JEN, Fulco, Russia discussed on The Pomp Podcast

The Pomp Podcast
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Automatic TRANSCRIPT

That gets aren't behind because may be impossible then. They the of like same predictable. Monetary policy i think is a noncontroversial position among many economists fiscal. You're arguing is you take widely accepted kind of consensus view. Traditional economic viewpoints like predictability Like of the fat or central bank or whatever and you apply it to the lens of bitcoin. There's checks that guests you thirty percent there. Yeah your third. There may be ensuring monetary policy is transparent programmatic programmatic and predictability are just two different words. That meaning pretty much. The same programmable is just like be a strong incarnation of productivity right. Yes highly predictable independent. Decentralized those are again you know two different words for two different industries but basically you know Rely on each other or kind of related to each other thus right and then if that gives you thirty percent what's the rest is so then the rest is that you realize how hard it is to accomplish that and you realize that The monetary policy of a nation is really powerful that it can be used as a diplomatic tool in other nations that he can be used as a domestic policy tool to jen to pass about money to people or whatever that may be in a way that it's not our regarding organic so that won't be says he realized that there was a bunch of incentives in that system. They go against that ideal and that push against. That's one piece in the piece that that it's important is that i grew up and to a large degree. I remain very kind of liberal kind of almost to the left in many issues. But i think one thing that high iq father off gonna libertarian. Economics has right. Is that price convey information right. It prizes the way we discovered truth in the market. And so if you think are with prices because of foreign or domestic policy objectives. And you're not just you know indirectly taxing the wrong people. You're not making on also hard. You actually screwed up the market mechanism. And i've seen i've seen in practice efforts to subvert the market mechanism for like a top down mechanism and it does not work is really really really bad. This is This is not only the history of russia would be whatever this happens. Just stop down. It's just pretty hard. And so so. I think those those that is like the third which is like prices are really really important and incentive structure is against it and i think that all kinda checks. I think the last piece is the piece that you realized that this thing is not cannot be censored cannot be controlled so it means that no one can grab power over it and so going back to your point. Is that when you look all this concentration of power. What big point has is. It has the property of diffusion of power. No one has to be in control. And that's a notion there's very scary and very Is not clear if that's going to work or not. I mean we've tried fulco inspiration of power. That doesn't quite work well. We tried to market loss governments. And i it works better but it has a bunch of issues but this idea that we can affect you something that we wanted to be predictable and that we force it to be predictable and it cannot be controlled by anyone else. It's insane so i think once you see that and you see that possible is really a different world and and you see examples of all of that. I mean i. there's a bunch of news on the news right now on minors being the platform in china in china I don't see anyone. Coordinating they migration of those machines somewhere else and yet it's happening. It's happening there being migrated..

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