide a technological advantage. @BitcoinMagazine Saylor's call for the US to lead on Bitcoin specifically through purchasing and legislation is fundamentally about securing America's economic future. A dominant position in Bitcoin would hedge against inflationary pressures and provide a technological advantage"  
[X Link](https://x.com/GeorgeSelgin/status/2022211802466283643)  2026-02-13T07:30Z 30.9K followers, 25.1K engagements


"As quite a few studies have shown throughout the last [---] years deflation has more often been associated with growth than with recession. See among other works and https://www.minneapolisfed.org/research/staff-reports/deflation-and-depression-is-there-an-empirical-link https://cepr.org/voxeu/columns/should-we-be-spooked-deflation-look-historical-record https://www.nber.org/papers/w9520 @grok @eb70899 @TreeNewsFeed Have you ever seen deflation in a robust economy https://www.minneapolisfed.org/research/staff-reports/deflation-and-depression-is-there-an-empirical-link"  
[X Link](https://x.com/GeorgeSelgin/status/2022330462224695574)  2026-02-13T15:22Z 30.9K followers, [----] engagements


"As Ive pointed Keynes never recommended or even joked about breaking windows. What he favored wasnt breaking windows to spur employment but spending on useful public works. Its his critics who caricature his recommendations (and now my own) as equivalent to breaking windows @NewmanJ_R Selgin promoting the idea that the broken window might increase employment omits from logical consideration that if the baker had bought a suit instead of the new window the same possibility exists. @NewmanJ_R Selgin promoting the idea that the broken window might increase employment omits from logical"  
[X Link](https://x.com/GeorgeSelgin/status/2022606425076511138)  2026-02-14T09:38Z 30.9K followers, [----] engagements


"@trebor6127 Well it _is_ better as nothing is destroyed. But Keynes was being facetious arguing only that it digging holes beats doing nothing. If faulting him for his facetious remarks is the best one can do by way of opposing countercyclical deficit spending it isnt enough"  
[X Link](https://x.com/GeorgeSelgin/status/2022610212650389893)  2026-02-14T09:53Z 30.9K followers, [---] engagements


"The claim that the 25% unemployment rate of [----] was entirely due to prior malinvestment and not to the subsequent collapse of spendingas if all the businesses that were shuttered were products of malinvestmentmay be the most absurd take on that tragedy. 1/2 @GeorgeSelgin @trebor6127 still treating high unemployment as a bug of the system it's a feature. It communicates that resources were badly allocated and push towards a better allocation. @GeorgeSelgin @trebor6127 still treating high unemployment as a bug of the system it's a feature. It communicates that resources were badly allocated"  
[X Link](https://x.com/GeorgeSelgin/status/2022662334083469478)  2026-02-14T13:20Z 30.9K followers, 15.6K engagements


"It follows of course (according to the logic of some of my Austrian critics) that Hayek was himself a Keynesian. Even Hayek admitted the deflation of [--------] was harmful. Hayek even stated "a badly programmed monetary policy prolonged the depression": https://t.co/2ZtYpfgwrt Even Hayek admitted the deflation of [--------] was harmful. Hayek even stated "a badly programmed monetary policy prolonged the depression": https://t.co/2ZtYpfgwrt"  
[X Link](https://x.com/GeorgeSelgin/status/2022667575109521724)  2026-02-14T13:41Z 30.9K followers, [----] engagements


"Eventually us doing some heavy lifting here During the 30s many persons were neither on work relief nor otherwise employed while relief of all kinds was delibertately designed to encourage workers taking part in it to get non-emergency jobs if they possibly could. @GeorgeSelgin It also applies even with unemployment. The unemployed will eventually get a job if the state doesn't offer them one. And to employ people you also need capital. If that capital didn't go to the state it would have gone somewhere else in the market. @GeorgeSelgin It also applies even with unemployment. The unemployed"  
[X Link](https://x.com/GeorgeSelgin/status/2022679158015267166)  2026-02-14T14:27Z 30.9K followers, [----] engagements


"It has been my sad fate to be dismissed by many Austrians as a Keynesian and by most other economists including Keynesians as an Austrian. @GeorgeSelgin At this point it just sounds like you changed your mind and are now a straightforward Keynesian. Kudos to you for the openness of mind unironically. But why not just say so and explicitly give your reasons why you think Austrians are wrong in endorsing Say's law @GeorgeSelgin At this point it just sounds like you changed your mind and are now a straightforward Keynesian. Kudos to you for the openness of mind unironically. But why not just say"  
[X Link](https://x.com/GeorgeSelgin/status/2022684777384640938)  2026-02-14T14:50Z 30.9K followers, [----] engagements


