#  @GeorgeSelgin George Selgin George Selgin posts on X about money, bitcoin, inflation, deflation the most. They currently have [------] followers and [----] posts still getting attention that total [-------] engagements in the last [--] hours. ### Engagements: [-------] [#](/creator/twitter::343019754/interactions)  - [--] Week [-------] +332% - [--] Month [-------] +209% - [--] Months [---------] -33% - [--] Year [---------] +14% ### Mentions: [--] [#](/creator/twitter::343019754/posts_active)  - [--] Week [--] +42% - [--] Month [---] +67% - [--] Months [---] +22% - [--] Year [-----] -7% ### Followers: [------] [#](/creator/twitter::343019754/followers)  - [--] Week [------] +0.39% - [--] Month [------] +0.58% - [--] Months [------] +2.60% - [--] Year [------] +7.30% ### CreatorRank: [-------] [#](/creator/twitter::343019754/influencer_rank)  ### Social Influence **Social category influence** [finance](/list/finance) #6696 [cryptocurrencies](/list/cryptocurrencies) [countries](/list/countries) [currencies](/list/currencies) [automotive brands](/list/automotive-brands) [technology brands](/list/technology-brands) [social networks](/list/social-networks) [travel destinations](/list/travel-destinations) [stocks](/list/stocks) [us election](/list/us-election) **Social topic influence** [money](/topic/money) #5072, [bitcoin](/topic/bitcoin) #3292, [inflation](/topic/inflation), [deflation](/topic/deflation) #14, [fed](/topic/fed), [fiat](/topic/fiat), [debt](/topic/debt) #1842, [bank](/topic/bank), [currency](/topic/currency), [currencies](/topic/currencies) **Top assets mentioned** [Bitcoin (BTC)](/topic/bitcoin) [Reserve (RSV)](/topic/reserve) ### Top Social Posts Top posts by engagements in the last [--] hours "Am I alone in thinking the recent Mnuchin-Powell kerfuffle boils down to a conflict over who gets to sit on a pile of public funds and do next to nothing (or nothing at all) w/ them for several months @vtg2 @rachsieg @jeannasmialek @NickTimiraos @michaelsderby @davidmwessel" [X Link](https://x.com/GeorgeSelgin/status/1330225157605044230) 2020-11-21T19:02Z 30.7K followers, [--] engagements "The subjectivist (aka marginalist) revolution put paid to the ancient notion of intrinsic value more than half a century ago. I am surprised so many smart investors believe in "intrinsic value." There is no such thing as intrinsic value. Investors who use this "metric" want you to think there is an "inherent objective measure of value" for an asset. This doesn't exist. It is pure fiction. If I I am surprised so many smart investors believe in "intrinsic value." There is no such thing as intrinsic value. Investors who use this "metric" want you to think there is an "inherent objective measure" [X Link](https://x.com/GeorgeSelgin/status/1881269178373730703) 2025-01-20T09:14Z 30.7K followers, [----] engagements "What some Bitcoin maxis are celebrating ought to disgust anyone who actually gives a damn about responsible government. Lets not mince words: theirs is a vile and dangerous cult. Good morning Bitcoin. https://t.co/c33BSf30ir Good morning Bitcoin. https://t.co/c33BSf30ir" [X Link](https://x.com/GeorgeSelgin/status/1898675351854690762) 2025-03-09T10:00Z 30.7K followers, 40.5K engagements "Like any popular school of thought the Austrian school has its share of foolish adherents. But to dismiss such greats as Menger Bohm-Bawerk Mises and Hayek not to mention many other very intelligent Austrian economists dead and living is itself foolish. The Austrian School of Economics like MMT and degrowth is to Economics what Homeopathy is to Medicine. The Austrian School of Economics like MMT and degrowth is to Economics what Homeopathy is to Medicine" [X Link](https://x.com/GeorgeSelgin/status/2014232764430557304) 2026-01-22T07:04Z 30.7K followers, 30.6K engagements "Whenever these (probably administration-funded) bots or persons mentally indistinguishable from them attack Cato (check the thread for why) it warms the cockles of my heart: Im proud to have spent a decade working for an organization that opposes everything they stand for. @GeorgeSelgin Anything to protect cheap labor for Cato Institute types eh Fuck them and their enablers. @GeorgeSelgin Anything to protect cheap labor for Cato Institute types eh Fuck them and their enablers" [X Link](https://x.com/GeorgeSelgin/status/2016210392444195004) 2026-01-27T18:03Z 30.7K followers, [----] engagements "Cant wait to hear ICE apologists explain how those agents were acting in self-defense. Trumps ICE is now drive-by pepper spraying peaceful protesters in their faces on the side of the road in Phoenix Arizona just for the fun of it. This isnt legal This is not the America both my grandfathers fought in WWII to protect. This is the very fascism that they fought https://t.co/5kLIg8mx7m Trumps ICE is now drive-by pepper spraying peaceful protesters in their faces on the side of the road in Phoenix Arizona just for the fun of it. This isnt legal This is not the America both my grandfathers fought" [X Link](https://x.com/GeorgeSelgin/status/2016237575464206601) 2026-01-27T19:51Z 30.7K followers, 11.6K engagements "@macr0hack And whatever some businessmen may prefer Cato has opposed these developments consistently and uncompromisingly" [X Link](https://x.com/GeorgeSelgin/status/2016240284749754830) 2026-01-27T20:01Z 30.7K followers, [--] engagements "@VT78741372 @Brendan13676657 @DavidBeckworth @byHeatherLong @CaitlinLong_ @MarkCalabria How does the existence of private stablecoins amount to having a quasi central bank What do you mean by that expression Their issuers cant serve as USD LOLRs; and none enjoy monopoly privileges (unlike the Fed)" [X Link](https://x.com/GeorgeSelgin/status/2017205425389588714) 2026-01-30T11:57Z 30.7K followers, [--] engagements "@OscarLZaina It is X so lets not split hairs. Runs were on banks that were either insolvent or in serious danger of becoming so. In those pre-bailout days a bank closed once insolvency was certain; runs accelerated closings but not insolvency" [X Link](https://x.com/GeorgeSelgin/status/2017258387298230395) 2026-01-30T15:27Z 30.7K followers, [--] engagements "@dandolfa The merits of DD as a technical tour de force must be distinguised from its influence on policy and interpretations of banking history both of which have been baleful IMHO. Just ask any run-of-the-mill economist what the model shows. You and I know it doesnt; too many dont" [X Link](https://x.com/GeorgeSelgin/status/2017262864017350972) 2026-01-30T15:45Z 30.7K followers, [----] engagements "@KellerZoe @EconWithNick No it isnt. Most legal tender laws do not require sellers to accept legal tender in ordinary spot exchanges. Under them a business might legally refuse cash payments altogether; it might even post prices in and accept say Bitcoin exclusively" [X Link](https://x.com/GeorgeSelgin/status/2017356338167246966) 2026-01-30T21:56Z 30.7K followers, [---] engagements "@MaMoMVPY @jamesjgriffin I know" [X Link](https://x.com/GeorgeSelgin/status/2017970903288602883) 2026-02-01T14:38Z 30.7K followers, [--] engagements "Thread: Bukele's Bitcoin legislation is certainly a win for Bitcoin. But is it a win for freedom Ive just sent the #BitcoinLaw to Congress https://t.co/DljnxsXlyt Ive just sent the #BitcoinLaw to Congress https://t.co/DljnxsXlyt" [X Link](https://x.com/GeorgeSelgin/status/1402576511828434944) 2021-06-09T10:41Z 30.7K followers, [---] engagements "The standard definition of money has nothing to do with its stability: there have been many unstable monies. Bitcoin isnt money because it isnt a widely accepted medium of exchange. 1/2 @GeorgeSelgin It is a bit unfair to Mises Rorthbard and Menger that they got to define Money before the idea of . On the other hand if the vast mayority of humans agree that money should be stable lets no call bitcoin Money but rather a censorship resistant long-term saving tool @GeorgeSelgin It is a bit unfair to Mises Rorthbard and Menger that they got to define Money before the idea of . On the other hand" [X Link](https://x.com/GeorgeSelgin/status/1580918572489924608) 2022-10-14T13:48Z 30.7K followers, [--] engagements "@MichaelAArouet For starters that chart relies on pre-1914 data that has been subject to many criticisms and revisions. The tweet below shows how different things look using Joseph Daviss alternative. The interwar years were very bad. But postwar not markedly better than pre-Fed. This for instance is Joseph Davis attempt at a more accurate picture based on his industrial output index. https://t.co/hkxyCBPhvo 2/ https://t.co/gD0zPefjRc This for instance is Joseph Davis attempt at a more accurate picture based on his industrial output index. https://t.co/hkxyCBPhvo 2/ https://t.co/gD0zPefjRc" [X Link](https://x.com/GeorgeSelgin/status/1751296945576980961) 2024-01-27T17:31Z 30.7K followers, [----] engagements "Ive been a critic of the Feds post-2008 IOR-based floor operating system as long as anyone. But IOR is no more a transfer to the banks than the interest theyd receive if they held Treasuries now held by the Fed directly instead of having the Fed serve as an intermediary. Central bank remuneration of reserves : a technicality 🤔 No. It's a transfer of hundreds of billions to the banking sector and the key to an important economic debate. I just published an article on the subject https://t.co/fhN1FVd87R #MMT Central bank remuneration of reserves : a technicality 🤔 No. It's a transfer of" [X Link](https://x.com/GeorgeSelgin/status/1940280680019366271) 2025-07-02T05:25Z 30.7K followers, [----] engagements "@ArnellOErik Lastly I dont conflate bank deposits with savings: they _are_ savings according to the standard meaning of that term. Highly liquid savings to be sure but savings nonetheless" [X Link](https://x.com/GeorgeSelgin/status/1991755780085936286) 2025-11-21T06:29Z 30.7K followers, [--] engagements "Mr. Way defending here his reference to Alex Pretti as an insurrectionist undeserving of even being referred to by name deserves a Guiness World Record award for Most ignorance and malice packed into just [---] characters. @rachel_k_az Say the names of the thousands of victims raped robbed and killed by the illegal immigrants he was willing to die for in reckless dangerous criminal interference with law enforcement actions. @rachel_k_az Say the names of the thousands of victims raped robbed and killed by the illegal immigrants he was willing to die for in reckless dangerous criminal" [X Link](https://x.com/GeorgeSelgin/status/2015368917317718353) 2026-01-25T10:19Z 30.7K followers, [----] engagements "Another nail in the Diamond-Dybvig model coffin. A clever model well-suited to inspiring variations (and garnering citations) that has also mislead generations about why banks face runs and fail. New paper on bank runs with Correia and Luck: "Bank Runs With and Without Bank Failure" Questions: - What are the determinants of runs - When do bank runs result in bank failure - Can runs trigger the failure of healthy banks and amplify small shocks into large crises - https://t.co/6wjrleLcLu New paper on bank runs with Correia and Luck: "Bank Runs With and Without Bank Failure" Questions: - What" [X Link](https://x.com/GeorgeSelgin/status/2017171239744217128) 2026-01-30T09:41Z 30.7K followers, 17.3K engagements "By now of course all thinking persons know that theres no such thing as a lie too brazen for Trump to tell in defense of his failing policies. What Trump wrote in the @wsj and what the study he cites actually says. https://t.co/MP2EKjNJJd https://t.co/H6m6r91XUy What Trump wrote in the @wsj and what the study he cites actually says. https://t.co/MP2EKjNJJd https://t.co/H6m6r91XUy" [X Link](https://x.com/GeorgeSelgin/status/2018004500376699080) 2026-02-01T16:52Z 30.7K followers, [----] engagements "A very welcome book on a topic that can tell us a lot about the influence of competition in the market for exchange media. For example many successful past global currencies became so spontaneously being voluntary adopted by merchants in highly contestable offshore markets. 