Sevexity

Sevexity update – 09/10/2019

Oct 9, 2019
sevexity
Paul Krugman is nobel laureate?

This week a Keynesian Nobel Laureate (does this still mean anything?) economist tried to sell you the idea that debt is simply money we owe ourselves by classifying the whole human race under a collective “WE.”

As if debt isn’t simply debt owed by some group of people to another group of people and if those people aren’t able to repay their debt, the whole system blows up. As if printing money to reduce the burden of debt for debtors isn’t simply an indirect taxation on people who try to save money. As if borrowing money to consume today isn’t limiting our ability to consume in the future. As if borrowing today to buy unproductive assets (stock buy backs) in our ever financialization of the world isn’t going to come back to bite us (I implore you to go look at Coco-Cola’s balance sheet and EBITDA evolution over the last 10 years). As if debt hasn’t made this whole system so fragile that the US Fed wants to lower rates at the same time the unemployment levels are at record lows.

If you borrowed so much money that you can barely keep your head above water, what is the one thing you can’t afford to go wrong? ANYTHING. Why should it be any different for a country producing income? “They can print money.” Inflation is just an indirect tax on the citizens that can only stomach so much. Printing money only buys time, and it buys that time from future generations.

This Keynesian consumption kak is a cancer on our culture. Nicely shown in this piece by Neema Pravini:

That (column on the right) is the net national savings as a percentage of GDP for England since the 1840’s, showing you that “WE” have fully swallowed the idea that the economy is grown by consumption and not by capital accumulation. And it will kill us if “WE” let it.

Luckily:

h/t @CryptoScamHub

Bitcoin’s effect on our culture is one of its most undervalued aspects (there are many of these). A technology that encourages the user to save rather than spend, to accumulate capital rather than consume, is what saves us from this ridiculous world of Keynesian consumption driven madness.

“The world isn’t actually that bad.” Yeah, but it could be better.

Is this good for bitcoin? Yes.

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