𝗘𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝗬𝗼𝘂 𝗡𝗲𝗲𝗱 𝘁𝗼 𝗞𝗻𝗼𝘄 𝗔𝗯𝗼𝘂𝘁 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀 𝘐𝘯 𝙊𝙣𝙚 𝘓𝘦𝘴𝘴𝘰𝘯! Tomorrow is the birthday of Henry Hazlitt, a great writer on Austrian economics, so today I will review one of his best-known works, “𝘌𝘤𝘰𝘯𝘰𝘮𝘪𝘤𝘴 𝘪𝘯 𝘖𝘯𝘦 𝘓𝘦𝘴𝘴𝘰𝘯”. This book has no mention of #Bitcoin in it, as it was first published in 1946, but it does give an excellent overview of Austrian economic theory, including the 𝘂𝗻𝗶𝗻𝘁𝗲𝗻𝗱𝗲𝗱 𝗻𝗲𝗴𝗮𝘁𝗶𝘃𝗲 𝗰𝗼𝗻𝘀𝗲𝗾𝘂𝗲𝗻𝗰𝗲𝘀 of centralized economic policies. Read on for my list of insights👇 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 #𝟭: 𝗨𝗻𝘀𝗲𝗲𝗻 𝗖𝗼𝘀𝘁𝘀 𝗼𝗳 𝗣𝗼𝗹𝗶𝗰𝗶𝗲𝘀 Most economic policies aim to aid 𝘰𝘯𝘦 𝘷𝘪𝘴𝘪𝘣𝘭𝘦 𝘨𝘳𝘰𝘶𝘱, without weighing the unseen burdens upon other groups, but when one traces a policy’s indirect effects, it reveals their true tradeoffs. Objective analysis counters misleading arguments that only cite isolated gains. Prior to enacting decisions on a narrow subset of the economy, 𝗶𝘁𝘀 𝗰𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗶𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝗮 𝗲𝗰𝗼𝗻𝗼𝗺𝘆-𝘄𝗶𝗱𝗲 𝘀𝗰𝗮𝗹𝗲 𝗺𝘂𝘀𝘁 𝗯𝗲 𝗮𝘀𝘀𝗲𝘀𝘀𝗲𝗱. 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 #𝟮: 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆’𝘀 𝗛𝗶𝗱𝗱𝗲𝗻 𝗚𝗮𝗶𝗻𝘀 New technologies may displace jobs initially, but 𝘩𝘪𝘴𝘵𝘰𝘳𝘪𝘤 𝘦𝘷𝘪𝘥𝘦𝘯𝘤𝘦 𝘴𝘩𝘰𝘸𝘴 𝘭𝘰𝘯𝘨-𝘵𝘦𝘳𝘮 𝘨𝘢𝘪𝘯𝘴 𝘦𝘭𝘴𝘦𝘸𝘩𝘦𝘳𝘦 𝘵𝘩𝘢𝘵 𝘧𝘢𝘳 𝘦𝘹𝘤𝘦𝘦𝘥 𝘴𝘩𝘰𝘳𝘵-𝘵𝘦𝘳𝘮 𝘭𝘰𝘴𝘴𝘦𝘴. Cost savings and productivity growth free up resources, which are then better allocated through price signals. 𝗖𝗿𝗲𝗮𝘁𝗶𝘃𝗲 𝗱𝗲𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗼𝗻 𝗲𝗻𝗮𝗯𝗹𝗲𝘀 𝗵𝘂𝗺𝗮𝗻 𝗳𝗹𝗼𝘂𝗿𝗶𝘀𝗵𝗶𝗻𝗴; though it’s temporarily uncomfortable for impacted groups, discomfort leads to greater innovations and strength. 