Wow, it’s so amazing that the price of gold remains forever consistent. If we had a resource-backed currency inflation could never happen because we never adjust the cost of silver. Scarcity and psychology have no power here!
I’m pretty sure the context of the fed saying that is inflation was partly due to there being too many people who have jobs with disposable income. I’m pretty sure nowadays there unfortunately more people with underpaying jobs.
The Fed printed at most 200bil in 2023, down from 330bil in 2022. There’s about 2.25 trillion in circulation and about 15% of the notes are destroyed every year, which is loosely equivalent to the cash order the Fed created, give or take a couple of percent. Inflation for 2023 using the Consumer Price Index was about 3%. That means net cash supply didn’t really change much and prices went up.
If you think that ~200bil in cash has any effect on inflation I’ve got an amazing investment opportunity for you: it’s called crypto and it’s totally legit.
You raise a really interesting question there. I always ignore Tether as a joke because it’s just a crock of shit. But what happens if someone makes a run on Tether? They publish accountability reporting which, crucially, tells consumers to inform themselves of the general risks and potential legal issues. It would appear that Tether does have ~80bil in USD assets of various maturity. Only ~400mil of that is cash. There’s another ~20bil in other assets. If there is a run on Tether, it collapses at under 1% of its balance, ie of the ~100bil in Tether only ~400mil/0.4bil of it could be converted to USD today (well, 2023-12-31 per the last report). Since it’s not insured, there’s nothing to prevent a run on it. Its value is supposed to be its ability to be converted to USD, so if a run occurs and people are not able to make the conversion, its value plummets and can only be rescued by the fire sale of assets well below market value. Tether, more so than fiat currency, has completely made up value.
I’m not a finance person so I bet someone that knows more than me has already done a better job of explaining how Tether is a scam.
Yudkowsky is well-known for his work in AI. He occasionally makes jokes, but it’s usually about AI (not relationships). I know that on his profile, it says something like “when I don’t use punctuation, it’s a joke,” akin to Reddit’s /s.
And yeah, he left off a period on the first post, though not the other two. But that said, he rarely makes multi-part jokes. It’s pretty clear to me, having read his posts and articles for a while, that he means this.
To further clarify that this is a “rationalist” of the highest order, consider that he wrote a half-a-million-plus word fanfic of Harry Potter, but with Harry studying science instead of magic: en.wikipedia.org/…/Harry_Potter_and_the_Methods_o…
No shame in that! It is actually pretty well-written, and it has some engaging points. I’m not “anti-rationalism” or anti-this-guy or anything like that. LessWrong did more for global altruism than I ever will.
I’m just pointing out that a person who has dedicated their entire public persona to an ideology (or lack of one) is probably not joking when they start evaluating romantic partners with supposedly objective percentages.
No kidding. Anyone who thinks the hallmark of a good relationship is being able to determine the point at which they would dump their SO for someone “better” and somehow distill that down to a concrete (yet still highly subjective) number should just avoid relationships altogether. At least until they’ve consulted a proctologist about removing their head from their own ass.
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