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--></style></head><body lang=EN-US link=blue vlink=purple style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>From:</span></b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'> John Clark <johnkclark@gmail.com> <br><b>Sent:</b> Sunday, 5 October, 2025 12:05 PM<br><b>To:</b> spike@rainier66.com<br><b>Cc:</b> ExI chat list <extropy-chat@lists.extropy.org><br><b>Subject:</b> Re: [ExI] My review of Eliezer Yudkowsky's new book (UBI)<o:p></o:p></span></p></div><p class=MsoNormal><o:p> </o:p></p><div><div><div><p class=MsoNormal><span style='font-family:"Arial",sans-serif'><o:p> </o:p></span></p></div></div><div><div><p class=MsoNormal>On Sun, Oct 5, 2025 at 2:17<span style='font-family:"Arial",sans-serif'> </span>PM <<a href="mailto:spike@rainier66.com">spike@rainier66.com</a>> wrote:<o:p></o:p></p></div></div><div><div><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>>…</span></b><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'> I couldn't comment on Nancy Reagan's proposed solution to the illegal drug</span></b></span><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'> problem,<span class=gmaildefault> "just don't do drugs"….<o:p></o:p></span></span></b></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>That strategy works, with or without the just. The proper quote however is “Just say no.”<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'> </span></b></span><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'><div><div><div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>…<o:p></o:p></p></div></div></div></div></blockquote><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>>…Then we simply borrow some more…<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>OK but who gets the profit from accepting the risk of that?<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>>…<span class=gmaildefault>That's the strategy we've used during the 21st-century and during most of the 20th, and it seems to have worked pretty well…<o:p></o:p></span></span></b></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>Oh on the contrary sir. It has led us into catastrophe in the USA because it didn’t cover the risk that the world would not end.<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>>…The only time the US has had a balanced budget was four years during the Clinton administration…<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>Ja, it was a miracle! Or not: it was an accounting trick, as was pointed out by a German investor friend. The USA didn’t magically balance its budget. It arranged to have the Social Security surplus counted as revenue, which it really isn’t. That is a retirement fund. Now we are borrowing money to pay that back, running up huge interest costs, which surpassed national defense, is now pulling up alongside Medicare, charging toward exceeding Social Security costs.<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>It is easy to see now that Elon was right: cut this budget severely, cut it now, cut it hard. Otherwise, the federal government does nothing but collect money to service its own debt, at which time it cannot borrow money, because investors see the risk going exponential. They will not loan.<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>>… but that's not a very good advertisement for having a balanced budget. </span></b></span> <span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>John K Clark<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>If we argue that it is not necessary to balance the budget, we are left with some explanation for why we need taxes. Can’t the government just borrow the money it needs? Why not?<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>spike<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div></div></div></div></body></html>