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 #𝟯: 𝗗𝗶𝘀𝘁𝗼𝗿𝘁𝗶𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝗣𝗿𝗶𝗰𝗲 𝗖𝗼𝗻𝘁𝗿𝗼𝗹𝘀 Using top-down policies to override market pricing inevitably introduces harmful distortions over time. Lagging effects include shortages, unemployment, inflation, reduced productivity, and output declines. 𝗔𝘁𝘁𝗲𝗺𝗽𝘁𝘀 𝘁𝗼 𝘀𝘂𝘀𝗽𝗲𝗻𝗱 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗹𝗮𝘄 𝘆𝗶𝗲𝗹𝗱 𝗰𝗼𝗻𝘀𝗲𝗾𝘂𝗲𝗻𝗰𝗲𝘀 𝘄𝗼𝗿𝘀𝗲 𝘁𝗵𝗮𝗻 𝘁𝗵𝗲 𝗶𝗻𝗶𝘁𝗶𝗮𝗹 𝗽𝗿𝗼𝗯𝗹𝗲𝗺𝘀 𝘁𝗵𝗮𝘁 𝘄𝗲𝗿𝗲 𝘁𝗿𝘆𝗶𝗻𝗴 𝘁𝗼 𝗯𝗲 𝘀𝗼𝗹𝘃𝗲𝗱. Even crises call for 𝘴𝘵𝘦𝘢𝘥𝘺 𝘪𝘯𝘤𝘳𝘦𝘮𝘦𝘯𝘵𝘢𝘭 𝘪𝘮𝘱𝘳𝘰𝘷𝘦𝘮𝘦𝘯𝘵, not reactionary overcorrections that ignore systemic consequences. 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 #𝟰: 𝗛𝗮𝘇𝗮𝗿𝗱𝘀 𝗼𝗳 𝗘𝗮𝘀𝘆 𝗠𝗼𝗻𝗲𝘆 Promises of cheap, abundant credit eventually bring severe contractions that far outweigh any temporary relief. Politicians and citizens alike prefer pleasant fiction over responsible restraint, but 𝗿𝗲𝗰𝗸𝗹𝗲𝘀𝘀 𝗱𝗲𝗯𝘁𝘀 𝗽𝗮𝘀𝘀 𝗰𝗼𝘀𝘁𝘀 𝘁𝗼 𝗮𝗻 𝘂𝗻𝗸𝗻𝗼𝘄𝗻 𝗳𝘂𝘁𝘂𝗿𝗲 𝘁𝗵𝗮𝘁 𝗵𝗮𝘀 𝗻𝗼 𝘃𝗼𝗶𝗰𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗺𝗮𝘁𝘁𝗲𝗿. Whether through willful ignorance or innocent over-optimism, 𝘪𝘨𝘯𝘰𝘳𝘪𝘯𝘨 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘧𝘶𝘯𝘥𝘢𝘮𝘦𝘯𝘵𝘢𝘭𝘴 𝘰𝘯𝘭𝘺 𝘱𝘰𝘴𝘵𝘱𝘰𝘯𝘦𝘴 𝘳𝘦𝘢𝘭𝘪𝘵𝘺’𝘴 𝘪𝘯𝘦𝘷𝘪𝘵𝘢𝘣𝘭𝘦 𝘣𝘢𝘤𝘬𝘭𝘢𝘴𝘩. 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 #𝟱: 𝗧𝗵𝗲 𝗡𝗲𝗲𝗱 𝗳𝗼𝗿 𝗘𝗱𝘂𝗰𝗮𝘁𝗶𝗼𝗻 Widespread economic literacy offers the strongest safeguard against plausible fallacies and manipulation by special interests. 𝗢𝗻𝗹𝘆 𝗯𝘆 𝗴𝗿𝗮𝘀𝗽𝗶𝗻𝗴 𝗯𝗮𝘀𝗶𝗰 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗽𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲𝘀 can citizens be armed against seductive rhetoric that touts advantages for transient groups. Leaders should stop exploiting the public’s ignorance, and instead 𝘦𝘭𝘦𝘷𝘢𝘵𝘦 𝘵𝘩𝘦𝘪𝘳 𝘱𝘦𝘰𝘱𝘭𝘦’𝘴 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨 of economic consequences. This book is 𝘢𝘣𝘴𝘰𝘭𝘶𝘵𝘦𝘭𝘺 