1/2 . " [X Link](https://x.com/GeorgeSelgin/status/2018060160611053650) 2026-02-01T20:33Z 30.7K followers, [----] engagements "@sidprabhu @SteveMatthews12 All cyclical unemployment is transient. But combatting such transient unemployment is among a central banks core responsibilities. Combating transient supply-shock driven inflation isnt" [X Link](https://x.com/GeorgeSelgin/status/2018143594998063161) 2026-02-02T02:05Z 30.7K followers, [---] engagements "@Anon36834 @sidprabhu @SteveMatthews12 Convenient or not the extent that Covid inflation reflected reduced aggregate supply (not all but some of it did) the Fed was justified in looking through it. And it was justifiedto a point in easing to combat unemployment. Alas between them it and the Treasury overdid it" [X Link](https://x.com/GeorgeSelgin/status/2018194116840964211) 2026-02-02T05:25Z 30.7K followers, [---] engagements "Dudley was wrong in 2018; and hes only gotten wronger since. https://www.cato.org/blog/dudleys-defense-feds-floor-system Bill Dudley on scarce reserves https://t.co/0gk3A2AdaZ https://www.cato.org/blog/dudleys-defense-feds-floor-system Bill Dudley on scarce reserves https://t.co/0gk3A2AdaZ" [X Link](https://x.com/GeorgeSelgin/status/2018338503910662601) 2026-02-02T14:59Z 30.7K followers, [----] engagements "@russnelson You mean the Trump Gateway Arch" [X Link](https://x.com/GeorgeSelgin/status/2018415611370500200) 2026-02-02T20:05Z 30.7K followers, [--] engagements "@ClaireJHartnell There were plenty of unused factories during the 30s too And there was no dissaving after the war. So nope. Sonething else had to make up for the decline in G" [X Link](https://x.com/GeorgeSelgin/status/2018447905401741370) 2026-02-02T22:14Z 30.7K followers, [---] engagements "@so_i @Harold1066AD There was no _consumer_ dissaving. But firms did dissave in that they invested retained earnings. See https://fee.org/articles/the-myth-of-pent-up-demand-and-the-successful-reconversion-after-world-war-ii/ https://fee.org/articles/the-myth-of-pent-up-demand-and-the-successful-reconversion-after-world-war-ii/" [X Link](https://x.com/GeorgeSelgin/status/2018968153716560112) 2026-02-04T08:41Z 30.7K followers, [--] engagements "@Coach_Milly_ @MonetaryWonk Except that there was no private postwar dissaving only a reduced savings rate. So something else had to compensate for govt retrenchment and that something else consisted of a remarkable revival of long-quiescent private investment" [X Link](https://x.com/GeorgeSelgin/status/2019077308095611336) 2026-02-04T15:55Z 30.7K followers, [--] engagements "In any event if the Treasury can stockpile BTC for the one reason its just as capable of stockpiling it (and bailing out BTC holders to that extent) for the other" [X Link](https://x.com/GeorgeSelgin/status/2019177890160492926) 2026-02-04T22:34Z 30.7K followers, [----] engagements "@ArthurB If you cant believe the various studies summed up by Google AI (e.g. then eyeball this showing. what looks very much like two once cointegrated series that have diverged only relatively recently. https://www.sciencedirect.com/science/article/abs/pii/S016517652500028X#::text=The%20research%20used%20monthly%20dataand%20commodity%20prices%20on%20cryptocurrencies https://www.sciencedirect.com/science/article/abs/pii/S016517652500028X#::text=The%20research%20used%20monthly%20dataand%20commodity%20prices%20on%20cryptocurrencies" [X Link](https://x.com/GeorgeSelgin/status/2019366363270152232) 2026-02-05T11:03Z 30.7K followers, [--] engagements "@bodhicitta777 I see: the government should have bought Bitcoin because it was bound to appreciate; and it was bound to appreciate if the government bought it. A no-brainer Yet somehow its not working for Strategy which has bought much more BTC than the BITCOIN Act would have provided for" [X Link](https://x.com/GeorgeSelgin/status/2019402808852901968) 2026-02-05T13:28Z 30.7K followers, [---] engagements "@Tyler_Menzer Yes but what mathematical model consistent with the established positive correlation also _implies_ that BTC will go to zero even if Nasdaq doesnt I am not myself suggesting that two things series incr having been correlated cant stop being so" [X Link](https://x.com/GeorgeSelgin/status/2019403992132911348) 2026-02-05T13:33Z 30.7K followers, [--] engagements "@dandolfa @farmerrf @danaronoff Right. OLG models of money mostly arent models of money" [X Link](https://x.com/GeorgeSelgin/status/2019404445499433114) 2026-02-05T13:35Z 30.7K followers, [---] engagements "@farmerrf This goes beyond the original proposition. But I also doubt that tax receivability drives general monetary choice. People can simply acquire necessary BTC at tax time as I acquire USD when I pay my US taxes (or when buying goods in the US). 1/2" [X Link](https://x.com/GeorgeSelgin/status/2019421766138073204) 2026-02-05T14:44Z 30.7K followers, [--] engagements "@farmerrf In El Salvador Bukele tried it while also making merchants acceptance of BTC obligatory. Yet the USD remains El Salvadors overwhelmingly preferred money" [X Link](https://x.com/GeorgeSelgin/status/2019422529723723911) 2026-02-05T14:47Z 30.7K followers, [--] engagements "@Claudia_Sahm Question for the would-be questioners: why refer to the defunct NBER chronology I am no Walsh champion but that chronology badly exaggerates the Feds success at taming the business cycle. From Joseph Davis's 'An Improved Annual Chronology of U.S. Business Cycles since the 1790s' 👇 He argues NBER falsely overestimates pre-WWII recessions which disappear if one considers industrial production to be a recession indicator. Fewer recessions because of the Fed https://t.co/qe06Ju4ufK From Joseph Davis's 'An Improved Annual Chronology of U.S. Business Cycles since the 1790s' 👇 He" [X Link](https://x.com/GeorgeSelgin/status/2019695583095840841) 2026-02-06T08:52Z 30.7K followers, [----] engagements "@lucasian76 @dandolfa @farmerrf @danaronoff I recommend the discussion of OLG models in Kevin Hoovers _New Classical Economics_" [X Link](https://x.com/GeorgeSelgin/status/2019702937887596608) 2026-02-06T09:21Z 30.7K followers, [---] engagements "Frances is right. Malpass doesnt know what hes talking about. This is an utterly absurd description of Fed monetary operations. This is an utterly absurd description of Fed monetary operations" [X Link](https://x.com/GeorgeSelgin/status/2020051624467808558) 2026-02-07T08:26Z 30.7K followers, [----] engagements "@NickTimiraos Also Thomas McCabe. https://dailydigest.gelsonluz.com/can-a-president-actually-fire-a-fed-governor/ https://dailydigest.gelsonluz.com/can-a-president-actually-fire-a-fed-governor/" [X Link](https://x.com/GeorgeSelgin/status/2020053619522089295) 2026-02-07T08:34Z 30.7K followers, [----] engagements "@tmsusmilch The banks are indeed funding the Feds bond purchases; but so far as the govts finances are concerned theres little difference between their doing so and their holding those same bonds themselves. If those finances are shaky its cause its spending and borrowing too much" [X Link](https://x.com/GeorgeSelgin/status/2020079172295467458) 2026-02-07T10:16Z 30.7K followers, [--] engagements "@tmsusmilch Theres presently a unrealized paper loss at the Fed which results in reduced Treasury remittances. But in principle losses and gains can cancel out in the longas the Feds accounting practice assumes will be the case. (I myself fear this may ultimately cease to be the case.)" [X Link](https://x.com/GeorgeSelgin/status/2020086994681098732) 2026-02-07T10:47Z 30.7K followers, [--] engagements "@YoungEcon _Real_ rates _rise_ with higher expected TFP growth offsetting the effect of reduced expected inflation on nominal rates. So to have the deflation rate fall as productivity improves it suffices for the Fed to stand pat. A lowered target will instead mean less inflation" [X Link](https://x.com/GeorgeSelgin/status/2020557003613937906) 2026-02-08T17:55Z 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 "The monetary order didn't start breaking down until Trump put a wrecking ball to it. The dollar's status was secure--it's falling share of int'l reserves mostly relative to gold and other nontraditional assets--did not itself signify any serious threat to its preeminent status. The existing monetary order is structurally imbalanced and those imbalances are cumulative. That's why it's beginning to break itself down. The existing monetary order is structurally imbalanced and those imbalances are cumulative. That's why it's beginning to break itself down" [X Link](https://x.com/anyuser/status/1913857968602259563) 2025-04-20T07:31Z 30.8K followers, 156.2K engagements "@ulfgardleo @Sovaignon It doesnt have a minimum wage as that concept is generally understood (and as referred to in the OT). My whole poimt is that comparing such legal minumum wages in different countries isnt a good way to assess workers well being in them" [X Link](https://x.com/GeorgeSelgin/status/1978688299343507965) 2025-10-16T05:03Z 30.7K followers, [--] 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 "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 "🧵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 30.7K 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 "@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 "@MebFaber Smith never said any such thing" [X Link](https://x.com/GeorgeSelgin/status/2021273084305531119) 2026-02-10T17:20Z 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 "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 "The size of r the banking system reserve ratio or c the ratio of currency holdings to bank deposits tells you nothing about how much banks can or will create in deposit money. Just think of this for a millisecond @GeorgeSelgin Read before ya yap. https://t.co/4CpWfE0K3D @GeorgeSelgin Read before ya yap. https://t.co/4CpWfE0K3D" [X Link](https://x.com/GeorgeSelgin/status/1992866790385361224) 2025-11-24T08:04Z 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 "@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 "@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 "@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 "@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 "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/anyuser/status/2022633541511827937) 2026-02-14T11:26Z 30.8K followers, [----] 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/anyuser/status/2022667575109521724) 2026-02-14T13:41Z 30.8K 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/anyuser/status/2022684777384640938) 2026-02-14T14:50Z 30.8K 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/anyuser/status/2022703545003221210) 2026-02-14T16:04Z 30.8K 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 30.8K followers, [---] engagements "Most of these sources dont actually contradict my own claims which James evidently hasnt bothered to read carefully. For example I never deny that banks create deposits when they extend credit. Instead I expkain that thats not inconsistent with their being intermediaries. @GeorgeSelgin Meanwhile the empirical literature against Selgin is huge https://t.co/f0BSMhXtEf @GeorgeSelgin Meanwhile the empirical literature against Selgin is huge https://t.co/f0BSMhXtEf" [X Link](https://x.com/GeorgeSelgin/status/1991137257462321501) 2025-11-19T13:31Z 30.8K followers, [----] 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 "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 "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 30.8K 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 "@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 "@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 "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 "@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 "@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 "🧵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 "@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 "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 "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 "@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 "@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 "@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 "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/anyuser/status/2022662334083469478) 2026-02-14T13:20Z 30.8K followers, 10.3K 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 30.8K followers, 40K 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/GeorgeSelgin/status/2021271199959912880) 2026-02-10T17:13Z 30.8K followers, 42.2K 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 "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 30.8K followers, 82.3K 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 "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 30.8K followers, 15K 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 "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 "@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 "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/anyuser/status/2022211802466283643) 2026-02-13T07:30Z 30.8K followers, 24.3K 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/anyuser/status/2022274895808266665) 2026-02-13T11:41Z 30.8K followers, [----] 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/anyuser/status/2022330462224695574) 2026-02-13T15:22Z 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 "@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 "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/anyuser/status/2022606425076511138) 2026-02-14T09:38Z 30.8K followers, [----] engagements "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/anyuser/status/2022606967177347213) 2026-02-14T09:40Z 30.8K followers, 10K 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 30.8K 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/anyuser/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/anyuser/status/2022679161350033755) 2026-02-14T14:27Z 30.8K 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 "@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 30.8K 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 30.8K 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 30.8K followers, [---] engagements "@saifedean @bitcoin_bolsa @DavidBeckworth @NickSzabo4 I believe Bitcoin FRB could ad would develop if allowed. But as many Bitcoin fans oppose FRB it is surely not "meaningless" to observe that a pure Bitcoin standard would invite occasional recessions and depressions in a world of fluctuating money demand and rigid wages" [X Link](https://x.com/GeorgeSelgin/status/1021119978463023109) 2018-07-22T19:49Z 30.7K followers, [--] engagements "To all you Bitcoin fans who wonder why I think deflation can be a problem here's my [----] book defending certain sorts of deflation--but not others. I leave it to you to ponder what sorts a Bitcoin stnd. would or wouldn't allow: https://iea.org.uk/publications/research/less-zero https://iea.org.uk/publications/research/less-zero" [X Link](https://x.com/GeorgeSelgin/status/1021480594948194304) 2018-07-23T19:42Z 30.7K followers, [--] engagements "@jonmatonis I'm sorry Jon but all (reasonable) talk of the virtues of this or that money rests on some assumption about the properties of a good monetary standard. I've simply been explicit about those properties. That doesn't imply a preference for centrally-enforced M-policy" [X Link](https://x.com/GeorgeSelgin/status/1021507397830017025) 2018-07-23T21:28Z 30.7K followers, [--] engagements "@jonmatonis What's more Jon you ought to know better than to suggest that I favor monetary central planning If someone says "my altcoin would make a better (more "sound") monetary standard than bitcoin" how do you establish whether the claim has merit By what criteria of soundness" [X Link](https://x.com/GeorgeSelgin/status/1021507969668796417) 2018-07-23T21:30Z 30.7K followers, [--] engagements "When I wrote my book on free banking I tried to persuade other economists that it would promote stability. To do that I had to take their concerns theories and beliefs seriously. Fans of bitcoin and other crypto's ought to do the same" [X Link](https://x.com/GeorgeSelgin/status/1021553927324688386) 2018-07-24T00:33Z 30.7K followers, [--] engagements "@sam_a_bell Sam do you not know the difference between "encouraged" and "forced" Or are you just determined by hook or crook to find something sinister in Allison's methods Perhaps as Rand might say you need to check your premises" [X Link](https://x.com/GeorgeSelgin/status/1093513240049528834) 2019-02-07T14:14Z 30.3K followers, [--] engagements "1/Now that the internet has become a forum for discussions among professional economists the sometimes-heard distinction between dilittante "internet" Austrians and "academic" Austrians seems to me outmoded" [X Link](https://x.com/GeorgeSelgin/status/1139489387446788096) 2019-06-14T11:06Z 30.7K followers, [--] engagements "@dandolfa @dgwbirch @lawrencehwhite1 I should have added that Bordo and Levine insist that their scheme only calls for the Fed to compete fairly w/ private sector suppliers. They insist that the goal is not to have the Fed take advantage of cross-subsidies to undercut them. I questioned Andy directly on this point" [X Link](https://x.com/GeorgeSelgin/status/1148040073952108544) 2019-07-08T01:24Z 30.7K followers, [--] engagements "I enjoyed dancing with the @KansasCityFed's Esther George at Jackson Hole. Now it looks like we'll tango in the Senate https://www.banking.senate.gov/hearings/facilitating-faster-payments-in-the-us https://www.banking.senate.gov/hearings/facilitating-faster-payments-in-the-us" [X Link](https://x.com/GeorgeSelgin/status/1174701222802198531) 2019-09-19T15:06Z 30.6K followers, [--] engagements "The principal fallacy underlying most visions of a spontaneous gold standard revival or bitcoin takeover consists of the visionaries' belief that most people share their assumption that paper dollar is clearly inferior and about to collapse. @WilliamJLuther @lawrencehwhite1" [X Link](https://x.com/GeorgeSelgin/status/1193650783583117313) 2019-11-10T22:04Z 30.7K followers, [---] engagements "@coachbuckethead @sam_a_bell I had not known about the house or the time spent there before his college enrollment: I did try to discover it. Historically birthplace or current main residence have been the main criteria. Shelton qualifies by the first. I appreciate the correction" [X Link](https://x.com/GeorgeSelgin/status/1231759850981527554) 2020-02-24T01:56Z 30.3K followers, [--] engagements "@coachbuckethead @sam_a_bell She grew up on the west coastCalifornia and also a second SF Fed district state (I forget which). She also had a second home there. In all I think its accurate to call her ties stronger according to the most commonly used criteria. 1/2" [X Link](https://x.com/GeorgeSelgin/status/1231791806251241473) 2020-02-24T04:03Z 30.4K followers, [--] engagements "@TheStalwart @NathanTankus "Market expectations of increased inflation would only follow if market actors also believed the absurd premise that the Federal Reserve would pursue profits over their legal mandate." It's not "mandate vs profits." It's about "mandate vs. meeting interest and other expenses."1/2" [X Link](https://x.com/GeorgeSelgin/status/1242989229317259264) 2020-03-26T01:38Z 30.5K followers, [--] engagements "@TheStalwart @NathanTankus "It is.possible that the central bank if its balance sheet is sufficiently impaired may need recapitalization in order to maintain its commitment to a policy rule or an inflation target." " Recapitalization = Treasury coin buyback. https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr701.pdf https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr701.pdf" [X Link](https://x.com/GeorgeSelgin/status/1242991075884707840) 2020-03-26T01:45Z 30.5K followers, [--] engagements "Do the Fed's recent interventions increase the risk of future inflation Probably. Do they make double-digit (or worse) inflation likely as some recent op-eds claim I wouldn't bet on it: @DavidBeckworth @greg_ip @BobMurphyEcon @NickTimiraos @MacRoweNick https://www.alt-m.org/2020/04/27/return-of-the-inflation-mongers/ https://www.alt-m.org/2020/04/27/return-of-the-inflation-mongers/" [X Link](https://x.com/GeorgeSelgin/status/1254781702339088385) 2020-04-27T14:37Z 30.7K followers, [--] engagements "Boy will I miss him. @D_A_Irwin @DavidBeckworth @dandolfa @david_glasner @BobMurphyEcon @David_Boaz @csissoko @rcwhalen @MaMoMVPY @lawrencehwhite1 @WilliamJLuther @MacRoweNick @MoneyIllusion @jp_koning @robertewright @ProfJohnTurner @jeffreyatucker https://www.alt-m.org/2020/05/26/in-memoriam-r-h-t/ https://www.alt-m.org/2020/05/26/in-memoriam-r-h-t/" [X Link](https://x.com/GeorgeSelgin/status/1265273864516505602) 2020-05-26T13:29Z 30.7K followers, [--] engagements "Banking is too important to be left to the (usual crowd of) bankers: Another fine post by @FintechDiego. https://www.alt-m.org/2020/06/05/to-help-the-unbanked-break-the-industrial-bank-taboo/ https://www.alt-m.org/2020/06/05/to-help-the-unbanked-break-the-industrial-bank-taboo/" [X Link](https://x.com/GeorgeSelgin/status/1268892392477900807) 2020-06-05T13:08Z 30.6K followers, [--] engagements "@jp_koning @FintechDiego And because of intense lobbying by established banks that caused it to withdraw its [----] bid for an Industrial Bank charter" [X Link](https://x.com/GeorgeSelgin/status/1273425264085794818) 2020-06-18T01:20Z 30.6K followers, [--] engagements "@Citybythesea2 Well I'm not calling for giving Walmart a monopoly. I want there to be more industrial bank charters--not just one for Walmart. Why do we need the government to supply the competition when more open entry can do it There is no "natural" monopoly here" [X Link](https://x.com/GeorgeSelgin/status/1273468740504621058) 2020-06-18T04:13Z 30.6K followers, [--] engagements "So now you know why I'm especially fond of Good Money and why I'd be glad if a few more people read it. I think its lessons go far deeper than those of any of my writings on current policy. But of course I hope you read those too" [X Link](https://x.com/GeorgeSelgin/status/1279968096510513152) 2020-07-06T02:39Z 30.7K followers, [--] engagements "Another thread to stir things up a bit this time concerning the meaning of "money." (Note: "SofV = Store of Value; "MofE" = Medium of Exchange.) @dandolfa I believe very strongly that the claim that money is a "Store of Value" is one of the great errors of monetary theory. Of course money must have some such capacity to be useful; but that is just another way of saying that it mustn't be too perishable to be a convenient MofE. 1/ @dandolfa I believe very strongly that the claim that money is a "Store of Value" is one of the great errors of monetary theory. Of course money must have some such" [X Link](https://x.com/GeorgeSelgin/status/1295124762579144707) 2020-08-16T22:26Z 30.7K followers, [--] engagements "A point often lost among those Austrian econ. fans who think Bitcoin is poised to displace established major currencies is that Carl Menger's theory of how money can evolve spontaneously also implies that an established money will usually prevail over any small-network rival" [X Link](https://x.com/GeorgeSelgin/status/1321958020079886338) 2020-10-29T23:32Z 30.7K followers, [---] engagements "@jonmatonis Quite true Jon; and I agree furthermore that these factors are the main reason for Bitcoin's impressive success thus far. I mainly wish to push back against suggestions that they alone suffice to make for an easy Bitcoin ascendancy as opposed to a very hard uphill slog" [X Link](https://x.com/GeorgeSelgin/status/1322156417999081473) 2020-10-30T12:40Z 30.7K followers, [--] engagements ""Yes people do use bitcoin for payments. But this gets dwarfed by its popularity as a financial game. Game players don't want