Keith Weiner
@RealKeithWeiner
Followers
12,786
Following
1,116
Media
871
Statuses
49,392
Founder and CEO of @Monetary_Metals , Economist, Specializing in gold, money and credit
Joined July 2010
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
#TheKingdomsConcert
• 221109 Tweets
Lakers
• 146621 Tweets
#WWERaw
• 133791 Tweets
Mariners
• 107347 Tweets
Lebron
• 81863 Tweets
Nuggets
• 73584 Tweets
Timberwolves
• 49548 Tweets
Jamal Murray
• 46672 Tweets
Tatum
• 29162 Tweets
All To Myself D-2
• 25473 Tweets
Derrick White
• 24819 Tweets
Jokic
• 24760 Tweets
Darvin Ham
• 20282 Tweets
Darío
• 17476 Tweets
Cancun
• 13432 Tweets
Reaves
• 12676 Tweets
Freya
• 11883 Tweets
Hayes
• 11489 Tweets
無料10連
• 11327 Tweets
風呂キャンセル界隈
• 11254 Tweets
桂由美さん
• 11157 Tweets
Vando
• 10790 Tweets
Pinned Tweet
An under-appreciated idea of the Austrian School:
The damage is done during the boom. The bust does not destroy wealth, it's just the accounting catching up to the reality.
78
407
2K
Gold is just bitcoin without the potential to go to $0.00.
382
267
3K
Socialism is not about economics. Socialism has no economics.
It is about envy.
223
542
2K
Bitcoin -$3600. In under 2 hours.
This is not savings, not money, not even currency.
Nothing but a speculation, a casino chip. Will it go up to $100K and beyond? Maybe. I don't know, and neither do the glib voices who assure you it will.
1K
75
823
"Lol, bitcoin's 50% drop doesn't bug me, I paid $300 when I bought in, so I am still up 100X."
-- people who told me to buy at $68,000
118
25
766
Socialism is the belief that outsourcing your own care and feeding to politicians and bureaucrats will work out well for you.
And it's really popular.
50
114
599
"Bitcoin is finite."
You know what else is finite? Genuine Keith Weiner paintings.
Doesn't make them valuable!
318
25
483
What if I told you that the reason that the governments ended the gold standard was not that it failed, but that it was too successful?
It doesn't allow for cheating. If you cheat, people just pull their money out. Governments wanted to disenfranchise the savers.
60
102
457
Gouging is the word that means "I don't know about economics".
18
46
435
Gold exists unconditionally. Not dependant on anything to exist. It exists, even if you disbelieve it. Even if no one pays the power bill.
Bitcoin is conditional on third parties paying the power bill (and other expenses), on the software, etc. It could go out of existence.
130
48
419
Bitcoin down *ANOTHER* 8%. $28.5K
By now, some things should be clear:
1 bitcoin is not money
2 bitcoin does not work as currency, either
3 telling people "not gonna make it" and "have fun staying poor" was not good
4 bitcoin price prognosticators have no idea what will happen
86
49
378
If you add 200mg potassium cyanide to a cup of tea (250 is the typical lethal dose) do you still call it tea? No, it's poison!
If you add a welfare state to economy, requiring high taxation and a central bank, plus regulation, monopoly grants... do you still call it capitalism?
37
75
395
@Brien_Lundin
It's not gold going up, it's the dollar going down. Just about 30mg gold at the end of 2015, now down to around 13mg.
The dollar must be measured in gold. It cannot be measured in euros (i.e. DXY).
14
31
359
@KevorkAlmassian
Fake.
The biggest gold bar is 400oz. Most people can't hold it one handed. A bar the size in the photo would be hundreds of pounds.
Here's a pic of me with a 400oz bar.
128
15
299
@DoombergT
The only thing that amazes me is that on both sides of the aisle, people think politicians can solve engineering or business problems.
Or create energy, whatever they Believe Biden can do. But not approve pipelines, drilling, reduce taxes, cut regulations..
17
31
302
Now do literally every other debtor.
Btw, they all pay higher interest rates than the US govt.
Tens of trillions globally. At higher interest rates. By debtors who don't have a captive central bank to finance them.
The US govt is literally the LAST entity to worry about.
37
37
303
If you check your coat at a restaurant, they give you a coat check, a receipt that you redeem to get your coat back.
The coat check receipt is not the coat.
Somehow, people have lost sight of this when it comes to money.
25
35
269
Crypto is nothingness. The way it works is you fork over your money to an exiter. The only money anybody ever made in crypto is by selling it. New buyers are the only source of gains.
Half of Twitter thinks "self" custody fixes it. The other half thinks regulation.
53
32
262
Congress is now talking about taxing unrealized gains. I had a brilliant Super Genius(TM) idea.