"@sidprabhu The Fed was not at all to blame for the failure of P to drop as much as MV. It did not even have any way to prevent such a decline. Nor finally could such a decline possibly have occurred. Long-term contractsdebts especially were far from being easily renegotiated"  
[X Link](https://x.com/GeorgeSelgin/status/2022792708738195894)  2026-02-14T21:58Z 30.9K followers, [---] engagements


"@BobMurphyEcon I said nothing about capitalism (or markets) failing. The state-created monetary and banking system failed and markets couldnt compensate quickly for that failure while govt could take steps to do so. Theres such a thing as 2nd best when the 1st best is not in the offing. 1/"  
[X Link](https://x.com/GeorgeSelgin/status/2022801463206916143)  2026-02-14T22:33Z 30.9K followers, [---] engagements


"@BobMurphyEcon As for 20-21 vs 29-33 the cases were extremely different. Deflation had been widely anticipated and the banking system didnt collapse in the first case. The opposite was true of the later crisis. And of course Hoover and FDR also contributed to the lack of P adjustment. 2/"  
[X Link](https://x.com/GeorgeSelgin/status/2022803139070427644)  2026-02-14T22:40Z 30.9K followers, [---] engagements


"a depression is correction of massive malinvestments due to distorted market signals. No: thats but one theory of how depressions can happen. While it may explain some downturns at least partially its absurd to claim that it fully explains them all including the greatest. More nuance is warranted: a depression is correction of massive malinvestments due to distorted market signals so yes businesses need to close and entrepreneurs reallocate productive resources to where they are more in line with consumers' wants. But "deserve" is not economics. More nuance is warranted: a depression is"  
[X Link](https://x.com/GeorgeSelgin/status/2022933380158144844)  2026-02-15T07:17Z 30.9K followers, [----] engagements


"@PerBylund Also every downturn is unique; no one theory explans them all. Botched US currency legislation led to occasional pre-1914 currency shortages and panics and resulting downturns. Prior malinvestment had nothing to do with it"  
[X Link](https://x.com/GeorgeSelgin/status/2023059865690612009)  2026-02-15T15:40Z 30.9K followers, [---] engagements


"Rothbardians cant seem to wrap their heads around the fact that provided it accommodates a like increase in the demand for real money balances monetary expansion wont raise prices and therefore doesnt dilute existing money holders purchasing power. Rothbard understood what most economists ignore: money isn't neutral. Every dollar printed first benefits those closest to the money printer - banks governments and their cronies - while diluting the purchasing power of everyone else's savings. This is the Cantillon effect in https://t.co/FWSHpgXTRn Rothbard understood what most economists ignore:"  
[X Link](https://x.com/GeorgeSelgin/status/2023298960270459086)  2026-02-16T07:30Z 30.9K followers, 19K engagements


"Should prices be allowed to fall to reflect productivity gains Yesand no one has argued so more than I have. Can falling prices also be relied upon to satisfy an increased real demand for money balances Hell noand one must ignore mountains of experience to suppose otherwise. @GeorgeSelgin @pbw15204825 this is such a stupid angle to take and it's the same angle used in the '30 to justify the new deal. Ignoring prices should fall so we don't call it inflation cause prices are not rising. Idiotic statist bullshit. Last inflation boom was not caused by rise in need of money BTW. @GeorgeSelgin"  
[X Link](https://x.com/GeorgeSelgin/status/2023317366747378054)  2026-02-16T08:43Z 30.9K followers, [----] engagements


"@JohnOcker5 @pbw15204825 Not every increase in the demand for money is associated with productivity gains. There can be reductions in moneys velocity. And no one has argued more than I have for letting P decline with productivity gains"  
[X Link](https://x.com/GeorgeSelgin/status/2023367401254080900)  2026-02-16T12:02Z 30.9K followers, [--] engagements


"@GeneSohoForum It shouldnt Gene The true causes of the recovery havent gotten much attention while there are more accounts of the causes than one can shake a stick at. So even if you also consider the latter accounts unsatisfactory I hope you may fund merit in my contribution"  
[X Link](https://x.com/GeorgeSelgin/status/2023379018548973660)  2026-02-16T12:48Z 30.9K followers, [---] engagements


"@IsabelPat1886 I spoke of whatstrue in principle. In practice people who want more real balances start acquiring then by spending less. Depending on the banking system in place this can itself encourage banks to lend more. That it may not is why money-shortages can occur and cause recessions"  
[X Link](https://x.com/GeorgeSelgin/status/2023408051425010119)  2026-02-16T14:44Z 30.9K followers, [---] engagements