to waste their tokens on buying goods & services.That could mean potentially missing out on a life changing jackpot." JPK on why BTC still ain't money. Happy 12th birthday bitcoin. When we are kids we all want to be astronauts but life takes us down different paths. Twelve years ago bitcoin set out to become electronic cash. But it succeeded at something else: https://t.co/P9iWTljTbz (re-upping my post from bitcoin's 11th). https://t.co/rGDbizsO1K Happy 12th birthday" [X Link](https://x.com/GeorgeSelgin/status/1322867088244023299) 2020-11-01T11:44Z 30.7K followers, [--] engagements "@jonmatonis (1) Are you seriously trying to educate me on productivity-driven deflation (Prof. Hulsmann at any rate can't.) (2) There is absolutely no reason on Earth to assume that a Bitcoin standard would only allow productivity-driven deflation" [X Link](https://x.com/GeorgeSelgin/status/1322885003857039360) 2020-11-01T12:55Z 30.7K followers, [--] engagements ""Fintechs are only beginning to show.the kinds of improvements in payment services that they're capable of providing. And I'm worried that regulators are going to crush that" [X Link](https://x.com/GeorgeSelgin/status/1326956050113761280) 2020-11-12T18:32Z 30.7K followers, [--] engagements "Congrats to Chris Waller on successfully running the nomination gauntlet. Christopher Waller just passed Senate confirmation as a Fed governor. A few fast facts: *Was research director at St. Louis Fed *Pretty dovish *Big fan of central bank independence https://t.co/TLMCdKG0AO Christopher Waller just passed Senate confirmation as a Fed governor. A few fast facts: *Was research director at St. Louis Fed *Pretty dovish *Big fan of central bank independence https://t.co/TLMCdKG0AO" [X Link](https://x.com/GeorgeSelgin/status/1334548291372113920) 2020-12-03T17:21Z 30.7K followers, [--] engagements "Those who compare the USD to a "melting ice cube" generally reveal a poor grasp of monetary economics. A melting ice cube eventually creases to exist. In principal a currency can depreciate forever; though each unit "shrinks" the real stock needn't: its value can even rise. @GeorgeSelgin I'd say it's reasonable to assume accelerated QE and historically low interest rates are forcing some people to look for alternative stores of value. Bitcoin is an option many are arriving at. cc @michael_saylor https://t.co/Qpeq69gZb5 @GeorgeSelgin I'd say it's reasonable to assume accelerated QE and" [X Link](https://x.com/GeorgeSelgin/status/1336723025467740160) 2020-12-09T17:22Z 30.7K followers, [--] engagements "@hannahdlang Hannah I thought your article was very accurate and linked to it as a good overview. I regret giving the opposite impression and I have now redone the thread to erase any doubts" [X Link](https://x.com/GeorgeSelgin/status/1344383474065674241) 2020-12-30T20:42Z 30.3K followers, [--] engagements "@polorocha18 @PeterContiBrown I kinda like this one too: 🙂 https://www.spglobal.com/marketintelligence/en/news-insights/blog/commercial-real-estate-2020-review https://www.spglobal.com/marketintelligence/en/news-insights/blog/commercial-real-estate-2020-review" [X Link](https://x.com/GeorgeSelgin/status/1349528269473931272) 2021-01-14T01:26Z 30.7K followers, [--] engagements "Want empirical evidence that even completely unregulated private-sector payments media can better serve the needs of the poor and un-banked than officially-issued and regulated monies can Here's some: https://www.amazon.com/Good-Money-Birmingham-Beginnings-Coinage/dp/1598130439 https://www.amazon.com/Good-Money-Birmingham-Beginnings-Coinage/dp/1598130439" [X Link](https://x.com/GeorgeSelgin/status/1368191634756763653) 2021-03-06T13:28Z 30.5K followers, [---] engagements "Silvio Gesell eat your heart out This is interesting: "Beijing has tested expiration dates to encourage users to spend it quickly for times when the economy needs a jump start." via @jamestareddy https://t.co/huLUQH0ogH This is interesting: "Beijing has tested expiration dates to encourage users to spend it quickly for times when the economy needs a jump start." via @jamestareddy https://t.co/huLUQH0ogH" [X Link](https://x.com/GeorgeSelgin/status/1379086795451826178) 2021-04-05T15:01Z 30.6K followers, [--] engagements "@dandolfa @MonetaryWonk @JulienNoizet @MorganRicks1 I think both can matter. In the Postal Savings system administratively-set interest rates were higher than market rates during the depression. Had it not been for MAXIMUM balance req's on postal accounts the regular banks would have been more completely disintermediated" [X Link](https://x.com/GeorgeSelgin/status/1382014266283323407) 2021-04-13T16:54Z 30.6K followers, [--] engagements "@pwm2vape @izakaminska @dandolfa @DavidBeckworth @Frances_Coppola @rcwhalen I don;t see what that has to do with either East vs. West. or high-tech. Both Helicopter money and proposals direct CB accounts or their equivalent (e.g. postal savings) have been floating around for some time. And Helicopter M isn't among the aims behind the digital RMB" [X Link](https://x.com/GeorgeSelgin/status/1384871107623329792) 2021-04-21T14:06Z 30.6K followers, [--] engagements "@TheoPropR @buchmanster @ken_duda @juanrallo Right. It is not a panacea. It won't cure a bad base regime.Larry and Kevin and I have never suggested otherwise" [X Link](https://x.com/GeorgeSelgin/status/1390723967342817285) 2021-05-07T17:43Z 30.4K followers, [--] engagements "Thread: I don't think I've been at all coy when it comes explaining why I doubt that Bitcoin will ever become a generally-accepted and widely-used medium for everyday payments that is "money." Misunderstood; but not coy. Still for @allenf32's sake I will sum-up my view here" [X Link](https://x.com/GeorgeSelgin/status/1391712664791965700) 2021-05-10T11:12Z 30.6K followers, [---] engagements "That Saifedean became furious at me for not bringing up matters I considered secondary because he'd prepared to counter me if I did was therefore very strange. That he's still fuming about it a year and a half later is even stranger https://saifedean.com/podcast/53-allen-farringtons-adventures-with-fiat-intellectuals/ https://saifedean.com/podcast/53-allen-farringtons-adventures-with-fiat-intellectuals/" [X Link](https://x.com/GeorgeSelgin/status/1391727639946317824) 2021-05-10T12:11Z 30.6K followers, [--] engagements "@NLeconandpolicy Subtract those that are "dollarized" or based on currency boards and those with notoriously weak pegs (e.g. the Eritrean nakfa) you have a much smaller set and these are mostly small export- oriented/oil-rich economies w/ little to gain by manipulating their currencies" [X Link](https://x.com/GeorgeSelgin/status/1400879842778886151) 2021-06-04T18:19Z 30.6K followers, [--] engagements "@DorfmanJeffrey @senatorshoshana What the world really needs are dogs that can sniff-out foolish policies" [X Link](https://x.com/GeorgeSelgin/status/1404418909441249289) 2021-06-14T12:42Z 30.3K followers, [--] engagements "Twitter pals: expect fewer tweets and worse-than-ever spelling from yours truly who will be one (left) armed for a spell after having had a rotator cuff stitched up today. In short here's your chance to read my books and tweet about how bad they are w/ relative impunity" [X Link](https://x.com/GeorgeSelgin/status/1412914065580699649) 2021-07-07T23:18Z 30.3K followers, [---] engagements "The blind endorsing the blind: @izakaminska uncritically accepts Gorton and Zhang's ill-informed interpretation of the history of private currencies. (And the FT adds insult to injury by illustrating her piece with hyperinflation-era Reichsbank notes) https://www.ft.com/content/32b85446-0f56-43d8-a278-52afff303369 https://www.ft.com/content/32b85446-0f56-43d8-a278-52afff303369" [X Link](https://x.com/GeorgeSelgin/status/1417470710990127134) 2021-07-20T13:05Z 30.6K followers, [--] engagements "But it certainly isn't correct to say that by so doing they'd be busting a supposed bankers' "monopoly." Were the question one of eliminating monopoly privileges the solution would have to be one of enhancing private firms' opportunities to compete w/ the Fed and USPS " [X Link](https://x.com/GeorgeSelgin/status/1418241270133239810) 2021-07-22T16:07Z 30.6K followers, [--] engagements ".not the other way around By making these points I don't pretend to be offering an argument against either Fed retail or postal savings accounts. I _am_ arguing against abusing the term "monopoly" to make a specious argument in favor of either" [X Link](https://x.com/GeorgeSelgin/status/1418241271450148866) 2021-07-22T16:07Z 30.6K followers, [--] engagements "@dandolfa @KimDriver11 @financeplumber @Frances_Coppola @FedGuy12 @AnalystDC @TheBondFreak @LukeGromen @R_Perli @PMehrling @gwabi @AndreasSteno @MacroAlf @EPBResearch @RobinBrooksIIF It may be that the sol'n you propose of setting i-rates to combat disintermediation isn't easy to carry out. It was only Postal Savings caps that avoided a major disintermediation into that system in the 30s. A technological feasible solution may not be politically feasible" [X Link](https://x.com/GeorgeSelgin/status/1424472113738571778) 2021-08-08T20:46Z 30.6K followers, [--] engagements "Nor can the risks of CBDC be set aside lightly. Besides the costs and the Fed's utter lack of experience in administering retail accounts the possibility that CBDC's can disintermediate ordinary banks must be taken seriously" [X Link](https://x.com/GeorgeSelgin/status/1424725575210573832) 2021-08-09T13:33Z 30.6K followers, [--] engagements "It isn't quite right to say that "such occurrences are merely speculations." In the '30s caps on Postal Savings accounts were all that kept such a scenario from playing out" [X Link](https://x.com/GeorgeSelgin/status/1424725577144090631) 2021-08-09T13:33Z 30.6K followers, [--] engagements "In that instance Postal Savings accounts yielded more interest than ordinary bank accounts. Under many proposed plans CBDCs would pay the same rate of interest as bank reserves--again posing the risk that they will dominate bank deposits occasionally if not persistently" [X Link](https://x.com/GeorgeSelgin/status/1424725578997972992) 2021-08-09T13:33Z 30.6K followers, [--] engagements ""Alternatively Biden could simply declare that the 14th Amendment to the Constitution which says that the validity of federal debt may not be questioned renders the debt ceiling moot." And that's what he should do. Krugman calls for the coin https://t.co/XWkD4SK6Lt Krugman calls for the coin https://t.co/XWkD4SK6Lt" [X Link](https://x.com/GeorgeSelgin/status/1443976470829883397) 2021-10-01T16:29Z 30.3K followers, [--] engagements "Thread: Bitcoin Hume and "enthusiasm." I consider Bitcoin a marvelous technological innovation that is likely to eventually bring great benefits directly or through its many spin-offs. But. File under: Screaming non-sequiturs. File under: Screaming non-sequiturs" [X Link](https://x.com/GeorgeSelgin/status/1455869200967389187) 2021-11-03T12:07Z 30.6K followers, [--] engagements "@jimepstein One can always hope. For my part I have found it a real turn-off; and I believe it has contributed to the disdain for Bitcoin shown by many including more than a few who might otherwise be among its champions" [X Link](https://x.com/GeorgeSelgin/status/1455880525361688576) 2021-11-03T12:52Z 30.6K followers, [--] engagements "On Friday I'm off to visit Cordoba and Granada with the intent of deciding to make one of them my next home. I look forward to seeing a lot more of my European twitter friends once I do. Desame suerte" [X Link](https://x.com/GeorgeSelgin/status/1460597861540847617) 2021-11-16T13:17Z 30.3K followers, [---] engagements Limited data mode. Full metrics available with subscription: lunarcrush.com/pricing
@GeorgeSelgin George Selgin
George Selgin posts on X about money, bitcoin, inflation, deflation the most. They currently have [------] followers and [----] posts still getting attention that total [-------] engagements in the last [--] hours.
