The story around FTX gets deeper, weirder and more corrupt by the day. Chris Sullivan joins me to break down why and how some of the damage control surrounding FTX is operating and who has the incentives on either side of the distributed ledger to either push this thing to a crisis point or bury it under a mountain of mal-information.
Chris Sullivan at Hyperion Decimus
Episode #123 — Dexter White and FTX’s Real Crimes
Tom on Twitter @TFL1728
Podcast Episode #122 — Pascal Najadi and How the Swiss Regain their Neutrality
Podcast Episode #121 – Matt Ehret and the Unseen Intentions of U.S. History
Podcast Episode #120 – Alastair Crooke and the Dysfunctionality of Nations
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Your comment about “private verses public capital formation” made my head spin. I was really liking and adjusting to the brilliant “tokenized energy” definition.
So, to better understand “public capital formation”, I stumbled upon this presentation:
L. Randall Wray – Modern Money Theory for Beginners
The MMT people have inverted everything. If you want to understand the other side it is worth the hour. The premise seems to be that money didn’t arise organically or spontaneously through individual human interactions and motivations.
Wray never says it explicitly, but under MMT, there is no need for tax payers, as the government just prints the money it needs. Furthermore, as the government has no need for citizens paying into the system, it does not need to be accountable to them: so much for the House of Representatives being a check on the executive with the power of the purse / taxation. According to Wray, the only reason a government would tax citizens would be to take money out of circulation during times of high inflation. (What Sunak seems intent on doing now in the UK?)
I don’t even know how to begin to characterize that MMT presentation… it is like they have divorced money from labor and production and created a standalone operating system?
It reminds me of the SAP Revolution that many major US corporations went through to maximize productivity (JIT/Kaizen manufacturing processes). What we all assumed was that the software would be tailored to the realities and exigencies of the business to solve real problems… however, when it was rolled out, it was the company that need to adapt itself to the SAP software – so, not only were our original problems /inefficiencies/bottle necks left unsolved, but the entire company had to upend itself to comply with the requirements of the software.
Likewise, in order for MMT to operate, it appears that that is exactly what will happen to the real (ie Austrian) economy, it will have to modify itself to conform to MMT.
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