“An economist who has seen the havoc and destruction fiat money has wrought upon the world might be tempted to focus purely on the fiat system’s many drawbacks and predictable problems. But in writing this book, I chose instead to think long about the technological advantages that fiat entails. I admit to having acquired an appreciation for the technological improvement the use of fiat money allowed. Rather than a nefarious conspiracy to impoverish the majority to benefit the few, there was an undeniable economic and technological rationale for fiat money, given the technological possibilities of the world in the early twentieth century.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/eUTZrTg

“Your future uncertainty is higher than what it would be if you could place your wealth in a hard money, and that causes a rise in time preference. Everyone is less peaceful and more insecure.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/04LpbFH

“The correct and successful financial strategy under the fiat standard is to constantly take on as much debt as possible, be meticulous about making all payments on time, and use the debt to buy hard assets that generate future returns. Doing this successively improves your credit score and allows you to borrow at lower rates, while you store your wealth in goods that cannot be inflated as easily as fiat.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/5nHPzpg

“Ironically, it might actually be the case that there would be less demand for savings under a monetary system in which money was hard and held its value. If you knew with good certainty that you had ten years’ expenditures saved, and that you could reliably expect their value to be consistent over time, you would probably not feel compelled to add more savings and could then take more risks with the rest of your capital. However, when money is a bad store of value, and stocks and bonds involve higher risks, you are less certain about ten years’ expenditure stored in investable assets. This might well lead to risk aversion, insecurity, and requiring larger quantities of savings.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/1JwiCV8

“The fiat standard first destroyed the ability of individuals to save, then forced them to treat their home as their savings account. With low salability and divisibility, houses constitute terrible savings vehicles, but by excluding it from CPI, and teaching people to treat it as a savings account, inflation magically appears beneficial.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/9cIR46w

“Human progress is intertwined with the hardening of our monetary media. The harder a monetary medium, the less its supply will be inflated, and the more its owner can expect it to maintain its value, or even have it appreciate over time. The more the money can be expected to hold its value over time, the more reliably an individual can use it to provide for their future self. The more reliably one can provide for their future self, the more they can reduce their uncertainty about the future. The less their uncertainty about the future, the less a person discounts the future, and the more they are likely to plan and provide for it. In other words, hard money is itself a driver of lowered time preference. As our money becomes harder, our ability to save efficiently increases, allowing us to provide for our future more easily and encouraging us to become increasingly future-oriented.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/1wRpz9i

“Unlike bitcoin’s perfectly predictable and auditable declining rate of supply growth, and unlike gold’s steady growth rate, which averages around 1–2% every year, fiat’s annual growth rate is highly variable. Even for the four best-performing fiat practitioners, the supply can frequently increase by over 10% per year or turn negative at times because of the endless cycles of inflation, deflation, and reflation.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/8Sv2DYX

“Since lending is effectively the mining of new fiat tokens, there is a strong economic incentive to issue debt. Financial institutions stand to profit from creating new money, and a lending license is highly sought after. Politicians and bureaucrats also face strong incentives to encourage lending, as increased lending leads to increased investment and spending. According to the simplistic Keynesian economic model, which dominates the highest levels of politics and academia, increasing these factors in the short term is always the first solution to any economic problem. The short-term economic boom from credit expansion is all that a politician cares about, as the long-term consequences will likely be left for their successors to deal with. Moreover, these long-term consequences can always be blamed on convenient current scapegoats rather than obscure past credit policy decisions.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/1P8juXF

In New York City any opportunity I get I engage with the most civic/political minded individuals and groups. These folks are an important to orange pill. Here is a post I made on twitter earlier. @belindaarch I was invited by the NYC’s Black Women’s Political Club to be on their “The Future And Finance” panel. I was mainly there to talk about bitcoin, banking, and digital currencies (CBDC). What is your take on Bitcoin and how it differs from our current monetary policy?

@Blockstream I’d like to purchase a Blockstream Satalite Pro Kit. When will it be back in stock? https://store.blockstream.com/product-category/satellite_kits/

“All central banks back their currencies with international reserve currencies they cannot print. For most countries, this is the U.S. dollar, and for the U.S., it is gold.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/hdXxCxr

“Financial institutions mine the network’s native token—fiatcoin—through the arcane, centralized, manual, risky, and haphazard process of lending. A complex web of government rules and regulations determines how an institution can obtain the lending license that allows it to issue loans. These rules and regulations are typically promulgated by central governments, central banks, the Bank for International Settlements, or the IMF. Unlike with bitcoin, there is no easily verifiable proof-of-work protocol and no algorithmic adjustment to ensure the fiatcoin supply remains within known and clearly auditable parameters.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/a7z0QUv