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Social Influence
Social category influence finance #6696 cryptocurrencies countries currencies automotive brands technology brands social networks travel destinations stocks us election
Social topic influence money #5072, bitcoin #3292, inflation, deflation #14, fed, fiat, debt #1842, bank, currency, currencies
Top assets mentioned Bitcoin (BTC) Reserve (RSV)
Top Social Posts
Top posts by engagements in the last [--] hours
"Am I alone in thinking the recent Mnuchin-Powell kerfuffle boils down to a conflict over who gets to sit on a pile of public funds and do next to nothing (or nothing at all) w/ them for several months @vtg2 @rachsieg @jeannasmialek @NickTimiraos @michaelsderby @davidmwessel"
X Link 2020-11-21T19:02Z 30.7K followers, [--] engagements
"The subjectivist (aka marginalist) revolution put paid to the ancient notion of intrinsic value more than half a century ago. I am surprised so many smart investors believe in "intrinsic value." There is no such thing as intrinsic value. Investors who use this "metric" want you to think there is an "inherent objective measure of value" for an asset. This doesn't exist. It is pure fiction. If I I am surprised so many smart investors believe in "intrinsic value." There is no such thing as intrinsic value. Investors who use this "metric" want you to think there is an "inherent objective measure"
X Link 2025-01-20T09:14Z 30.7K followers, [----] engagements
"What some Bitcoin maxis are celebrating ought to disgust anyone who actually gives a damn about responsible government. Lets not mince words: theirs is a vile and dangerous cult. Good morning Bitcoin. https://t.co/c33BSf30ir Good morning Bitcoin. https://t.co/c33BSf30ir"
X Link 2025-03-09T10:00Z 30.7K followers, 40.5K engagements
"Like any popular school of thought the Austrian school has its share of foolish adherents. But to dismiss such greats as Menger Bohm-Bawerk Mises and Hayek not to mention many other very intelligent Austrian economists dead and living is itself foolish. The Austrian School of Economics like MMT and degrowth is to Economics what Homeopathy is to Medicine. The Austrian School of Economics like MMT and degrowth is to Economics what Homeopathy is to Medicine"
X Link 2026-01-22T07:04Z 30.7K followers, 30.6K engagements
"Whenever these (probably administration-funded) bots or persons mentally indistinguishable from them attack Cato (check the thread for why) it warms the cockles of my heart: Im proud to have spent a decade working for an organization that opposes everything they stand for. @GeorgeSelgin Anything to protect cheap labor for Cato Institute types eh Fuck them and their enablers. @GeorgeSelgin Anything to protect cheap labor for Cato Institute types eh Fuck them and their enablers"
X Link 2026-01-27T18:03Z 30.7K followers, [----] engagements
"Cant wait to hear ICE apologists explain how those agents were acting in self-defense. Trumps ICE is now drive-by pepper spraying peaceful protesters in their faces on the side of the road in Phoenix Arizona just for the fun of it. This isnt legal This is not the America both my grandfathers fought in WWII to protect. This is the very fascism that they fought https://t.co/5kLIg8mx7m Trumps ICE is now drive-by pepper spraying peaceful protesters in their faces on the side of the road in Phoenix Arizona just for the fun of it. This isnt legal This is not the America both my grandfathers fought"
X Link 2026-01-27T19:51Z 30.7K followers, 11.6K engagements
"@macr0hack And whatever some businessmen may prefer Cato has opposed these developments consistently and uncompromisingly"
X Link 2026-01-27T20:01Z 30.7K followers, [--] engagements
"@VT78741372 @Brendan13676657 @DavidBeckworth @byHeatherLong @CaitlinLong_ @MarkCalabria How does the existence of private stablecoins amount to having a quasi central bank What do you mean by that expression Their issuers cant serve as USD LOLRs; and none enjoy monopoly privileges (unlike the Fed)"
X Link 2026-01-30T11:57Z 30.7K followers, [--] engagements
"@OscarLZaina It is X so lets not split hairs. Runs were on banks that were either insolvent or in serious danger of becoming so. In those pre-bailout days a bank closed once insolvency was certain; runs accelerated closings but not insolvency"
X Link 2026-01-30T15:27Z 30.7K followers, [--] engagements
"@dandolfa The merits of DD as a technical tour de force must be distinguised from its influence on policy and interpretations of banking history both of which have been baleful IMHO. Just ask any run-of-the-mill economist what the model shows. You and I know it doesnt; too many dont"
X Link 2026-01-30T15:45Z 30.7K followers, [----] engagements
"@KellerZoe @EconWithNick No it isnt. Most legal tender laws do not require sellers to accept legal tender in ordinary spot exchanges. Under them a business might legally refuse cash payments altogether; it might even post prices in and accept say Bitcoin exclusively"
X Link 2026-01-30T21:56Z 30.7K followers, [---] engagements
"@MaMoMVPY @jamesjgriffin I know"
X Link 2026-02-01T14:38Z 30.7K followers, [--] engagements
"Thread: Bukele's Bitcoin legislation is certainly a win for Bitcoin. But is it a win for freedom Ive just sent the #BitcoinLaw to Congress https://t.co/DljnxsXlyt Ive just sent the #BitcoinLaw to Congress https://t.co/DljnxsXlyt"
X Link 2021-06-09T10:41Z 30.7K followers, [---] engagements
"The standard definition of money has nothing to do with its stability: there have been many unstable monies. Bitcoin isnt money because it isnt a widely accepted medium of exchange. 1/2 @GeorgeSelgin It is a bit unfair to Mises Rorthbard and Menger that they got to define Money before the idea of . On the other hand if the vast mayority of humans agree that money should be stable lets no call bitcoin Money but rather a censorship resistant long-term saving tool @GeorgeSelgin It is a bit unfair to Mises Rorthbard and Menger that they got to define Money before the idea of . On the other hand"
X Link 2022-10-14T13:48Z 30.7K followers, [--] engagements
"@MichaelAArouet For starters that chart relies on pre-1914 data that has been subject to many criticisms and revisions. The tweet below shows how different things look using Joseph Daviss alternative. The interwar years were very bad. But postwar not markedly better than pre-Fed. This for instance is Joseph Davis attempt at a more accurate picture based on his industrial output index. https://t.co/hkxyCBPhvo 2/ https://t.co/gD0zPefjRc This for instance is Joseph Davis attempt at a more accurate picture based on his industrial output index. https://t.co/hkxyCBPhvo 2/ https://t.co/gD0zPefjRc"
X Link 2024-01-27T17:31Z 30.7K followers, [----] engagements
"Ive been a critic of the Feds post-2008 IOR-based floor operating system as long as anyone. But IOR is no more a transfer to the banks than the interest theyd receive if they held Treasuries now held by the Fed directly instead of having the Fed serve as an intermediary. Central bank remuneration of reserves : a technicality 🤔 No. It's a transfer of hundreds of billions to the banking sector and the key to an important economic debate. I just published an article on the subject https://t.co/fhN1FVd87R #MMT Central bank remuneration of reserves : a technicality 🤔 No. It's a transfer of"
X Link 2025-07-02T05:25Z 30.7K followers, [----] engagements
"@ArnellOErik Lastly I dont conflate bank deposits with savings: they are savings according to the standard meaning of that term. Highly liquid savings to be sure but savings nonetheless"
X Link 2025-11-21T06:29Z 30.7K followers, [--] engagements
"Mr. Way defending here his reference to Alex Pretti as an insurrectionist undeserving of even being referred to by name deserves a Guiness World Record award for Most ignorance and malice packed into just [---] characters. @rachel_k_az Say the names of the thousands of victims raped robbed and killed by the illegal immigrants he was willing to die for in reckless dangerous criminal interference with law enforcement actions. @rachel_k_az Say the names of the thousands of victims raped robbed and killed by the illegal immigrants he was willing to die for in reckless dangerous criminal"