Why not tax 6th graders who are going into honors-level middle school tracks? After all, they have potential unrealized incomes!
Why not tax startups on multibillion dollar…
56
47
271
We calculate a fundamental gold price right now over $2,600.
28
34
269
#bitcoin
-10%. In a few hours.
Tell me it's not a store of value, without telling me it's not a store of value.
No, you don't get to say "zoom out". That does not make it into a store. It just means it's been a good speculation so far.
433
27
261
To have a bitcoin is to have a claim against the ledger. This claim is backed by nothing.
One day, this will matter.
68
17
244
"The govt can find and take your gold, but can't stop servers on the Internet nor banks from trading bitcoin."
-- bitcoinlogic
101
20
243
Evolution:
gold coin: no one owes you anything
gold redeemable note: bank owes you gold
1913: the Fed owes you gold
1933: the Fed owes you, but promises not to pay
1971: the Fed owes you nothing
bitcoin: the ledger--no one--owes you nothing
None of these steps is an improvement.
48
47
233
If the Fed is "printing money", and if printing money causes inflation, and if the Fed has done QUITE A LOT of money printing hence caused quite a lot of inflation...
Why is copper cheaper than it was over a decade ago?
127
20
234
Few understand, the US Government will be the *last* entity on earth to default.
Look to every other kind of borrower, first. Especially at the margin. Like commercial real estate.
46
35
214
In the Soviet Union, there was a saying.
"They pretend to pay us, and we pretend to work."
In America today, someone could say "They pretend it's money, and we pretend to save."
7
40
205
Uganda claims it has 31M tons of gold ore, containing 320K tons of fine gold.
That would be over 1% grade. Typical gold grades are single-digit *grams* per ton. This is alleging 1,000 grams per ton.
I call "bullshit".
But yeah, add this to the list of "reasons" to buy bitcoin.
37
17
198
Socialism is about saying your problem isn't your fault. And by "not your fault", they mean it's someone else's responsibility to pay for it.
12
39
209
Socialists deny the existence of capital as such. They just see it as something to consume.
A fun experiment: gather a bunch of workers together on a field. Have them make a lightbulb, a wire, a switch, and a generator to power it. Plus fuel to power the generator.
Even the…
30
32
206
We are watching the Europeans, Brits, Australians, Japanese, Chinese and others watch their life savings drip drip drip away.
I could be saying "hey, cool, my upcoming trip will be cheaper in USD!"
Instead, I say: the gold standard fixes this.
21
25
197
I don't know what's worse:
1 a bigoted plagiarist heading America's premier institution of higher learning
2 a Congress with the power to fire university presidents for their views
47
32
190
Volatility precludes use as money.
Dealer sells new F-150 for $69K worth of bitcoin. 2 hrs later, has only $65K to pay to Ford.
"Cope harder"
"Your name is Weiner"
"zoom out"
"bitcoin outperformed gold"
"I am doing fine, I bought in, in 2016"
"HFSP"
Don't address the problem.
320
9
196
If you thought that the Shanghai gold premium is a sign of dollar weakness or it was about gold, you missed the story.
When Chinese buy gold, they have to pay in USD. Which means they first dump yuan to get USD then send USD out of the country. This weakens yuan.…
36
36
191
If only we knew if gold had value after Rome collapsed...
One of the worst arguments I've seen is that you should own gold or Bitcoin in case of societal collapse. I can promise you that both will be worthless in this scenario.
Internet money and a shiny rock only have value in a functioning civilization, not the apocalypse.
714
312
4K
26
12
192
The only money anyone ever makes in bitcoin is paid by the next guy buying in.
Including the exorbitant costs of mining.
113
7
190
I just posted my Forbes article in a thread. Posting it here, it relates to bitcoin.
How many bitcoin was the average worker paid in 2011? He worked about two minutes to earn a bitcoin. Today, he works about half a year.
An EPIC COLLAPSE in wages! 🤪
87
25
186
I said socialism is not economics, it's envy. Some socialists pushed back on this.
Let's look at the policies which are sacred to them, starting with "climate justice" which is just a euphemism for energy poverty.
1/11
12
60
183
Biden wants to give free $$$ to home buyers. Critics say this does not fix the housing affordability crisis, because it only makes prices go up.
Socialist fixes are never designed to solve a problem in a systematic and durable way.
They're just about robbing Peter to pay Paul.
31
25
185
@SantiagoAuFund
China's banking system created more assets (and liabilities) in a decade than the US created in 250 years.
The magnitude of this thing is off the charts.
19
15
180
It's not how many falling dollars you can buy with your gold, it's how many ounces you have.
29
13
183
After bitcoin's death-defying plunge of $52,000 (75%), bitcoiners can no longer claim it's becoming more stable (at least for a while).
So, to what do they pivot?