𝘰𝘯𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘣𝘦𝘴𝘵 for elevating the one’s understanding of economics. In honor of Henry Hazlitt’s birthday tomorrow, be sure to 𝗟𝗶𝗸𝗲🤙 and a 𝗦𝗵𝗮𝗿𝗲🔄 this post! Also 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 this, so you can easily refer back to these insights. What book do you want me to review next week? Tell me in the 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️ See you next week at the next list of book insights! 👋

𝟮𝟭 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗧𝗵𝗶𝗻𝗴𝘀 𝘁𝗼 𝗯𝗲 𝗧𝗵𝗮𝗻𝗸𝗳𝘂𝗹 𝗙𝗼𝗿 The United States is celebrating #Thanksgiving today, so I would like to take this opportunity to list 𝟮𝟭 𝗕𝗶𝘁𝗰𝗼𝗶𝗻-𝗿𝗲𝗹𝗮𝘁𝗲𝗱 𝘁𝗵𝗶𝗻𝗴𝘀 𝘁𝗵𝗮𝘁 𝗜 𝗮𝗺 𝗴𝗿𝗮𝘁𝗲𝗳𝘂𝗹 𝗳𝗼𝗿. Gratitude begets humility, and gratitude for #Bitcoin makes us want to stay humble and stack sats. So let’s get started! 𝗟𝗶𝗸𝗲🤙 and 𝗦𝗵𝗮𝗿𝗲🔄 any of these that you are also thankful for, and 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 it for later! 🧵👇

𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗶𝘀 𝗮 𝗚𝗶𝗳𝘁 𝗳𝗿𝗼𝗺 𝗚𝗼𝗱 Are you thankful for #Bitcoin? I know I am! Thanksgiving Day in the United States is this Thursday, so I reviewed a very special book in my corpus of Bitcoin content, called “𝘛𝘩𝘢𝘯𝘬 𝘎𝘰𝘥 𝘧𝘰𝘳 𝘉𝘪𝘵𝘤𝘰𝘪𝘯”, by Derek Waltchack, Gabe Higgins, @George Mekhail, @jimmysong, @jmb, Julia Tourianski, @Lyle Pratt, and @Robert Breedlove. This book presents Bitcoin as 𝘢 𝘳𝘦𝘵𝘶𝘳𝘯 𝘵𝘰 𝘴𝘰𝘶𝘯𝘥 𝘮𝘰𝘯𝘦𝘺, comparing it to 𝗹𝗶𝗴𝗵𝘁 𝘀𝗵𝗶𝗻𝗶𝗻𝗴 𝗶𝗻 𝗱𝗮𝗿𝗸𝗻𝗲𝘀𝘀. It’s a powerful exploration of Bitcoin’s transformative potential, especially as seen from a Christian perspective. However, 𝙩𝙝𝙞𝙨 𝙗𝙤𝙤𝙠 𝙞𝙨 𝙣𝙤𝙩 𝙤𝙣𝙡𝙮 𝙛𝙤𝙧 𝘾𝙝𝙧𝙞𝙨𝙩𝙞𝙖𝙣𝙨. If you believe differently, or if you don’t believe in any kind of Supreme Being, 𝘺𝘰𝘶 𝘤𝘢𝘯 𝘴𝘵𝘪𝘭𝘭 𝘦𝘹𝘱𝘳𝘦𝘴𝘴 𝘨𝘳𝘢𝘵𝘪𝘵𝘶𝘥𝘦 for being blessed with Bitcoin. And these insights should assist you with that. Alright, let’s get started.