<div dir="ltr"><div dir="ltr"><div><br clear="all"></div>On Sun, Jun 7, 2026 at 4:35 PM <<a href="mailto:spike@rainier66.com">spike@rainier66.com</a>> wrote:</div><div class="gmail_quote gmail_quote_container"><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div class="msg322060928524563505"><div style="overflow-wrap: break-word;" lang="EN-US"><div class="m_322060928524563505WordSection1"><p class="MsoNormal"><span style="font-size:11pt;font-family:"Calibri",sans-serif"><u></u> </span></p><div style="border-color:rgb(225,225,225) currentcolor currentcolor;border-style:solid none none;border-width:1pt medium medium;padding:3pt 0in 0in"><p class="MsoNormal"><b><span style="font-size:11pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11pt;font-family:"Calibri",sans-serif"> Keith Henson <<a href="mailto:hkeithhenson@gmail.com" target="_blank">hkeithhenson@gmail.com</a>> <br><b>.</b></span><u></u><u></u></p></div><div><div><div><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif">>…The treasury cannot print counterfeit cash by definition….<u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif"><u></u> <u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif">They can only print what is covered by sales of T-bills.  Real money </span></p></div></div></div></div></div></div></blockquote><div><br></div><div style="font-size:x-small" class="gmail_default">No money is real money unless you are talking about silver and gold or other things with value. Even there, money is a shared belief rather than something tangible.<br></div><div> </div><div><span class="gmail_default" style="font-size:x-small">Legal or not, if the treasury printed it, it is not counterfeit. Only unauthorized private parties can do that. But thinking about it, people can mine bitcoins. Is tht counterfeit?</span> <br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div class="msg322060928524563505"><div style="overflow-wrap: break-word;" lang="EN-US"><div class="m_322060928524563505WordSection1"><div><div><div><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif"><u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif"><u></u> <u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif">If no one will buy the teebs, they must offer higher interest to incentivize investors, which might be where John was getting that notion of money printing being inflationary.  <u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif"><u></u> </span></p></div></div></div></div></div></div></blockquote><div><span class="gmail_default" style="font-size:x-small">Countries that did print lots of money had a heck of a lot of inflation,</span></div><div><span class="gmail_default" style="font-size:x-small"><br></span></div><div><span class="gmail_default" style="font-size:x-small">If everyone owned a fabricator which would make anything you want, that would about take care of commerce. <br></span></div><div><span class="gmail_default" style="font-size:x-small"><br></span> </div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div class="msg322060928524563505"><div style="overflow-wrap: break-word;" lang="EN-US"><div class="m_322060928524563505WordSection1"><div><div><div><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif"><u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif">In any case, a former economic advisor<span class="gmail_default" style="font-size:x-small">t</span> explains everything thus:<u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif"><u></u> <u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif"><a href="https://www.youtube.com/watch?v=1Fj0zRmEWYc" target="_blank">https://www.youtube.com/watch?v=1Fj0zRmEWYc</a><u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif"><u></u> <u></u></span></p></div><div><p class="MsoNormal"><span style="font-size:14pt;font-family:"Arial",sans-serif">>…<span class="m_322060928524563505gmaildefault"> Nor do I understand how things will work out after the  singularity rolls over everything…<u></u><u></u></span></span></p><p class="MsoNormal"><span class="m_322060928524563505gmaildefault"><span style="font-size:14pt;font-family:"Arial",sans-serif"><u></u> <u></u></span></span></p><p class="MsoNormal"><span class="m_322060928524563505gmaildefault"><span style="font-size:14pt;font-family:"Arial",sans-serif">Ja, I am with you there.  AI might disrupt commerce to where the treasury printing money doesn’t have much effect.  We still need electronic communications to support modern commerce.  We do not have the option to returning to paper money.<u></u><u></u></span></span></p><p class="MsoNormal"><span class="m_322060928524563505gmaildefault"><span style="font-size:14pt;font-family:"Arial",sans-serif"><u></u> <u></u></span></span></p><p class="MsoNormal"><span class="m_322060928524563505gmaildefault"><span style="font-size:14pt;font-family:"Arial",sans-serif">It might be that the singularity just kills everybody, as Eliezer has been warning for decades.  But what I lie awake worrying about is if it doesn’t.  Then what?<u></u><u></u></span></span></p><p class="MsoNormal"><span class="m_322060928524563505gmaildefault"><span style="font-size:14pt;font-family:"Arial",sans-serif"></span></span></p></div></div></div></div></div></div></blockquote><div><span class="gmail_default" style="font-size:x-small"></span></div><div><span class="gmail_default" style="font-size:x-small">If we are alive, we will find out.</span></div><div><span class="gmail_default" style="font-size:x-small"><br></span></div><div><span class="gmail_default" style="font-size:x-small">Keith<br></span> </div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div class="msg322060928524563505"><div style="overflow-wrap: break-word;" lang="EN-US"><div class="m_322060928524563505WordSection1"><div><div><div><p class="MsoNormal"><span class="m_322060928524563505gmaildefault"><span style="font-size:14pt;font-family:"Arial",sans-serif">spike<u></u><u></u></span></span></p><p class="MsoNormal"><span class="m_322060928524563505gmaildefault"><span style="font-size:10pt"><u></u> <u></u></span></span></p><p class="MsoNormal"><span class="m_322060928524563505gmaildefault"><span style="font-size:10pt"><u></u> <u></u></span></span></p></div><blockquote style="border-color:currentcolor currentcolor currentcolor rgb(204,204,204);border-style:none none none solid;border-width:medium medium medium 1pt;padding:0in 0in 0in 6pt;margin-left:4.8pt;margin-right:0in"><div><div><div><div><blockquote style="border-color:currentcolor currentcolor currentcolor windowtext;border-style:none none none solid;border-width:medium medium medium 1pt;padding:0in 0in 0in 6pt;margin:5pt 0in 5pt 4.8pt"><div><p class="MsoNormal"><u></u> <u></u></p></div></blockquote></div></div></div></div></blockquote></div></div></div></div></div></blockquote></div></div>