X Link 2026-01-25T10:19Z 30.7K followers, [----] engagements
"Another nail in the Diamond-Dybvig model coffin. A clever model well-suited to inspiring variations (and garnering citations) that has also mislead generations about why banks face runs and fail. New paper on bank runs with Correia and Luck: "Bank Runs With and Without Bank Failure" Questions: - What are the determinants of runs - When do bank runs result in bank failure - Can runs trigger the failure of healthy banks and amplify small shocks into large crises - https://t.co/6wjrleLcLu New paper on bank runs with Correia and Luck: "Bank Runs With and Without Bank Failure" Questions: - What"
X Link 2026-01-30T09:41Z 30.7K followers, 17.3K engagements
"By now of course all thinking persons know that theres no such thing as a lie too brazen for Trump to tell in defense of his failing policies. What Trump wrote in the @wsj and what the study he cites actually says. https://t.co/MP2EKjNJJd https://t.co/H6m6r91XUy What Trump wrote in the @wsj and what the study he cites actually says. https://t.co/MP2EKjNJJd https://t.co/H6m6r91XUy"
X Link 2026-02-01T16:52Z 30.7K followers, [----] engagements
"A very welcome book on a topic that can tell us a lot about the influence of competition in the market for exchange media. For example many successful past global currencies became so spontaneously being voluntary adopted by merchants in highly contestable offshore markets. 1/2 . "
X Link 2026-02-01T20:33Z 30.7K followers, [----] engagements
"@sidprabhu @SteveMatthews12 All cyclical unemployment is transient. But combatting such transient unemployment is among a central banks core responsibilities. Combating transient supply-shock driven inflation isnt"
X Link 2026-02-02T02:05Z 30.7K followers, [---] engagements
"@Anon36834 @sidprabhu @SteveMatthews12 Convenient or not the extent that Covid inflation reflected reduced aggregate supply (not all but some of it did) the Fed was justified in looking through it. And it was justifiedto a point in easing to combat unemployment. Alas between them it and the Treasury overdid it"
X Link 2026-02-02T05:25Z 30.7K followers, [---] engagements
"Dudley was wrong in 2018; and hes only gotten wronger since. https://www.cato.org/blog/dudleys-defense-feds-floor-system Bill Dudley on scarce reserves https://t.co/0gk3A2AdaZ https://www.cato.org/blog/dudleys-defense-feds-floor-system Bill Dudley on scarce reserves https://t.co/0gk3A2AdaZ"
X Link 2026-02-02T14:59Z 30.7K followers, [----] engagements
"@russnelson You mean the Trump Gateway Arch"
X Link 2026-02-02T20:05Z 30.7K followers, [--] engagements
"@ClaireJHartnell There were plenty of unused factories during the 30s too And there was no dissaving after the war. So nope. Sonething else had to make up for the decline in G"
X Link 2026-02-02T22:14Z 30.7K followers, [---] engagements
"@so_i @Harold1066AD There was no consumer dissaving. But firms did dissave in that they invested retained earnings. See https://fee.org/articles/the-myth-of-pent-up-demand-and-the-successful-reconversion-after-world-war-ii/ https://fee.org/articles/the-myth-of-pent-up-demand-and-the-successful-reconversion-after-world-war-ii/"
X Link 2026-02-04T08:41Z 30.7K followers, [--] engagements
"@Coach_Milly_ @MonetaryWonk Except that there was no private postwar dissaving only a reduced savings rate. So something else had to compensate for govt retrenchment and that something else consisted of a remarkable revival of long-quiescent private investment"
X Link 2026-02-04T15:55Z 30.7K followers, [--] engagements
"In any event if the Treasury can stockpile BTC for the one reason its just as capable of stockpiling it (and bailing out BTC holders to that extent) for the other"
X Link 2026-02-04T22:34Z 30.7K followers, [----] engagements
"@ArthurB If you cant believe the various studies summed up by Google AI (e.g. then eyeball this showing. what looks very much like two once cointegrated series that have diverged only relatively recently. https://www.sciencedirect.com/science/article/abs/pii/S016517652500028X#::text=The%20research%20used%20monthly%20dataand%20commodity%20prices%20on%20cryptocurrencies https://www.sciencedirect.com/science/article/abs/pii/S016517652500028X#::text=The%20research%20used%20monthly%20dataand%20commodity%20prices%20on%20cryptocurrencies"
X Link 2026-02-05T11:03Z 30.7K followers, [--] engagements
"@bodhicitta777 I see: the government should have bought Bitcoin because it was bound to appreciate; and it was bound to appreciate if the government bought it. A no-brainer Yet somehow its not working for Strategy which has bought much more BTC than the BITCOIN Act would have provided for"
X Link 2026-02-05T13:28Z 30.7K followers, [---] engagements
"@Tyler_Menzer Yes but what mathematical model consistent with the established positive correlation also implies that BTC will go to zero even if Nasdaq doesnt I am not myself suggesting that two things series incr having been correlated cant stop being so"
X Link 2026-02-05T13:33Z 30.7K followers, [--] engagements
"@dandolfa @farmerrf @danaronoff Right. OLG models of money mostly arent models of money"
X Link 2026-02-05T13:35Z 30.7K followers, [---] engagements
"@farmerrf This goes beyond the original proposition. But I also doubt that tax receivability drives general monetary choice. People can simply acquire necessary BTC at tax time as I acquire USD when I pay my US taxes (or when buying goods in the US). 1/2"
X Link 2026-02-05T14:44Z 30.7K followers, [--] engagements
"@farmerrf In El Salvador Bukele tried it while also making merchants acceptance of BTC obligatory. Yet the USD remains El Salvadors overwhelmingly preferred money"
X Link 2026-02-05T14:47Z 30.7K followers, [--] engagements
"@Claudia_Sahm Question for the would-be questioners: why refer to the defunct NBER chronology I am no Walsh champion but that chronology badly exaggerates the Feds success at taming the business cycle. From Joseph Davis's 'An Improved Annual Chronology of U.S. Business Cycles since the 1790s' 👇 He argues NBER falsely overestimates pre-WWII recessions which disappear if one considers industrial production to be a recession indicator. Fewer recessions because of the Fed https://t.co/qe06Ju4ufK From Joseph Davis's 'An Improved Annual Chronology of U.S. Business Cycles since the 1790s' 👇 He"
X Link 2026-02-06T08:52Z 30.7K followers, [----] engagements
"@lucasian76 @dandolfa @farmerrf @danaronoff I recommend the discussion of OLG models in Kevin Hoovers New Classical Economics"
X Link 2026-02-06T09:21Z 30.7K followers, [---] engagements
"Frances is right. Malpass doesnt know what hes talking about. This is an utterly absurd description of Fed monetary operations. This is an utterly absurd description of Fed monetary operations"
X Link 2026-02-07T08:26Z 30.7K followers, [----] engagements
"@NickTimiraos Also Thomas McCabe. https://dailydigest.gelsonluz.com/can-a-president-actually-fire-a-fed-governor/ https://dailydigest.gelsonluz.com/can-a-president-actually-fire-a-fed-governor/"
X Link 2026-02-07T08:34Z 30.7K followers, [----] engagements
"@tmsusmilch The banks are indeed funding the Feds bond purchases; but so far as the govts finances are concerned theres little difference between their doing so and their holding those same bonds themselves. If those finances are shaky its cause its spending and borrowing too much"
X Link 2026-02-07T10:16Z 30.7K followers, [--] engagements
"@tmsusmilch Theres presently a unrealized paper loss at the Fed which results in reduced Treasury remittances. But in principle losses and gains can cancel out in the longas the Feds accounting practice assumes will be the case. (I myself fear this may ultimately cease to be the case.)"
