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You can't print value

Note: this was written a month ago.

Real soon we'll be on the road, traveling and gone for a bit. We've been trying to clean out the fridge and kitchen. Thus, we've no food.

Yesterday, we had a delay and needed to push back our launch. So, off to the local grocery to get a day's sustenance.

I'm not a very regular grocery shopper. And when I go, it's doggone fast. I know what I want and generally know where things are and I'm in and out. I don't dawdle.

Today, partially because I'm half-packed and partially because gas prices are ridiculous, I bicycled to the grocery. The prices stunned me.

I'd wanted some meat of some sort. We'd been living on veggies and rice and bread and a hankering for meat has been growing. Afterseeing the prices for meat, I decided we're just about priced out in that department.

The view from outside as I unfurl the bike lock and look inside and steam about the ridiculous prices.

So, I biked home with cans of green beans, bread (planned), buy-one-get-one salad, and some cole slaw. Once home, I tried to spin the cole slaw as a meat substitute. It didn't fly too well.

Anyhoo, price-complaining is really not what I'm writing about.

You can't print value

I'm writing about the fairytaleland belief that money can be printed with value. As much as the grocery prices stunned me, it stuns me more that there are people who believe that you can print value. They've even given it a nice-sounding name: Modern Monetary Theory. Oh, it's been given an acronym too and uses big words so it sounds gooder: MMT.

Do yourself a favor...

  • Look it up.
  • Then, after it makes you 20 IQ points dumber, reject it.

If you don't wish to look it up and temporarily make yourself dumberer, I'll summarize...print money, spend it, print more money, spend it, print even more money, spend it, do it again and then print money more than you ever imagined, then spend it. And now, cycle back and keep doing it. If prices are too high, then cycle back again, double down, and print twice as much as the time before.

So-called MMT really is that simple and dumb.

This is why we have Bitcoin

In the Genesis block, Satoshi included a reference to the chancellor printing money again. Quantitative easing is the fancy phrase for throwing more money out there.

Read everything Satoshi wrote in Kicking the Hornet's Nest (free pdf).

kicking.jpg

Source: link above

Source: link above, pdf page 38

Value comes from...

The effort, the work, the product. It does not come from printing. This is why Satoshi valued a finite amount and proof-of-work to get it. The "stimulus" checks and "relief" monies and "universal basic incomes" are simply proof-of-your-name-on-a-list. If your name's on the list, you get money. The money becomes increasingly worthless, i.e. inflation, because your name on a list does not add any value. Value comes from effort, the work, and the product.

You can push "Print," but you can't push "Print Value."



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