Era of Bitcoin

@saifedean @JoanaCotar @RomanReher Maybe that was the plan all along: Milei as “libertarian chainsaw,” rally hope – then controlled collapse. “See? Libertarianism ends in chaos!” Orchestrated destruction, foreshadowed by his Jerusalem gestures.

Hello, I listened to your video with Youtube subtitles, and here is my response. You did not refute any of my main points. And you did not look at the references I provided to substantiate my claims, and you did not provide any better references. I will go through your claims one by one. 1. You agree with me that the ministries were merged, and not shut down, but you claim that he still managed to reduce spending significantly. But this is only because you assumed this merging will have necessarily resulted in reduction in spending. But if you read the citations I provided, the amount of savings caused by merging these ministries was a tiny amount. My citations show that the majority of the reduction in spending comes from reductions on spending on infrastructure and age old pension. You have not provided anything substantive to suggest otherwise, and you cannot expect me or listeners to accept your assertions. 2. You say that the economic growth happened before the IMF loan. But in my piece I did not claim that it was the IMF loan that caused the growth, I claimed it was the money supply increase. And all money supply measures have increased in his 20 months in office: M0 by 344%, M1 by 152%, M2 by 114%, M3 by 164%. And the majority of that increase was in the first year, as I had detailed in my previous piece on Milei. So you did not refute my argument that the economic growth is a result of money printing, you just misrepresented it as if I said that the money growth is a result of the IMF loan. 3. You present the IMF loan as if it is a good thing because it offers a lower interest. And of course it is true that it offers a lot lower interest than the interest he has to pay on his local currency, but if this was the solution, then Macri’s $45b loan would have caused economic growth and recovery. And if this was the solution, then his local bonds would be trading at a far lower yield than 69%, and he would be able to sell them. You do not address the entirely absurd levels of IMF indebtedness I mention, and how they are clearly unsustainable even by IMF standards, and how Argentina’s borrowing is now 1352% higher than its IMF quota, and why several IMF officials were removed over this. The domestic lending is still happening at 69% interest rates, which is completely unsustainable, and given that he secured so much foreign loans and is still borrowing at these levels, this suggests this was just a short-term fix and the problems will return. You did not address the main point from which the piece started: no country has ever offered bonds at an interest rate over 30% and not faced default, hyperinflation, or an IMF bailout. This is the brutal reality you ignore, and all the feel-good waffle the pro-Milei media repeats is utterly irrelevant next to this very glaring and important signal. 4. The idea that he is giving people a choice in currency is completely irrelevant when the central bank continues to exist, continues to monopolize the banking system, and continues to enforce a centrally-directed interest rate, currently at 65%. You do not have a choice in money if the banks are forced to use pesos and the interest rate is set by the central bank. This is why everyone is only speculating on government bonds, and this is how he is trying to revive the fiat ponzi. Again, you should look at facts and not the empty speeches of politicians. 5. No, he is not limiting the power of the central bank, on the contrary, he is increasing it but by tricking people into depositing their USD savings into the banks, by continuing to impose currency controls, and by continuing to impose a monopoly on banking. Can you go and open a US Dollar bank in Argentina and not deal with the central bank? No, you cannot. This is what matters, and not hysterical speeches. 6. If he wanted to actually limit the power of the central bank, all he has to do is to just allow the creation of banks that use dollars or Bitcoin or any other currency, and allow them to operate freely and have all functional and legal privileges of the peso banks, independently of the central bank, most importantly, access to the international swift network. If a Brazilian or German or American bank can just open a branch in Argentina, and take deposits in dollars or Euros and not deal with the Argentinian central bank, do you think the central bank would continue to operate? No, everyone with an IQ over 75 in Argentina will move their money to that bank; and the peso and the central bank would collapse the next day. This is all he has to do if he wants to really give people economic freedom. Instead, he continues to restrict their freedom, continues to restrict foreign currency use, and continues to centrally impose an exorbitant interest rate of 65% to direct all the country’s capital to the government bond ponzi, which is the only thing paying more than 65%. And of course, it’s not working, even with the tens of billions he’s securing from abroad. 7. Not even Milei himself has said that the impediment to closing the central bank is the opposition. He ran on an explicit platform of shutting the central bank and he could have done it because he had the popular mandate to do so. He could have done it explicitly, by simply revoking its charter, or he could have done it implicitly by simply licensing banks to operate outside of the central bank with foreign banks. Or he could have done it by legislatively destroying the ability of the central bank to create money and making the central bank simply a mechanism for domestic and international payment clearance and the swift network. He had many options, but he did not even try to use any of them and he simply switched completely to trying to save the central bank from day one in office. You cannot blame politics for the choice he took without even trying to keep his promise. Face it: he just lied, and used public support for closing the central bank and dollarization to get into office and continue the peso ponzi. To recap. The main points of my article are that: Milei has massively increased the money supply in his 20 months in office. He has massively increased the foreign debt in his time in office. He has raised taxes. He has allowed the continuation of a very destructive government bond market selling peso bonds at a highly unsustainable 69% interest rate, which is robbing the private sector of capital, and will bankrupt the government and/or cause hyperinflation. The peso bonds are failing to be rolled over, and this signals real trouble ahead. Honestly, it is rude to waste people’s time with attempted responses that do not even address the central points of a piece. I could have been working instead of this.

Milei - ist er der erfolgreiche Politiker, den viele in ihm sehen oder doch eher einer, der viel verspricht und wenig hält? @RomanReher und ich schauen uns die Kritik an ihm durch Hoppe und @saifedean genauer an: youtu.be/M5EgSPr340g?si… 🔥🔥🔥

Wenn es Böhmermann nicht gefällt, dann muss es ja gut sein. Abonniert Clownie seinen Kanal @clownswelt?si=80T7MESKpS8lv8Bl" target="_blank" rel="nofollow noopener">youtube.com/@clownswelt?si… #Clownswelt #Boehmermann

@mz_storymakers @ZDF

Für € 18,36 gibts im @ZDF Zersetzung und Verhetzung, so wie es früher die Stasi getan hat: mit Rufmord im höchstpersönlichen Lebensbereich und strafbarem Doxing. #Böhmermann

Comedy im ZDF: Tötungsaufrufe (Nadsis keulen), Leute doxxen, Frauen als Scheißhaufen titulieren. SCHAFFT DAS ZDF AB! #Böhmermann

@Wnschmstr Als das mit "Verschwörungstheorien" (und das bei Black Mirror!?) und "an Corona gestorben" kam, wusste ich, die dritte schau ich nicht mehr.

Hab die ersten 2 Folgen der neuen Staffel Black Mirror gesehen... schwach, einfach schwach.

@nicolen8wak Dann sind es keine klugen Köpfe! (16 Jahre!!)

Zwei kluge Köpfe, ein großes Thema – und wieder kein Wort über #bitcoin. Schulden, Inflation, Ratlosigkeit. Vielleicht hilft ein Blick in „Broken Money“ oder „Der Bitcoin-Standard“ – bevor der intellektuelle Karren noch weitere Jahre im Fiat-Sumpf stecken bleibt 😉 #StudyBitcoin #MarkusLanz #RichardDavidPrecht #LanzPrecht @ZDF

Is Trump playing...

@CarlBMenger 🤚

If you had the balls to buy #Bitcoin in ‘THE LEGEND ZONE,’ I want to follow you.* *Bitcoin-only

GM. New private Twitter/X, but not new to Bitcoin. As a dedicated Bitcoin maximalist, I’m looking forward to connecting with Bitcoin-only plebs around the world.👋