Post AIsbs5MlwpJcKysiyu by mjc3d@3dart.social
 (DIR) More posts by mjc3d@3dart.social
 (DIR) Post #AIsaVECEqrtZ6oUWeW by feld@bikeshed.party
       2022-04-27T16:03:53.397497Z
       
       3 likes, 1 repeats
       
       Psssst, Elon didn't spend $44B of his own money on Twitter.The banks gave him a loan against his assets (which are massively inflated in value)The banks didn't give Elon their money either; the banks *printed* $44B new dollars out of thin air.
       
 (DIR) Post #AIsafoySy2Fy4M6Its by feld@bikeshed.party
       2022-04-27T16:05:54.956104Z
       
       0 likes, 0 repeats
       
       If Twitter collapses it's a $44B tax on all holders of the US dollar
       
 (DIR) Post #AIsbZJjuHiBzPeklRA by AIaYYAle4i1uKmKpqy.gme@bofh.social
       2022-04-27T16:15:55.378506Z
       
       0 likes, 0 repeats
       
       Banks don’t print money, the US Treasury does.
       
 (DIR) Post #AIsbs5MlwpJcKysiyu by mjc3d@3dart.social
       2022-04-27T16:17:57.112964Z
       
       0 likes, 0 repeats
       
       I thought it was the US Mint?
       
 (DIR) Post #AIsbs68z3ZsckVRE80 by AIaYYAle4i1uKmKpqy.gme@bofh.social
       2022-04-27T16:19:18.412274Z
       
       0 likes, 0 repeats
       
       The Mint makes coins and controls the bouillon. The Bureau of Engraving and Printing which is part of the US Treasury actually designs and prints the money.
       
 (DIR) Post #AIsfNDW7zbgSSMnHYe by feld@bikeshed.party
       2022-04-27T16:58:31.574161Z
       
       0 likes, 0 repeats
       
       Wrong, they print money when they make loans. They traditionally have a reserve requirement (banks own $$ to back it up) but that changed after COVIDhttps://www.federalreserve.gov/monetarypolicy/reservereq.htm"As announced on March 15, 2020, the Board reduced  reserve requirement ratios to zero percent effective March 26, 2020.  This action eliminated reserve requirements for all depository institutions."
       
 (DIR) Post #AIsfkR3BqI9v5cKVNI by feld@bikeshed.party
       2022-04-27T17:02:46.031859Z
       
       0 likes, 0 repeats
       
       To clarify: the Treasury prints money that goes into circulation. Bank loans create debt backed by nothing. It's still printing money.These aren't my words but it's a good explanation:"Bank of America makes a loan by creating a liability deposit account/entry for that amount, and a matching entry in its loan book. Creating that deposit money increases M1 (and M2)."
       
 (DIR) Post #AIsgN1gw3nEhjZK1Q0 by feld@bikeshed.party
       2022-04-27T17:09:40.064933Z
       
       0 likes, 0 repeats
       
       It's literally how the fiat money system works and most people are blissfully unaware. It should be a shocking revelation for everyone
       
 (DIR) Post #AIsgjoQpWevvGnebzM by feld@bikeshed.party
       2022-04-27T17:13:51.686211Z
       
       0 likes, 0 repeats
       
       You may find this enlightening or terrifying as it covers this as part of the broad picture of the economic cycleshttps://m.youtube.com/watch?v=PHe0bXAIuk0
       
 (DIR) Post #AIt0gMX0nfTQxAB5X6 by kris@toot.cafe
       2022-04-27T16:33:56Z
       
       0 likes, 0 repeats
       
       @feld excited to pay the "elon musk destroyed twitter with free speech" tax