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@almostlikethat | |||||
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I'd agree "it all GOES THROUGH the money" but Turchin thinks it ALSO goes through elite culture.
"Unsound money" may be a product of an elite culture that doesn't care about non-elites, but that culture is likely a "common cause" of many similar policies :-( pic.twitter.com/vv4COe0OW3
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Ben Prentice
@mrcoolbp
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19. srp |
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Inflation is the source of most problems society faces today. Real costs decline, prices rise, but wages don't. This illusory phenomenon has disrupted all exchange, entrepreneurship, workers, savers, and borrowers; it's corrupted our lives and culture. 1/ pic.twitter.com/aMWPkx5bkw
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Jennifer RM
@almostlikethat
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20. srp |
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Inflation is bad and decent wages for workers are good :-)
BUT see Turchin's "Ages of Discord: A Structural Analysis of American History".
Ch12 applies Turchin's theory to reproduce the "What the hell happened in 1971?" graph almost perfectly without DIRECT use of inflation.
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Ben Prentice
@mrcoolbp
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20. srp |
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What's the argument?
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Jennifer RM
@almostlikethat
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20. srp |
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Directly: workers didn't get economic progress pass through after "supply" exceeded "demand".
Ultimately: Turchin blames "elite" policies, which are blamed on elite DEMOGRAPHY.
Relevantly: *He* mentions the Trade Balance (which *I* suspect is downstream of monetary policy). pic.twitter.com/MdpB07SwIg
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Ben Prentice
@mrcoolbp
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20. srp |
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So...it all comes back to the money.
By the way check trade deficits, WTF happened in 1971!!?!! pic.twitter.com/0It0oS2rXK
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Ben Prentice
@mrcoolbp
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22. srp |
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If only there was a way we could exit the broken system created by the elite culture... pic.twitter.com/BLrB9Roy85
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John
@itsjusstjohn
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21. srp |
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>elite culture
If only you know how anti-semitic your tweets are... pic.twitter.com/OP32alNNxi
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...
@wutang_capital
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21. srp |
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Elitism has no race and is ironically being championed by a particular political party that uses race hustling for votes. It's an egotistical belief that you know what's best for somebody else. Why do you think Jewish people are wealthy? Hot take right here: it's not skin tone.
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