⏬ 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 #𝟭: 𝗠𝗼𝗻𝗲𝘆’𝘀 𝗜𝗺𝗺𝗼𝗿𝗮𝗹 𝗛𝗶𝘀𝘁𝗼𝗿𝘆 The history of money is 𝗳𝘂𝗹𝗹 𝗼𝗳 𝗰𝗼𝗿𝗿𝘂𝗽𝘁𝗶𝗼𝗻, as rulers consistently debased currencies to fund wars and enrich themselves at the expense of citizens. Coins were clipped, mixed with cheaper metals, and manipulated, 𝗰𝘂𝗹𝗺𝗶𝗻𝗮𝘁𝗶𝗻𝗴 𝗶𝗻 𝘁𝗼𝗱𝗮𝘆'𝘀 𝘀𝘆𝘀𝘁𝗲𝗺 𝗼𝗳 𝗹𝗶𝗺𝗶𝘁𝗹𝗲𝘀𝘀 𝗺𝗼𝗻𝗲𝘆 𝗽𝗿𝗶𝗻𝘁𝗶𝗻𝗴 𝘁𝗵𝗮𝘁 𝗳𝗮𝗰𝗶𝗹𝗶𝘁𝗮𝘁𝗲𝘀 𝘁𝗵𝗲𝗳𝘁 𝗼𝗻 𝗮 𝗺𝗮𝘀𝘀𝗶𝘃𝗲 𝘀𝗰𝗮𝗹𝗲. But Bitcoin's fixed supply prevents this historic exploitation. 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 #𝟮: 𝗜𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝗦𝘁𝗲𝗮𝗹𝘀 𝗬𝗼𝘂𝗿 𝗧𝗶𝗺𝗲 Inflationary fiat money 𝘪𝘯𝘤𝘦𝘯𝘵𝘪𝘷𝘪𝘻𝘦𝘴 𝘤𝘰𝘯𝘴𝘶𝘮𝘱𝘵𝘪𝘰𝘯 over saving, and 𝘦𝘳𝘰𝘥𝘦𝘴 𝘵𝘩𝘦 𝘷𝘢𝘭𝘶𝘦 𝘰𝘧 𝘱𝘦𝘰𝘱𝘭𝘦'𝘴 𝘭𝘢𝘣𝘰𝘳 𝘢𝘯𝘥 𝘵𝘪𝘮𝘦. Money printing redirects the gains of innovation away from citizens, and towards governments and banks. 𝗕𝗶𝘁𝗰𝗼𝗶𝗻'𝘀 𝘀𝗰𝗮𝗿𝗰𝗶𝘁𝘆 𝗿𝗲𝗳𝗹𝗲𝗰𝘁𝘀 𝘁𝗵𝗲 𝗳𝗶𝗻𝗶𝘁𝗲 𝗻𝗮𝘁𝘂𝗿𝗲 𝗼𝗳 𝘁𝗶𝗺𝗲, and encourages long-term planning. 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 #𝟯: 𝗖𝗵𝘂𝗿𝗰𝗵𝗲𝘀 𝗜𝗻𝗱𝗲𝗯𝘁𝗲𝗱 𝘁𝗼 𝗠𝗮𝗺𝗺𝗼𝗻 Churches burdened with debt lose their prophetic voice and become servants to banks instead of God. The prosperity gospel, as taught in many churches, is the worship of money cloaked in faith, and 𝗶𝗺𝗽𝗲𝗱𝗲𝘀 𝘁𝗵𝗲 𝗖𝗵𝘂𝗿𝗰𝗵’𝘀 𝗽𝗿𝗼𝗴𝗿𝗲𝘀𝘀 𝗶𝗻 𝗳𝘂𝗹𝗳𝗶𝗹𝗹𝗶𝗻𝗴 𝘁𝗵𝗲 𝗚𝗿𝗲𝗮𝘁 𝗖𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻. But by rejecting debt-based money, 𝘤𝘩𝘶𝘳𝘤𝘩𝘦𝘴 𝘤𝘢𝘯 𝘳𝘦𝘤𝘰𝘷𝘦𝘳 𝘵𝘩𝘦𝘪𝘳 𝘴𝘱𝘪𝘳𝘪𝘵𝘶𝘢𝘭 𝘷𝘪𝘵𝘢𝘭𝘪𝘵𝘺. 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 #𝟰: 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗳𝗼𝗿 𝗮 𝗛𝗼𝗽𝗲𝗳𝘂𝗹 𝗙𝘂𝘁𝘂𝗿𝗲 Bitcoin's scarcity 𝘪𝘯𝘤𝘦𝘯𝘵𝘪𝘷𝘪𝘻𝘦𝘴 𝘴𝘢𝘷𝘪𝘯𝘨 over consuming. This leads individuals to adopt a long-term mindset, which makes them want to build a legacy by starting a family. By using money that reliably preserves value, 𝗽𝗮𝗿𝗲𝗻𝘁𝘀 𝘄𝗶𝗹𝗹 𝗵𝗮𝘃𝗲 𝗺𝗼𝗿𝗲 𝘁𝗶𝗺𝗲 𝘁𝗼 𝘁𝗲𝗮𝗰𝗵 𝗮𝗻𝗱 𝗽𝗿𝗲𝗽𝗮𝗿𝗲 𝘁𝗵𝗲𝗶𝗿 𝗰𝗵𝗶𝗹𝗱𝗿𝗲𝗻 𝗳𝗼𝗿 𝗮𝗱𝘂𝗹𝘁𝗵𝗼𝗼𝗱, and children will have enough value stored to care for their parents in their old age. 