X Link 2026-02-07T10:47Z 30.7K followers, [--] engagements
"@YoungEcon Real rates rise with higher expected TFP growth offsetting the effect of reduced expected inflation on nominal rates. So to have the deflation rate fall as productivity improves it suffices for the Fed to stand pat. A lowered target will instead mean less inflation"
X Link 2026-02-08T17:55Z 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 2026-02-08T20:25Z 30.7K followers, [--] engagements
"The monetary order didn't start breaking down until Trump put a wrecking ball to it. The dollar's status was secure--it's falling share of int'l reserves mostly relative to gold and other nontraditional assets--did not itself signify any serious threat to its preeminent status. The existing monetary order is structurally imbalanced and those imbalances are cumulative. That's why it's beginning to break itself down. The existing monetary order is structurally imbalanced and those imbalances are cumulative. That's why it's beginning to break itself down"
X Link 2025-04-20T07:31Z 30.8K followers, 156.2K engagements
"@ulfgardleo @Sovaignon It doesnt have a minimum wage as that concept is generally understood (and as referred to in the OT). My whole poimt is that comparing such legal minumum wages in different countries isnt a good way to assess workers well being in them"
X Link 2025-10-16T05:03Z 30.7K followers, [--] 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 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 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 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 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 2026-02-04T22:34Z 30.8K followers, [----] 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 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 2026-02-08T17:48Z 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 2026-02-09T11:19Z 30.7K 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 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 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 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 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 2026-02-10T07:01Z 30.8K followers, [----] engagements
"@Qgambit324 @rknoxjohnston Doing that would make no sense at all"
X Link 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 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 2026-02-10T13:30Z 30.7K followers, [---] engagements
"@btc_bryan_21 Its not safe at all; it even eats peoples brains"
X Link 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 2026-02-10T14:11Z 30.7K 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 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 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 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 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 2026-02-10T17:00Z 30.7K followers, [--] engagements
"@MebFaber Smith never said any such thing"
X Link 2026-02-10T17:20Z 30.8K followers, [---] engagements
"@profplum99 @PeterMcCormack I knew some of the OGs"
X Link 2026-02-10T17:28Z 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 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 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 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 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 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 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 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 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 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 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 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 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 2026-02-11T08:49Z 30.8K followers, [--] engagements
"@jessebabies Still ridiculous"
X Link 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 2026-02-11T12:33Z 30.8K followers, [--] engagements
"@curious_vii If Bitcoin were the publics preferred exchange medium"
X Link 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 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 2026-02-11T20:56Z 30.8K followers, [--] engagements
"The size of r the banking system reserve ratio or c the ratio of currency holdings to bank deposits tells you nothing about how much banks can or will create in deposit money. Just think of this for a millisecond @GeorgeSelgin Read before ya yap. https://t.co/4CpWfE0K3D @GeorgeSelgin Read before ya yap. https://t.co/4CpWfE0K3D"
X Link 2025-11-24T08:04Z 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 2026-02-04T23:27Z 30.8K followers, 17.8K 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 2026-02-12T07:25Z 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 2026-02-13T07:08Z 30.8K followers, [--] engagements
"@PaperhackWriter No. Next question"
X Link 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 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 2026-02-13T08:19Z 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 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 2026-02-14T04:20Z 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 2026-02-14T11:26Z 30.8K followers, [----] 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 2026-02-14T13:41Z 30.8K 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 2026-02-14T14:50Z 30.8K 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 2026-02-14T16:04Z 30.8K 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 2026-02-14T21:58Z 30.8K followers, [---] engagements
"Most of these sources dont actually contradict my own claims which James evidently hasnt bothered to read carefully. For example I never deny that banks create deposits when they extend credit. Instead I expkain that thats not inconsistent with their being intermediaries. @GeorgeSelgin Meanwhile the empirical literature against Selgin is huge https://t.co/f0BSMhXtEf @GeorgeSelgin Meanwhile the empirical literature against Selgin is huge https://t.co/f0BSMhXtEf"
X Link 2025-11-19T13:31Z 30.8K followers, [----] 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 2026-02-05T08:37Z 30.8K followers, 12.1K 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 2026-02-10T14:40Z 30.8K 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 2026-02-10T16:05Z 30.8K 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 2026-02-10T17:02Z 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 2026-02-10T17:25Z 30.8K 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 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 2026-02-10T20:39Z 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 2026-02-12T20:46Z 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 2026-02-13T10:07Z 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 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 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 2026-02-13T16:58Z 30.8K 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 2025-11-24T04:48Z 30.8K followers, 11.7K 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 2026-02-14T04:40Z 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 2026-02-12T20:41Z 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 2026-02-12T23:46Z 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 2026-02-13T07:24Z 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 2026-02-13T16:00Z 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 2026-02-13T17:19Z 30.8K 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 2026-02-14T13:20Z 30.8K followers, 10.3K 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 2026-02-10T11:59Z 30.8K followers, 40K 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 2026-02-10T17:13Z 30.8K followers, 42.2K 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 2026-02-10T18:39Z 30.8K 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 2026-02-12T16:41Z 30.8K followers, 82.3K 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 2026-02-12T16:41Z 30.8K followers, [----] 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 2026-02-12T16:41Z 30.8K followers, 15K 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 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 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 2026-02-12T18:55Z 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 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 2026-02-12T23:58Z 30.8K followers, [---] engagements
"@rdgrongoodnet1 @JimeeLiberty What tax This us about deficit spending"
X Link 2026-02-13T07:09Z 30.8K followers, [--] 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 2026-02-13T07:30Z 30.8K followers, 24.3K 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 2026-02-13T11:41Z 30.8K followers, [----] 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 2026-02-13T15:22Z 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 2026-02-13T15:26Z 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 2026-02-14T04:30Z 30.8K 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 2026-02-14T09:38Z 30.8K followers, [----] engagements
"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 2026-02-14T09:40Z 30.8K followers, 10K 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 2026-02-14T09:53Z 30.8K 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 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 2026-02-14T14:27Z 30.8K 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 2026-02-14T14:59Z 30.8K 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 2026-02-14T22:26Z 30.8K 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 2026-02-14T22:33Z 30.8K 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 2026-02-14T22:40Z 30.8K followers, [---] engagements
"@saifedean @bitcoin_bolsa @DavidBeckworth @NickSzabo4 I believe Bitcoin FRB could ad would develop if allowed. But as many Bitcoin fans oppose FRB it is surely not "meaningless" to observe that a pure Bitcoin standard would invite occasional recessions and depressions in a world of fluctuating money demand and rigid wages"
X Link 2018-07-22T19:49Z 30.7K followers, [--] engagements
"To all you Bitcoin fans who wonder why I think deflation can be a problem here's my [----] book defending certain sorts of deflation--but not others. I leave it to you to ponder what sorts a Bitcoin stnd. would or wouldn't allow: https://iea.org.uk/publications/research/less-zero https://iea.org.uk/publications/research/less-zero"
X Link 2018-07-23T19:42Z 30.7K followers, [--] engagements
"@jonmatonis I'm sorry Jon but all (reasonable) talk of the virtues of this or that money rests on some assumption about the properties of a good monetary standard. I've simply been explicit about those properties. That doesn't imply a preference for centrally-enforced M-policy"
X Link 2018-07-23T21:28Z 30.7K followers, [--] engagements
"@jonmatonis What's more Jon you ought to know better than to suggest that I favor monetary central planning If someone says "my altcoin would make a better (more "sound") monetary standard than bitcoin" how do you establish whether the claim has merit By what criteria of soundness"
X Link 2018-07-23T21:30Z 30.7K followers, [--] engagements
"When I wrote my book on free banking I tried to persuade other economists that it would promote stability. To do that I had to take their concerns theories and beliefs seriously. Fans of bitcoin and other crypto's ought to do the same"
X Link 2018-07-24T00:33Z 30.7K followers, [--] engagements
"@sam_a_bell Sam do you not know the difference between "encouraged" and "forced" Or are you just determined by hook or crook to find something sinister in Allison's methods Perhaps as Rand might say you need to check your premises"
X Link 2019-02-07T14:14Z 30.3K followers, [--] engagements
"1/Now that the internet has become a forum for discussions among professional economists the sometimes-heard distinction between dilittante "internet" Austrians and "academic" Austrians seems to me outmoded"
X Link 2019-06-14T11:06Z 30.7K followers, [--] engagements
"@dandolfa @dgwbirch @lawrencehwhite1 I should have added that Bordo and Levine insist that their scheme only calls for the Fed to compete fairly w/ private sector suppliers. They insist that the goal is not to have the Fed take advantage of cross-subsidies to undercut them. I questioned Andy directly on this point"
X Link 2019-07-08T01:24Z 30.7K followers, [--] engagements
"I enjoyed dancing with the @KansasCityFed's Esther George at Jackson Hole. Now it looks like we'll tango in the Senate https://www.banking.senate.gov/hearings/facilitating-faster-payments-in-the-us https://www.banking.senate.gov/hearings/facilitating-faster-payments-in-the-us"
X Link 2019-09-19T15:06Z 30.6K followers, [--] engagements
"The principal fallacy underlying most visions of a spontaneous gold standard revival or bitcoin takeover consists of the visionaries' belief that most people share their assumption that paper dollar is clearly inferior and about to collapse. @WilliamJLuther @lawrencehwhite1"
X Link 2019-11-10T22:04Z 30.7K followers, [---] engagements
"@coachbuckethead @sam_a_bell I had not known about the house or the time spent there before his college enrollment: I did try to discover it. Historically birthplace or current main residence have been the main criteria. Shelton qualifies by the first. I appreciate the correction"
X Link 2020-02-24T01:56Z 30.3K followers, [--] engagements
"@coachbuckethead @sam_a_bell She grew up on the west coastCalifornia and also a second SF Fed district state (I forget which). She also had a second home there. In all I think its accurate to call her ties stronger according to the most commonly used criteria. 1/2"
X Link 2020-02-24T04:03Z 30.4K followers, [--] engagements
"@TheStalwart @NathanTankus "Market expectations of increased inflation would only follow if market actors also believed the absurd premise that the Federal Reserve would pursue profits over their legal mandate." It's not "mandate vs profits." It's about "mandate vs. meeting interest and other expenses."1/2"
