Not a universal Bayesian.
Joined March 2011
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When you have to compare item by item and not the total economic output - you have already lost the argument. It's like when Belarus brags about producing 120,000 tractors a year. Try something like this - what the median person actually receives, accounting not only for income from wages and salaries but also the various benefits and social transfers they receive, minus taxes👇
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When the WC was last held in America, the US and Germany had the same GDP per capita, and insightful travelers thought that they had similar standards of living (here's @tylercowen, for ex.).
Today, America has 50% higher GDP p.c., and Germans visiting for the WC are being radicalized by American gas stations, cars and houses, food portions and variety, Wi-Fi speeds, and the overall sense of abundance and prosperity.
Jun 12
Europeans coming to America for the World Cup are shocked by our prosperity.
A German guy has his mind blown by Buc-ee’s. A Swedish woman is amazed by ranch dressing, says it's "like crack."
She claims that the internet on a plane flying over the Rockies is faster than what she has at home.
She declares “The U.S.A. has completely radicalized me within 48 hours.”
Americans can romanticize Europe all they want.
But it's good to have a higher standard of living.
And we do, thanks to freer markets and mass migration.
🇺🇸
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btw, I wrote about WC as a radicalizing event for Europoors 👇
x.com/bohumilo/status/205238…
GDP is visible with the naked eye. The catch-22 is: the poorer you get, the less you travel.
Europeans get very defensive when you tell them this. They only realized it when they got angry about how unaffordable for them the tickets for the soccer WC are.
x.com/bohumilo/status/203925…
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Jun 13
If the socialists had their way, Elon would have had his paypal profits taken and redistributed for the greater good.
The world would never have seen Tesla, nor SpaceX.
And the world wouldn't know it, because they were uncreated, and thus unseen.
Imagine the companies that don't exist, because Washington destroyed them before they were born.
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They won't get your post.
x.com/bohumilo/status/187235…
This guy doesn't understand what wealth is. Take, for example, @elonmusk. He does NOT have $500b in his bank account or in real estate or in a chest full of gold, etc. His wealth is how much OTHER people think the worth of the transformations of the real world he can bring about is worth (hat tip to @DavidDeutschOxf). How much OTHER people value his power to lift such and such number of tonnes into orbit, his power to transport such and such number of people with his cars, to reduce pollution by such and such amount, and so on.
So, he does NOT have anybody's money, he has power to lift things in the orbit! His wealth is in knowledge, ideas, processes, factories, contracts, supply chains, etc. If tomorrow you were to take away ALL his money, his wealth would remain intact. You can only physically destroy his factories and destroy human ability to do all those things he is now doing and make our civilisation poorer - as commies were in 20th century - you can NOT redistribute it!
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When the WC was last held in America, the US and Germany had the same GDP per capita, and insightful travelers thought that they had similar standards of living (here's @tylercowen, for ex.).
Today, America has 50% higher GDP p.c., and Germans visiting for the WC are being radicalized by American gas stations, cars and houses, food portions and variety, Wi-Fi speeds, and the overall sense of abundance and prosperity.
Jun 12
Europeans coming to America for the World Cup are shocked by our prosperity.
A German guy has his mind blown by Buc-ee’s. A Swedish woman is amazed by ranch dressing, says it's "like crack."
She claims that the internet on a plane flying over the Rockies is faster than what she has at home.
She declares “The U.S.A. has completely radicalized me within 48 hours.”
Americans can romanticize Europe all they want.
But it's good to have a higher standard of living.
And we do, thanks to freer markets and mass migration.
🇺🇸
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879
btw, I wrote about WC as a radicalizing event for Europoors 👇
x.com/bohumilo/status/205238…
GDP is visible with the naked eye. The catch-22 is: the poorer you get, the less you travel.
Europeans get very defensive when you tell them this. They only realized it when they got angry about how unaffordable for them the tickets for the soccer WC are.
x.com/bohumilo/status/203925…
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Bohumilo retweeted
Jun 12
Europeans coming to America for the World Cup are shocked by our prosperity.
A German guy has his mind blown by Buc-ee’s. A Swedish woman is amazed by ranch dressing, says it's "like crack."
She claims that the internet on a plane flying over the Rockies is faster than what she has at home.
She declares “The U.S.A. has completely radicalized me within 48 hours.”
Americans can romanticize Europe all they want.
But it's good to have a higher standard of living.
And we do, thanks to freer markets and mass migration.
🇺🇸
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@"Workers built the house. The landlord just bought the legal right to summon those men with guns [the commie means police] and hold the roof hostage."
Yes. That's what makes roofs happen.
Jun 12
Workers built the house. The landlord just bought the legal right to summon those men with guns and hold the roof hostage.
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The thing is, @BernieSanders & @AOC have significantly contributed to Elon becoming a (or should I use here "the"?) trillionaire by fighting data centers on Earth.
@elonmusk was right: the most ironic outcome is the most likely!
AOC and Bernie have won
no more billionaires
we are now in the age of trillionaires
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"Noooo, in capitalism, with secure property rights, people earn a lot and are able to invest in other people, making their success much easier than in caves or in socialism"
Yes.
Jun 10
No billionaire actually built a billion dollar company through hard work. Apple’s cofounder said the garage story is a myth. Bezos got a $300k investment from his parents. Google’s founders were Stanford grads with access to venture capital. Stop promoting the bootstrap ideology.
