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“A lot of ink is spilled over the evils of inequality, but very few will point to this very obvious and devastatingly cruel form of economic punishment inflicted on the world’s poor. Central governments are constantly devaluing and degrading what little hope the poorest among us have for achieving a better life. At the same time, this regressive inflation tax rewards the rich who can borrow large quantities of devaluing fiat, and who can protect themselves by holding hard assets.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by @Saifedean Ammous Ammous https://a.co/3M6lOXA

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“All over the world, and not just in developing countries, societies that have secure property rights, free markets, and relatively open international trade have prospered and eliminated poverty the most effectively.” https://a.co/1f0KVLX The Fiat Standard: The Debt Slavery Alternative to Human Civilization by @Saifedean Ammous Ammous

“Why is there a global lender of last resort in the first place? Why do all the world’s governments have to get into debt? Why should the IFIs get to plan economic development when the history of central planning is the history of comprehensive failure?” https://a.co/bSVtRVO — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by @Saifedean Ammous Ammous

Feels great to be out of the loop with what’s trending. I’m free!

“It is debatable whether the findings of the modern field of climatology would exist in a free market for research without fiat funding, but it is pretty clear that a society running on hard money, which would force everyone to constantly think about the opportunity costs of action, would come nowhere near contemplating the precautions and measures called for by carbon hysterics.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/eqPktTv

“It is debatable whether the findings of the modern field of climatology would exist in a free market for research without fiat funding, but it is pretty clear that a society running on hard money, which would force everyone to constantly think about the opportunity costs of action, would come nowhere near contemplating the precautions and measures called for by carbon hysterics.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization https://a.co/0pJ @Saifedean Ammous

“Once it has been established that “the science says” carbon dioxide emissions are bad and a cause to panic, the fiat scientific method is set in motion: the path to publication, promotion, research grants, and increased importance goes through magnifying the panic, finding more reasons for it, and asking for more funding. The path to irrelevance and career suicide comes from soberly assessing the evidence and finding little cause for concern.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by Saifedean Ammous https://a.co/fHInkAV @Saifedean Ammous

“Without the feedback mechanism of profit and loss, any bureaucracy is deaf, dumb, and blind.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by ⁦‪@saifedean‬⁩ Ammous https://a.co/gpCxPsT

“What passes for humanities in the modern university has degenerated into an endless sea of angry grievances and rabid victimology, consisting almost entirely of politically correct platitudes and zero substance. The end result is heaps of graduates with zero marketable skills but a strong talent for finding ways to take offense at everything.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by @Saifedean Ammous Ammous https://a.co/4E4YKNo Saif, I respect you a lot for making this point. I never could have imagined the levels of influence fiat money has on so many aspects of society. I felt there was something “not right” about where society is going, but now I have insight into the role fiat money plays on all of humanity. I really appreciate this new found perspective brought on by your scholarship. Thank you.

“After a century, it is fair to say fiat has successfully destroyed the modern university as a center of learning and research, transforming a once noble institution into a make-work welfare program for nerds, a highly overpriced credential mill, an inescapable debt trap, a country club experience, a political indoctrination camp, and a corporate advertising agency. He who pays the piper calls the tune, and as students are not the main source of income for universities, they are increasingly turning into the product universities offer to their various governmental and private sponsors, rather than the consumers.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by @Saifedean Ammous Ammous #SaidedeanAmmous https://a.co/2QVN37O

“As funding for education becomes centralized, flowing from the government’s money printer rather than the children’s parents, the providers of education have more of an incentive to appease their funders rather than their beneficiaries. As funding education becomes a matter of policy, the process inevitably becomes politicized, providing incentives for the providers of the service to toe the political line that the fiat funders prefer, relegating the interests of the children to an afterthought.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/cD8zCuF

“Money as a technology is heavily intertwined with our time preference, i.e., the degree to which we discount the future.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/idK029c

Do you zap and replace? (Buy some sats to replace the ones you gave away) If so, why? If not, why not?

“Without fractional reserve banking and the fiat that protects it, capital and labor would flow to the highest bidder, and that will always tend to be the entrepreneur who uses capital and labor most productively. This would encourage people to save, as free-market forces work to efficiently allocate resources according to the most productive and valuable endeavors.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/gfJptOz

“There can be no such thing as a shortage of money or a shortage of credit. Whatever supply of money an economy is using is always sufficient to supply all the needs of the economy, provided the money itself is divisible enough. The demand for money is always higher than the supply, because people desire more things than they produce and because desiring is far easier than producing. In the fiat standard, it appears that these desires can be satisfied with more money, but the creation of money to meet these desires does nothing to produce the objects of desire. The sought-after good can only be created by dedicating scarce resources to its production.” — The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous https://a.co/c7lXmyp

“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