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</o:shapelayout></xml><![endif]--></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'> Keith Henson <hkeithhenson@gmail.com> <br><b>.</b></span><o:p></o:p></p></div><div><div><div><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial",sans-serif'>>…The treasury cannot print counterfeit cash by definition….<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial",sans-serif'>They can only print what is covered by sales of T-bills. Real money must be loaned to the treasury in order to authorize it to print that amount of money. But that’s all it can print. If it prints more money than sales of teebs generated, that amount is counterfeit. The treasury cannot legally print more than it takes in.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;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. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial",sans-serif'>In any case, a former economic advisor explains everything thus:<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial",sans-serif'><a href="https://www.youtube.com/watch?v=1Fj0zRmEWYc">https://www.youtube.com/watch?v=1Fj0zRmEWYc</a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial",sans-serif'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial",sans-serif'>>…<span class=gmaildefault> Nor do I understand how things will work out after the singularity rolls over everything…<o:p></o:p></span></span></p><p class=MsoNormal><span class=gmaildefault><span style='font-size:14.0pt;font-family:"Arial",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal><span class=gmaildefault><span style='font-size:14.0pt;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.<o:p></o:p></span></span></p><p class=MsoNormal><span class=gmaildefault><span style='font-size:14.0pt;font-family:"Arial",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal><span class=gmaildefault><span style='font-size:14.0pt;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?<o:p></o:p></span></span></p><p class=MsoNormal><span class=gmaildefault><span style='font-size:14.0pt;font-family:"Arial",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal><span class=gmaildefault><span style='font-size:14.0pt;font-family:"Arial",sans-serif'>spike<o:p></o:p></span></span></p><p class=MsoNormal><span class=gmaildefault><span style='font-size:10.0pt'><o:p> </o:p></span></span></p><p class=MsoNormal><span class=gmaildefault><span style='font-size:10.0pt'><o:p> </o:p></span></span></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><blockquote style='border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt'><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><o:p> </o:p></p></div></blockquote></div></div></div></div></blockquote></div></div></div></body></html>