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Or in the Ottoman Empire, where even the richest, best-connected, and most influential people had to carry all of their liquid wealth with them to make sure it wouldn't be taken away...
x.com/bohumilo/status/194976…
Exactly! And one should always keep in mind that for almost all of history - until the development of property rights and capital markets in the West (or, to be specific, the Netherlands and UK) - there was no option but to hoard, which is why there was no economic growth throughout history.
Consider this example, one of my favorites. When the Holy League captured the Ottoman commander (and Sultan’s brother-in-law) Ali Pasha Muezzinzade at Lepanto, they seized his entire family fortune on his boat - a treasure chest with 150,000 gold pieces. Like all wealthy Turks, he kept his liquid assets physically close to his person because he didn’t have anything better to do with them!
Also, notice that this means that, even though he was perhaps the second most powerful person in the empire, he, too, wasn’t a free man. His life, his freedom, and his fortune could be confiscated in a moment and on a whim. Therein lies the reason for the ultimate demise of the Ottoman Empire, but also all totalitarian societies. There’s a deep lesson for, for example, today’s China inside.
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Abso-fucking-lutely!
If you look at almost any point in history before the last couple of centuries, you'll find that the richest man was the cruelest murderer and thief (that's why they had 0 economic growth, no improvement in material living standards over time—you didn't (and couldn't!) have to produce for others in order to get rich.)
But today, it is the man who launched the most rockets into orbit (far more than the entire rest of humanity combined, actually!), made an EV the best-selling car in the world, made the best AI, enabled disabled people to move objects with their minds, the blind to see, the lame to walk, etc.—and, most importantly, single-handedly saved freedom of speech and Western civilization (which is really just a wrapper around it).
In other words, the man who produced the most wealth for all of humanity, who improved the lives of others the most.
So, yes, I, too, am absolutely delighted that Musk is a trillionaire.
Cherries to you, @elonmusk! 🥂
Jun 12
I'm delighted that Musk is a trillionaire. Anyone else happy for him?
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But Piketty already knows this—he is heavily (100%, may I add) reliant on those billionaires. 👇
Hey, @PikettyWIL, who is going to write your @guardian articles for you when you vaporize (as Orwell would put it) all the billionaires?
x.com/s8mb/status/2065187125…
@"We advocate for a world with more health, more education...more income for 99%, but no more billionaires"
Communists pretend that billionaires didn't earn their money through production, so they take the material wealth that we enjoy for granted—hence it can simply be redistributed.
But, for ex., who is producing health for everybody in the world? Who produced vaccines for COVID and polio? Ivermectin? Diagnostic system and rapid tests for malaria? Pocket-sized ultrasound devices that serve poor rural areas without electricity? The abundance of cotton underpants (which arguably saved more lives than all medicine combined), chemicals for personal hygiene, baby formula and vitamins, disposable diapers, food, electricity, etc., etc.—everything that more than doubled life expectancy over the last 150 years and made everybody healthier and wealthier? Yes, billionaires!
Who produced the abundance of education and information, the internet, AI, computers, mobile phones, free e-books, etc.?
Yes, billionaires and entrepreneurs. THEY are producing health and education for all!
No billionaires = life in caves and dying at 35 from old age.
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These names sound familiar somehow, like I've seen them in a very similar context before? 🤔
Jun 10
No, you are Bond Villain communists who hate human flourishing. Perhaps you used to be economists.
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This guy doesn't understand what wealth is. Take, for example, @elonmusk. He does NOT have $500b in his bank account or in real estate or in a chest full of gold, etc. His wealth is how much OTHER people think the worth of the transformations of the real world he can bring about is worth (hat tip to @DavidDeutschOxf). How much OTHER people value his power to lift such and such number of tonnes into orbit, his power to transport such and such number of people with his cars, to reduce pollution by such and such amount, and so on.
So, he does NOT have anybody's money, he has power to lift things in the orbit! His wealth is in knowledge, ideas, processes, factories, contracts, supply chains, etc. If tomorrow you were to take away ALL his money, his wealth would remain intact. You can only physically destroy his factories and destroy human ability to do all those things he is now doing and make our civilisation poorer - as commies were in 20th century - you can NOT redistribute it!
25 Dec 2024
The Americans wondering where all their money is..
Here it is, right here.
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Bohumilo retweeted
Jun 12
Elon Musk becoming a trillionaire is an IQ test.
If you are incredibly jealous, believe he should be destroyed, and think it is bad for humanity, you do not understand economics.
Do not fail this test.
If you do not understand, go learn about economics before posting your negative feelings and revealing to the world that you are a moron.
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Bohumilo retweeted
Jun 12
few know this, but the poor actually had access to rockets and electric cars for free until Elon Musk decided to hoard them all for himself
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Bohumilo retweeted
Jun 12
Elon Musk is now a trillionaire. They’re driving Brink’s trucks loaded up with cash to his house as we speak. He took all the money from the rest of us and they’re just letting him get away with it. It’s an outrage. I’m shaking with righteous anger.
Jun 12
Elon Musk just became the world's first trillionaire.
The typical American household would have to work more than 11 MILLION years to make Elon Musk's level of wealth.
We need a wealth tax.
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