"What an idiotic comment. Of course I never claimed that central banks never create too much money This after a career spent criticizing central banks and arguing tgat wed have been better off without them And people wonder why Ive had it with pop Austrians 1/2 @GeorgeSelgin Economic authoritarianism defenders can't seem to wrap their heads around the fact that the Fed DOESN'T limit money creation to demand as demonstrated by constantly rising nominal prices. That it COULD doesn't change reality. @GeorgeSelgin Economic authoritarianism defenders can't seem to wrap their heads around the fact"  
[X Link](https://x.com/GeorgeSelgin/status/2023421283606876600)  2026-02-16T15:36Z 30.9K followers, [----] engagements


"I merely said that _if_ money stock expansion accommodates a prior increase in real money demand then it wont involve Cantillon effects. What mustvone smoke to interpret that as central banks never create money except to accommodate growth in demand for it Moron"  
[X Link](https://x.com/GeorgeSelgin/status/2023421288304521454)  2026-02-16T15:36Z 30.9K followers, [----] engagements


"@chadashtonbrown Do you know how _theory_ works or even what it is No need to answer"  
[X Link](https://x.com/GeorgeSelgin/status/2023421637744619522)  2026-02-16T15:38Z 30.9K followers, [---] engagements


"@EGhost4 @chadashtonbrown You dont seem to know how theories work or what theyre for. For one thing a logically correct theory always beats a logically incorrect one including in this case the one youre implicitly trying to defend"  
[X Link](https://x.com/GeorgeSelgin/status/2023449239775559754)  2026-02-16T17:27Z 30.9K followers, [--] engagements


"@EGhost4 @chadashtonbrown Im no central planner and Im not recommending it. I _have_ recommended free banking and Ive explained how it works. And if it creates money only as I claim it would tend to there will be no Cantillon effects. Trying to paint me as as pro-central planning is dirty pool"  
[X Link](https://x.com/GeorgeSelgin/status/2023455567558197475)  2026-02-16T17:52Z 30.9K followers, [--] engagements


"Hearing amateur (and alas some professional) Austrians declare that most businesses that closed in the 30s deserved to fail is about as edifying as hearing Trump officials explain the virtues of protective tariffs"  
[X Link](https://x.com/GeorgeSelgin/status/2022703545003221210)  2026-02-14T16:04Z 30.9K followers, 11.2K engagements


"Sounds wonderful Oh wait: https://www.gw2ru.com/history/57225-soviet-five-year-plans-cost/amp @RealMetroLounge During the Great Depression the country that was not affected by the Great Depression was the Soviet Union which was modernizing and industrializing at breakneck speed. It went from the poorest feudal backwater in the world to the first spacefaring civilization bc of socialism. https://www.gw2ru.com/history/57225-soviet-five-year-plans-cost/amp @RealMetroLounge During the Great Depression the country that was not affected by the Great Depression was the Soviet Union which was"  
[X Link](https://x.com/GeorgeSelgin/status/2022781279834411024)  2026-02-14T21:13Z 30.9K followers, [----] engagements


"@pbw15204825 The point of the tweet I quote consists presumably of what it actually says; and what it actually says is wrong. What point is there in trying to argue that the purchasing power of money is somehow diluted even if prices dont rise"  
[X Link](https://x.com/GeorgeSelgin/status/2023305615310025109)  2026-02-16T07:57Z 30.9K followers, [---] engagements


"@St33lMouse You can't get real world things out of thin air. Not from thin air alone; but if the public wants more real (world) money balances money printing can suffice to provide them"  
[X Link](https://x.com/GeorgeSelgin/status/2023314367455089071)  2026-02-16T08:31Z 30.9K followers, [---] engagements


"@CreativeDeduct No if it is monetary expansion in response to an intensive increase in the demand for real money balancethat is a decline in moneys velocity. I said nothing about an increase in productivity and I was not referring to that case"  
[X Link](https://x.com/GeorgeSelgin/status/2023336708583063625)  2026-02-16T10:00Z 30.9K followers, [---] engagements


"@semperfidem2004 @St33lMouse Yes there may be more saving and therefore lower rates (depends on whether people cut back on consumption or on other assets to increase M holdings). But the increase is hardly likely to be massive and its sustainablenot a bubble"  
[X Link](https://x.com/GeorgeSelgin/status/2023502775041355842)  2026-02-16T21:00Z 30.9K followers, [--] engagements

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