Old price-gouging joke:
Store 1: "How much are a dozen eggs?"
"Three bucks, but we're all out."
George Selgin
62.6K posts
George Selgin
@GeorgeSelgin
Money and banking fallacy demolition expert. I promise not to waste our time by saying things you expect me to say.
- Replying to @GeorgeSelginStore 3: "How much for a dozen eggs?" "Ten bucks." "Ten bucks!!! Elsewhere they just charge three!" "So, go buy them there." "I can't: they're all out." "Tell you what, when _I'm_ all out, I'll mark mine down to just _two_ dollars!"
- Trump doesn’t know the first thing about trade. It’s that simple.Trump: "We were losing hundreds of billions of dollars with China. Now we're essentially not doing business with China. Therefore, we're saving hundreds of billions of dollars. It's very simple."
00:00 - Replying to @GeorgeSelginStore 2: "How much for a dozen eggs?" "Four dollars, but the last ones sold yesterday."
- It does make one wonder why anyone would still trust the advice of economists who were capable of such a gross blunder.Sorry Comrades „Economists“, Argentina has one of the fastest growth rates in the world, and almost no inflation anymore. Free market works, it works really fast.
- This was even better than my first cup of coffee.Javier Milei on Hoppe | HE IS A LIBERIDIOT
- Kidding aside, I've now read @nntaleb's paper in its entirety. And it is not just poor. It is almost 100% baloney: sloppy or made-up history, sloppier history of thought, deplorable economics, and fatuous statistics.If seeing Nassim Taleb trash bitcoin doesn't make a HODLer out of me, nothing can! coindesk.com/nassim-taleb-b…
- I would be happy to publicly debate @GaryGensler, Gary Gorton, or anyone else who claims that history proves that private currencies aren't viable without heavy handed regulation, if even then. Heck, I'd happily debate several of them at once!
- The excellent @crampell is absolutely right: the "gouging" theory of inflation is terrible economics, and worse politics. 1/2
- I’m not anti-Bitcoin. I’m pro-Bitcoin minus hype.
- The Five Stages of Inflation Grief: (1) Hooray, inflation is dead! (2) OK, it isn't dead, but it's not the Fed's fault, and it's temporary. (3) So it's not temporary, but raising rates will crash the economy. (4) Let's try price controls. (5) Fed, please crash the economy!
- Having waited for 68 years, I need to get ‘round to the serious business of goofing off. So I’m retiring this summer. I’ll still put an oar in now and then; but I plan to spend a lot more time reading, hiking, traveling, cooking, and otherwise just having a blast.
- I confess that I occasionally fantasize that people who spout such nonsense might find themselves marooned on desert islands, like so many Robinson Crusoes, so that they might discover for themselves the extent to which scarcity has been “invented” by economists.Economics is not a science. It is a religion of scarcity. An invention designed to manage people, not resources. A system that pretends to describe reality while in fact engineering behavior.
