“Technological innovation is born from the desire to achieve ends and secure profits by serving others.” Principles Of Economics by @Saifedean Ammous

“Capital accumulation not only requires the sacrifice of the present for the future, but it also requires the sacrifice of the certain for the uncertain. The capitalist is constantly speculating that her investment will yield a positive return in the future, but she could always be wrong. In order to become a capitalist, one needs to first produce something of value for which others can pay him. He then needs to abstain from using that payment to satisfy his own needs, and instead deploy it into a business whose goal is to serve others, by producing outputs, which they subjectively value higher than the market price of the inputs into the production process. At any point in time, failure to provide customers with this value will result in a collapse in revenue and profitability, inevitably leading to bankruptcy and the loss of capital. The causes of such failure are endless: laziness, disinterest, bad luck, better competitors, but the outcome is always the same: the loss of capital. These are the reasons why capital ownership is so valuable and productive and why workers continue to choose to work for capital owners.” Principles Of Economics by @Saifedean Ammous

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“Modern schools of economics do not teach the reality of economics as the study of human action, which results in their adherents being incapable of understanding the hard work, sacrifice, and risk needed for anyone to become a capital owner. This inability to understand cause and effect leads to imagining capital as some sort of heavenly privilege bestowed upon a particular race of people. You either belong to that race or you do not. There is little appreciation or understanding of the actions necessary to accumulate capital and hold on to it successfully, and as a result, many people waste their time, and the fruit of their labor, complaining bitterly about capital, rather than working to acquire it and raise their productivity and living standards. This economic ignorance is the wind in the sails of demagogue politicians who exploit it to achieve power and use it to expropriate capital owners.” Principles Of Economics by @Saifedean Ammous

“The opportunity cost of capital is always forgone consumption.” Principles Of Economics by @Saifedean Ammous

“It is common to hear capital and its owners mentioned disparagingly in mainstream media, academia, and other fountains of economic illiteracy. Capital is presented as if it is a means of exploiting labor, and its owners the beneficiaries of an unfair advantage over the rest of society. Rarely does one hear the true costs required for capital ownership and the responsibility it implies. To be a capital owner, you first have to earn it. Then you have to abstain from consuming it by saving it. Then you have to deploy it in the market well enough to earn a return sufficient to maintain it.” Principles Of Economics by @Saifedean Ammous

“Every process that lengthens production is only possible because of the sacrifice and delayed gratification made by capitalists. This seemingly obvious point is worth reemphasizing because a sizable portion of the world’s economic problems have come from cranks laboring under the delusion that they have found an exception to this necessity.” Principles Of Economics by @Saifedean Ammous

“Every process that lengthens production is only possible because of the sacrifice and delayed gratification made by capitalists. This seemingly obvious point is worth reemphasizing because a sizable portion of the world’s economic problems have come from cranks laboring under the delusion that they have found an exception to this necessity.” Principles Of Economics by @saifedean

“August saw a somewhat flat market, with coins like Ethereum and Bitcoin having a slow month, but other cryptocurrencies like Maker and Ripple surprised everyone and really skyrocketed. Crypto disruptors landed on the scene – FedNow is a new instant payment platform direct from the Federal Reserve. FedNow may challenge the likes of BTC and ECH. There’s also WorldCoin, which aims to be a payment network, ID system and universal basic income platform all in one.” I used to respect this man for his perspectives on money and markets. After seeing this in my email inbox I can no longer value anything he has to say.

“The market economy, and civilization itself, are predicated on the respect of property rights, as it is only when property rights are secure that individuals can accumulate any amount of capital significantly larger than what they can keep on their person for basic primitive needs. A society in which property rights are not respected is one where conflict is rife, and one where individuals cannot afford to think of investing their precious labor in the future, as all the property that can store this value is risky to own. Civilized society is only possible when the right to property in self and objects is widely respected, and individuals can expect to maintain their property into the future.” Principles Of Economics by @Saifedean Ammous

“Importance of Property Rights Understanding the concept of property makes an individual able to economize more effectively and increase the productivity and value of his time. By investing his labor in the production of durable goods, man is able to draw on their services for longer, lowering his time preference in the process and learning to prioritize the future more.” Principles Of Economics by @Saifedean Ammous

I’m still a kid who thinks that if I run fast enough I’ll fly.

“Deciding how to occupy his time is man’s eternal and universal economic problem because time is scarce, and Keynes’ simplistic conception of economics prevents him from recognizing that use of time is an economic choice.” Basic Economis by @Saifedean Ammous

“Kids play video games to escape reality but then they make video games as real as possible

“Under a free market with sound money, savings appreciate in market value over time, and individuals have the freedom to work or not, and to ask for any wage they want. Employers also have the freedom to pay any salary they want. In such a world, with savings appreciating, it is perfectly rational for many to forego employment. A worker who cannot find employment at a prevailing wage is simply unable to find someone who values the marginal revenue product of his labor at a price higher than the worker’s valuation of leisure.” Basic Economics by @Saifedean Ammous

“Switzerland, the last country in the world to go off the gold standard, provides a good example of this dynamic. As the fiat world struggled through severe unemployment crises throughout the twentieth century, Switzerland had practically no unemployment until it went off the gold standard in the mid-1970s.42 After adopting the dollar standard and engaging in inflationism, Switzerland has witnessed a rise in unemployment that follows the same cyclical pattern observed in every country that runs on fiat money.” Basic Economics by @Saifedean Ammous

“It is telling that the concept of unemployment did not really exist as an economic term before the twentieth century. In a free market, people choose whether or not to work for the wage offered to them, so nobody can be involuntarily unemployed. With the introduction of monetary inflationism and minimum wage laws, a permanently unemployed part of the population became a fixture of modern economies, and blaming this unemployment on the market process became a fixture of the pseudoscientific economics dominant in modern academia, financed by those with vested interests in maintaining inflation in order to provide rationales for it.” Basic Economics by @Saifedean Ammous

“The inflationary boom results in the financing of unsustainable investments, and their inevitable collapse causes entire economic sectors to witness bankruptcies, with large numbers of workers laid off and left with skills for which there is little demand.” Basic Economics by @Saifedean Ammous

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"When the money works society flourishes." NY Giants Running Back Saquon Barkley and Jack Mallers from @strike discuss what happens to humanity when the money we use is capable of purchasing what we need in life over a longer time horizon. Check out the conversation on @moneymatterzpod