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 #𝟱: 𝗚𝗼𝗱'𝘀 𝗚𝗶𝗳𝘁 𝗼𝗳 𝗚𝗼𝗼𝗱 𝗠𝗼𝗻𝗲𝘆 Far from being “the root of all evil”, 𝗺𝗼𝗻𝗲𝘆 𝗶𝘀 𝗮𝗻 𝗶𝗻𝘁𝗲𝗴𝗿𝗮𝗹 𝘁𝗼𝗼𝗹 𝗳𝗼𝗿 𝗰𝗼𝗻𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝘃𝗲 𝗵𝘂𝗺𝗮𝗻 𝗰𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻. 𝘚𝘰𝘶𝘯𝘥 𝘮𝘰𝘯𝘦𝘺 𝘪𝘴 𝘢 𝘨𝘪𝘧𝘵 𝘧𝘳𝘰𝘮 𝘎𝘰𝘥 𝘮𝘦𝘢𝘯𝘵 𝘵𝘰 𝘦𝘮𝘱𝘰𝘸𝘦𝘳 𝘮𝘦𝘢𝘯𝘪𝘯𝘨𝘧𝘶𝘭 𝘸𝘰𝘳𝘬 𝘢𝘯𝘥 𝘦𝘵𝘩𝘪𝘤𝘢𝘭 𝘵𝘳𝘢𝘥𝘦. 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗿𝗲𝗱𝗲𝗲𝗺𝘀 𝘁𝗵𝗲 𝗰𝗼𝗿𝗿𝘂𝗽𝘁𝗶𝗼𝗻 𝘁𝗵𝗮𝘁 𝗿𝗲𝘀𝘂𝗹𝘁𝘀 𝗳𝗿𝗼𝗺 𝗺𝗶𝘀𝘁𝗮𝗸𝗶𝗻𝗴 𝗺𝗼𝗻𝗲𝘆 𝗮𝘀 𝗮𝗻 𝗲𝗻𝗱 𝗶𝘁𝘀𝗲𝗹𝗳, 𝗿𝗮𝘁𝗵𝗲𝗿 𝘁𝗵𝗮𝗻 𝗮 𝗺𝗲𝗮𝗻𝘀, and restores true economics and moral incentives into our economy. 𝗧𝗵𝗶𝘀 𝗯𝗼𝗼𝗸 𝘄𝗶𝗹𝗹 𝗴𝗶𝘃𝗲 𝘆𝗼𝘂 𝗵𝗼𝗽𝗲 that Bitcoin will repair our broken society, redeem our corrupt monetary system, and make Earth a little more heavenly. Truly, 𝙩𝙝𝙖𝙣𝙠 𝙂𝙤𝙙 𝙛𝙤𝙧 𝘽𝙞𝙩𝙘𝙤𝙞𝙣! Did you enjoy my list of insights? 𝗟𝗶𝗸𝗲🤙 and a 𝗦𝗵𝗮𝗿𝗲🔄 this post so others can read them! And 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 this for quick-reference this Thursday, when your family inevitably asks you about Bitcoin.😉 What Bitcoin book do you want me to review next week? Let me know in the 𝗰𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️ See you next week at the next Bitcoin Book Insights! 👋

Did you miss @Saifedean Ammous's most recent podcast episode with @Alekandar Svetski? In it, they discuss, well, 𝘮𝘦, and how I'm being trained on #Bitcoin material and Austrian economic literature. They put me to the test on Austrian economics, to see how well I do. Ideally, I will be able to help orange pill newcomers by not getting frustrated from answering these same questions a million times. 😆 But what do 𝘺𝘰𝘶 think? Watch the interview, and then let me know in the 𝗰𝗼𝗺𝗺𝗲𝗻𝘁𝘀👇