The MAF 180 Formula: Determining your MAF HR Subtract your age from 180. Modify this number by choosing one category below that best applies to you: If you have or are recovering from a major illness (including any operation or hospital stay), are in rehabilitation, have been prescribed any regular medication, or are chronically overtrained, subtract an additional 10. If you are injured, have regressed or not improved in training (such as poor MAF Tests) or competition, get more than two colds, flu or other infections per year, have seasonal allergies or asthma, are overfat, are acutely overtraining, or if you have been inconsistent, just beginning or returning to exercise, subtract an additional 5. If you have been training consistently (at least four times weekly) for up to two years without any of the problems mentioned in a) or b), no modification is necessary (use 180 minus age as your MAF HR). If you have been training for more than two years without any of the problems listed above, have made progress in your MAF Tests, and have improved competitively, add 5. The resulting HR is the high end of the HR range with the low being 10 beats below. For example, a 40-year old in category b) would have an exercise range of 125-135 bpm. Users can self-select any intensity within this range. While the 180 Formula is best known for guiding aerobic exercise, initially it was for used for weight- and fat-loss. It soon became popular with athletes in virtually all sports to boost performance (including use with performance horses beginning in the early 1980s), and continues to help virtually all types of people monitor their heart rate. Success is demonstrated by increased fat-burning, improved health, and the ability of athletes to run, bike and otherwise perform at faster paces and increased power at the same MAF HR as determined by the 180 Formula. A primary goal of the 180 Formula is to provide accurate guidance to help people personalize the process of maximizing aerobic function, MAF. For competitive athletes, once a period of exclusive exercise at the MAF HR is completed, with demonstrable improvement in pace or power at the same HR, one can add higher-intensity training if desired. Depending on the individual, the optimal aerobic/anaerobic balance of year-round training may be about 80:20.

Dr. Phil Maffetone

3 Step Process - Dr. Phil Maffetone

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“The fiat network comprises around 190 central bank members of the International Monetary Fund (IMF), as well as tens of thousands of private banks, with many physical branches. At the time of writing, the fiat network has achieved almost universal adoption, and almost everyone on earth is either dealing with a fiat node or handling fiat paper notes issued by these nodes. Joining the fiat network is not voluntary; it can be best likened to mandatory malware. With the exception of a few primitive and isolated tribes yet to have fiat enforced upon them, every human on earth is assigned to a regional node where they must pay their taxes in their local “fiatcoin.” Failure to pay with the local fiatcoin can result in physical arrest, imprisonment, and even murder. These are powerful incentives for adoption that both bitcoin and gold lack.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/bbpI9uA

“Having been born out of government default, the essential characteristic of the fiat standard is that it uses government decree as the token of value on its monetary and payment network. Since the government can decree value on the network, it effectively makes its own credit money. As the government backs the entire banking system, this makes all credit issued by the banking system effectively the government’s credit, and so part of the money supply. In other words, the U.S. Congress and Federal Reserve are not the only institutions capable of conjuring money from thin air; any lending organization also has the capacity to increase the money supply through lending. Blurring the line between money and credit makes measuring the money supply practically impossible. In a payment system like gold or bitcoin, only mature money (or money of full maturity, meaning money that does not have a future period of maturity at which it acquires its full liquid value) can be used to settle payments and debts. Under a fiat system, money that has not matured, and will only do so in the future, can be accepted as payment, so long as it is guaranteed by a commercial entity with a lending license.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/8MXlHQA

“Contrary to what the name suggests, modern fiat money is not conjured out of thin air through government fiat. Governments do not just print currencies and hand them out to societies that accept them as good money. Modern fiat money is far more sophisticated and convoluted in its operation. The fundamental engineering feature of the fiat system is that it treats future promises of payment of money as if they were as good as present money, so long as they are issued by the government, or an entity guaranteed a lending license by the government.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/3WzyaSX

“In the bitcoin network, only coins that have already been mined can settle transactions. In a gold-based economy, only existing gold coins or bars can be used to settle transactions and extinguish debt. In both cases it is possible for a seller or lender to hand over their present goods in exchange for a promise of future bitcoin or gold, but they take on risk personally, and if the buyer or lender fails to provide the coins on time, they are lost to the lender, who would learn a valuable lesson about being more careful with lending. With fiat, government credit allows nonexistent tokens from the future to be brought to life to settle transactions in the present when a loan is made, allowing the borrower and lender to have a larger amount of fiat tokens between them than when they started, thus devaluing the rest of the network’s tokens. The fiat network creates more tokens every time a government-licensed entity makes a loan in the local fiat token.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by Saifedean Ammous https://a.co/gQlSaKi

“But empirical questions are questions that must be asked, if we are truly interested in the well-being of others, rather than in excitement or a sense of moral superiority for ourselves. Perhaps the most important distinction is between what sounds good and what works. The former may be sufficient for purposes of politics or moral preening, but not for the economic advancement of people in general or the poor in particular.” — Basic Economics by #ThomasSowell https://a.co/cGPsVBs

“While facts are important, understanding the implications of those facts is even more important, and that is what an understanding of economics seeks to provide.” — Basic Economics by #ThomasSowell https://a.co/c2RMrvC

“While facts are important, understanding the implications of those facts is even more important, and that is what an understanding of economics seeks to provide.” — Basic Economics by Thomas Sowell https://a.co/c2RMrvC