<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=utf-8"><meta name=Generator content="Microsoft Word 15 (filtered medium)"><style><!--
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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal>> <b>On Behalf Of </b>John Clark via extropy-chat<br><br><b>Subject:</b> Re: [ExI] Trump's Coronavirus Response<o:p></o:p></p></div><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal><o:p> </o:p></p><div><div><p class=MsoNormal>On Sat, May 9, 2020 at 11:08 PM SR Ballard via extropy-chat <<a href="mailto:extropy-chat@lists.extropy.org">extropy-chat@lists.extropy.org</a>> wrote:<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><p class=MsoNormal><span class=gmaildefault><span style='font-family:"Arial",sans-serif'>> </span></span><i>I could feel much more comfortable with a “zero sum” or positive budget.</i><o:p></o:p></p></blockquote><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><span style='font-size:13.5pt'>>…Why? In the last 2 centuries we have dramatically improved our wealth generating machinery, aka our productivity, so as long as the borrowing is not larger than the rate of wealth generation improvement it would make perfect economic sense to borrow … John K Clark<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:16.0pt'>OK, what if productivity unexpectedly drops for some reason? Does that mean we pay back by that percentage? How? And what if expenses simultaneously rise unexpectedly, do we pay for that by… how?<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:16.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:16.0pt'>A Ponzi scheme is a great investment until it suddenly isn’t anymore.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:16.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:16.0pt'>spike<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:16.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:16.0pt'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p></div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><p class=MsoNormal><o:p> </o:p></p></blockquote></div></div></div></body></html>