X Link 2020-03-26T01:38Z 30.5K followers, [--] engagements
"@TheStalwart @NathanTankus "It is.possible that the central bank if its balance sheet is sufficiently impaired may need recapitalization in order to maintain its commitment to a policy rule or an inflation target." " Recapitalization = Treasury coin buyback. https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr701.pdf https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr701.pdf"
X Link 2020-03-26T01:45Z 30.5K followers, [--] engagements
"Do the Fed's recent interventions increase the risk of future inflation Probably. Do they make double-digit (or worse) inflation likely as some recent op-eds claim I wouldn't bet on it: @DavidBeckworth @greg_ip @BobMurphyEcon @NickTimiraos @MacRoweNick https://www.alt-m.org/2020/04/27/return-of-the-inflation-mongers/ https://www.alt-m.org/2020/04/27/return-of-the-inflation-mongers/"
X Link 2020-04-27T14:37Z 30.7K followers, [--] engagements
"Boy will I miss him. @D_A_Irwin @DavidBeckworth @dandolfa @david_glasner @BobMurphyEcon @David_Boaz @csissoko @rcwhalen @MaMoMVPY @lawrencehwhite1 @WilliamJLuther @MacRoweNick @MoneyIllusion @jp_koning @robertewright @ProfJohnTurner @jeffreyatucker https://www.alt-m.org/2020/05/26/in-memoriam-r-h-t/ https://www.alt-m.org/2020/05/26/in-memoriam-r-h-t/"
X Link 2020-05-26T13:29Z 30.7K followers, [--] engagements
"Banking is too important to be left to the (usual crowd of) bankers: Another fine post by @FintechDiego. https://www.alt-m.org/2020/06/05/to-help-the-unbanked-break-the-industrial-bank-taboo/ https://www.alt-m.org/2020/06/05/to-help-the-unbanked-break-the-industrial-bank-taboo/"
X Link 2020-06-05T13:08Z 30.6K followers, [--] engagements
"@jp_koning @FintechDiego And because of intense lobbying by established banks that caused it to withdraw its [----] bid for an Industrial Bank charter"
X Link 2020-06-18T01:20Z 30.6K followers, [--] engagements
"@Citybythesea2 Well I'm not calling for giving Walmart a monopoly. I want there to be more industrial bank charters--not just one for Walmart. Why do we need the government to supply the competition when more open entry can do it There is no "natural" monopoly here"
X Link 2020-06-18T04:13Z 30.6K followers, [--] engagements
"So now you know why I'm especially fond of Good Money and why I'd be glad if a few more people read it. I think its lessons go far deeper than those of any of my writings on current policy. But of course I hope you read those too"
X Link 2020-07-06T02:39Z 30.7K followers, [--] engagements
"Another thread to stir things up a bit this time concerning the meaning of "money." (Note: "SofV = Store of Value; "MofE" = Medium of Exchange.) @dandolfa I believe very strongly that the claim that money is a "Store of Value" is one of the great errors of monetary theory. Of course money must have some such capacity to be useful; but that is just another way of saying that it mustn't be too perishable to be a convenient MofE. 1/ @dandolfa I believe very strongly that the claim that money is a "Store of Value" is one of the great errors of monetary theory. Of course money must have some such"
X Link 2020-08-16T22:26Z 30.7K followers, [--] engagements
"A point often lost among those Austrian econ. fans who think Bitcoin is poised to displace established major currencies is that Carl Menger's theory of how money can evolve spontaneously also implies that an established money will usually prevail over any small-network rival"
X Link 2020-10-29T23:32Z 30.7K followers, [---] engagements
"@jonmatonis Quite true Jon; and I agree furthermore that these factors are the main reason for Bitcoin's impressive success thus far. I mainly wish to push back against suggestions that they alone suffice to make for an easy Bitcoin ascendancy as opposed to a very hard uphill slog"
X Link 2020-10-30T12:40Z 30.7K followers, [--] engagements
""Yes people do use bitcoin for payments. But this gets dwarfed by its popularity as a financial game. Game players don't want to waste their tokens on buying goods & services.That could mean potentially missing out on a life changing jackpot." JPK on why BTC still ain't money. Happy 12th birthday bitcoin. When we are kids we all want to be astronauts but life takes us down different paths. Twelve years ago bitcoin set out to become electronic cash. But it succeeded at something else: https://t.co/P9iWTljTbz (re-upping my post from bitcoin's 11th). https://t.co/rGDbizsO1K Happy 12th birthday"
X Link 2020-11-01T11:44Z 30.7K followers, [--] engagements
"@jonmatonis (1) Are you seriously trying to educate me on productivity-driven deflation (Prof. Hulsmann at any rate can't.) (2) There is absolutely no reason on Earth to assume that a Bitcoin standard would only allow productivity-driven deflation"
X Link 2020-11-01T12:55Z 30.7K followers, [--] engagements
""Fintechs are only beginning to show.the kinds of improvements in payment services that they're capable of providing. And I'm worried that regulators are going to crush that"
X Link 2020-11-12T18:32Z 30.7K followers, [--] engagements
"Congrats to Chris Waller on successfully running the nomination gauntlet. Christopher Waller just passed Senate confirmation as a Fed governor. A few fast facts: *Was research director at St. Louis Fed *Pretty dovish *Big fan of central bank independence https://t.co/TLMCdKG0AO Christopher Waller just passed Senate confirmation as a Fed governor. A few fast facts: *Was research director at St. Louis Fed *Pretty dovish *Big fan of central bank independence https://t.co/TLMCdKG0AO"
X Link 2020-12-03T17:21Z 30.7K followers, [--] engagements
"Those who compare the USD to a "melting ice cube" generally reveal a poor grasp of monetary economics. A melting ice cube eventually creases to exist. In principal a currency can depreciate forever; though each unit "shrinks" the real stock needn't: its value can even rise. @GeorgeSelgin I'd say it's reasonable to assume accelerated QE and historically low interest rates are forcing some people to look for alternative stores of value. Bitcoin is an option many are arriving at. cc @michael_saylor https://t.co/Qpeq69gZb5 @GeorgeSelgin I'd say it's reasonable to assume accelerated QE and"
X Link 2020-12-09T17:22Z 30.7K followers, [--] engagements
"@hannahdlang Hannah I thought your article was very accurate and linked to it as a good overview. I regret giving the opposite impression and I have now redone the thread to erase any doubts"
X Link 2020-12-30T20:42Z 30.3K followers, [--] engagements
"@polorocha18 @PeterContiBrown I kinda like this one too: 🙂 https://www.spglobal.com/marketintelligence/en/news-insights/blog/commercial-real-estate-2020-review https://www.spglobal.com/marketintelligence/en/news-insights/blog/commercial-real-estate-2020-review"
X Link 2021-01-14T01:26Z 30.7K followers, [--] engagements
"Want empirical evidence that even completely unregulated private-sector payments media can better serve the needs of the poor and un-banked than officially-issued and regulated monies can Here's some: https://www.amazon.com/Good-Money-Birmingham-Beginnings-Coinage/dp/1598130439 https://www.amazon.com/Good-Money-Birmingham-Beginnings-Coinage/dp/1598130439"
X Link 2021-03-06T13:28Z 30.5K followers, [---] engagements
"Silvio Gesell eat your heart out This is interesting: "Beijing has tested expiration dates to encourage users to spend it quickly for times when the economy needs a jump start." via @jamestareddy https://t.co/huLUQH0ogH This is interesting: "Beijing has tested expiration dates to encourage users to spend it quickly for times when the economy needs a jump start." via @jamestareddy https://t.co/huLUQH0ogH"
X Link 2021-04-05T15:01Z 30.6K followers, [--] engagements
"@dandolfa @MonetaryWonk @JulienNoizet @MorganRicks1 I think both can matter. In the Postal Savings system administratively-set interest rates were higher than market rates during the depression. Had it not been for MAXIMUM balance req's on postal accounts the regular banks would have been more completely disintermediated"
X Link 2021-04-13T16:54Z 30.6K followers, [--] engagements
"@pwm2vape @izakaminska @dandolfa @DavidBeckworth @Frances_Coppola @rcwhalen I don;t see what that has to do with either East vs. West. or high-tech. Both Helicopter money and proposals direct CB accounts or their equivalent (e.g. postal savings) have been floating around for some time. And Helicopter M isn't among the aims behind the digital RMB"
X Link 2021-04-21T14:06Z 30.6K followers, [--] engagements
"@TheoPropR @buchmanster @ken_duda @juanrallo Right. It is not a panacea. It won't cure a bad base regime.Larry and Kevin and I have never suggested otherwise"
X Link 2021-05-07T17:43Z 30.4K followers, [--] engagements
"Thread: I don't think I've been at all coy when it comes explaining why I doubt that Bitcoin will ever become a generally-accepted and widely-used medium for everyday payments that is "money." Misunderstood; but not coy. Still for @allenf32's sake I will sum-up my view here"
X Link 2021-05-10T11:12Z 30.6K followers, [---] engagements
"That Saifedean became furious at me for not bringing up matters I considered secondary because he'd prepared to counter me if I did was therefore very strange. That he's still fuming about it a year and a half later is even stranger https://saifedean.com/podcast/53-allen-farringtons-adventures-with-fiat-intellectuals/ https://saifedean.com/podcast/53-allen-farringtons-adventures-with-fiat-intellectuals/"
X Link 2021-05-10T12:11Z 30.6K followers, [--] engagements
"@NLeconandpolicy Subtract those that are "dollarized" or based on currency boards and those with notoriously weak pegs (e.g. the Eritrean nakfa) you have a much smaller set and these are mostly small export- oriented/oil-rich economies w/ little to gain by manipulating their currencies"
X Link 2021-06-04T18:19Z 30.6K followers, [--] engagements
"@DorfmanJeffrey @senatorshoshana What the world really needs are dogs that can sniff-out foolish policies"
X Link 2021-06-14T12:42Z 30.3K followers, [--] engagements
"Twitter pals: expect fewer tweets and worse-than-ever spelling from yours truly who will be one (left) armed for a spell after having had a rotator cuff stitched up today. In short here's your chance to read my books and tweet about how bad they are w/ relative impunity"
X Link 2021-07-07T23:18Z 30.3K followers, [---] engagements
"The blind endorsing the blind: @izakaminska uncritically accepts Gorton and Zhang's ill-informed interpretation of the history of private currencies. (And the FT adds insult to injury by illustrating her piece with hyperinflation-era Reichsbank notes) https://www.ft.com/content/32b85446-0f56-43d8-a278-52afff303369 https://www.ft.com/content/32b85446-0f56-43d8-a278-52afff303369"
X Link 2021-07-20T13:05Z 30.6K followers, [--] engagements
"But it certainly isn't correct to say that by so doing they'd be busting a supposed bankers' "monopoly." Were the question one of eliminating monopoly privileges the solution would have to be one of enhancing private firms' opportunities to compete w/ the Fed and USPS "
X Link 2021-07-22T16:07Z 30.6K followers, [--] engagements
".not the other way around By making these points I don't pretend to be offering an argument against either Fed retail or postal savings accounts. I am arguing against abusing the term "monopoly" to make a specious argument in favor of either"
X Link 2021-07-22T16:07Z 30.6K followers, [--] engagements
"@dandolfa @KimDriver11 @financeplumber @Frances_Coppola @FedGuy12 @AnalystDC @TheBondFreak @LukeGromen @R_Perli @PMehrling @gwabi @AndreasSteno @MacroAlf @EPBResearch @RobinBrooksIIF It may be that the sol'n you propose of setting i-rates to combat disintermediation isn't easy to carry out. It was only Postal Savings caps that avoided a major disintermediation into that system in the 30s. A technological feasible solution may not be politically feasible"
X Link 2021-08-08T20:46Z 30.6K followers, [--] engagements
"Nor can the risks of CBDC be set aside lightly. Besides the costs and the Fed's utter lack of experience in administering retail accounts the possibility that CBDC's can disintermediate ordinary banks must be taken seriously"
X Link 2021-08-09T13:33Z 30.6K followers, [--] engagements
"It isn't quite right to say that "such occurrences are merely speculations." In the '30s caps on Postal Savings accounts were all that kept such a scenario from playing out"
X Link 2021-08-09T13:33Z 30.6K followers, [--] engagements
"In that instance Postal Savings accounts yielded more interest than ordinary bank accounts. Under many proposed plans CBDCs would pay the same rate of interest as bank reserves--again posing the risk that they will dominate bank deposits occasionally if not persistently"
X Link 2021-08-09T13:33Z 30.6K followers, [--] engagements
""Alternatively Biden could simply declare that the 14th Amendment to the Constitution which says that the validity of federal debt may not be questioned renders the debt ceiling moot." And that's what he should do. Krugman calls for the coin https://t.co/XWkD4SK6Lt Krugman calls for the coin https://t.co/XWkD4SK6Lt"
X Link 2021-10-01T16:29Z 30.3K followers, [--] engagements
"Thread: Bitcoin Hume and "enthusiasm." I consider Bitcoin a marvelous technological innovation that is likely to eventually bring great benefits directly or through its many spin-offs. But. File under: Screaming non-sequiturs. File under: Screaming non-sequiturs"
X Link 2021-11-03T12:07Z 30.6K followers, [--] engagements
"@jimepstein One can always hope. For my part I have found it a real turn-off; and I believe it has contributed to the disdain for Bitcoin shown by many including more than a few who might otherwise be among its champions"
X Link 2021-11-03T12:52Z 30.6K followers, [--] engagements
"On Friday I'm off to visit Cordoba and Granada with the intent of deciding to make one of them my next home. I look forward to seeing a lot more of my European twitter friends once I do. Desame suerte"
X Link 2021-11-16T13:17Z 30.3K followers, [---] engagements
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