"Gold to be massively diluted in 100 years by asteroid mining."
52
8
173
Socialism is not about economics. Socialism has no economics. It's just magical thinking plus envy.
No one honestly believes this rubbish. It's just sloganeering to mask their desire to destroy the rich, to make the rich poor.
60
32
184
"Would a gold standard work, today?"
This is the same as asking "would freedom work, today?"
It's not freedom which has the horrible track record in need of constant rationalizing... it's govt coercion.
32
36
178
Every govt intrusion into markets, every regulator, bank supervisor, health inspector, license board, planning commission... acts disproportionately against small business. Hence job creators. And ends up aiding big corporations.
Every. Single. Time.
18
40
179
Someone said "eliminate the rich people". I asked "what then, once the rich are rounded up, and sent to gulag?"
He said "it would be a good start!"
The envy side of socialism, just wanting to destroy anyone who has more for any reason.
I don't block often, but when I do...
38
10
174
It's not gold going up, it's the dollar going down. Just about 30mg gold at the end of 2015, now down to around 13mg.
The dollar must be measured in gold. It cannot be measured in euros (i.e. DXY).
16
38
179
F*****g delusional
By 2030, when $BTC is trading over $1M, every single millionaire in the world will be fighting each other to buy 1 full
#Bitcoin
.
617
381
3K
37
7
164
Boom! Bitcoin +11%!
Anyone using bitcoin for finance now faces bankruptcy. How many farms or factories can handle an 11% increase in their debt?
64
13
166
100% of the bitcoin price is liquidity premium. Think about it. Take as long as you need.
37
21
165
Sometimes socialists are more honest than they intend.
Article on 6000BC hunter-gatherers who developed food surplus, hence storage buildings... led to "emergence of wealth inequality".
Yup. When everyone starves, all are equal. The moment someone consumes less than he produces…
19
24
170
At LBMA conference, many asked why would anyone buy Eagles at 100% premium.
The answer clicked for me. Buyers believe that $36 is the "real" price, and price they see on the screen is just the "paper" silver price.
28
15
169
Lol, the author of the "Bitcoin Standard" blocked me. I never spammed his posts, used profanity, or made personal attacks.
It's my *ideas* he can't tolerate.
So much for a "standard", it cannot withstand controversy or debate beyond the bumper sticker logic it likes to beat.
29
8
163
Billionaires don't hoard gold (most don't own any gold at all). They own businesses. They allocate resources to produce the things you need, i.e. capital.
Who (other than MMTers) believes that politicians allocate resources more productively than businesses?
39
19
161
Q4 GDP increased by $335B annualized rate.
OK, but debt increased at an annualized rate of $2.4T!
Any Keynesian fool can increase GDP 1 unit by borrowing and spending 7 units!
25
32
164
Socialism promises consumption without production. It's the reward for voting. It delivers by consuming capital.
Bitcoin promises consumption without production. It's the reward for HODLing. It delivers by, you guessed it...
27
14
161
The *ONE MONTH* Treasury bill pays a higher yield than the *TEN YEAR*.
This is a train wreck, and the only question is when enough cars pile up and catch on fire to get the attention of the Fed.
26
25
157
If you criticize socialism, the socialists react with predictable arguments. One of them is to point to a creature of the present regime.
"Capitalist, how do you justify THIS?!"
Don't take the bait. We don't have capitalism. Long ago, we started adding socialist institutions.
43
22
157
"Inflation is always and everywhere a monetary phenomenon." -- Milton Friedman
"Friedman was wrong." -- Keith Weiner
Want proof? Look at the large--and widening--gulf between the general price level in California and Arizona.
Same money, different prices.
107
14
161
Nope, nope, nopety nope!
Every six months this man in South Dakota climbs this communication tower to change the light bulb. He is paid $20,000 per climb.
4K
10K
134K
44
16
155
When you understand why you reject all the other cryptos, you'll know why we reject bitcoin too.
27
8
151
Now do money. 😄
15 years ago I never really appreciated old-fashioned vehicles, but now that vehicles have become so software-based, almost like car-as-a-service, I have a big appreciation for older vehicles.
338
284
3K
28
15
153
We calculate a fundamental silver price right now over $30.
9
10
152
Rumors of a gold backed BRICS currency are like rumors of a flying, fire-breathing unicorn.
A fun fantasy for an afternoon, but hardly reality.
37
18
152
An awful lot of people are going to be astonished when interest rates resume their decades-long fall.
64
8
148
A gold currency is not when a govt has X amount of gold (or X amount per currency unit).
It begins with trust in the issuer and people depositing their gold.
If not, if it's just "we are pegging our currency to gold at X:1 ratio" this is a price-fixing scheme that will fail.
39
15
139
Some people want govt to print unlimited money to fund everything on the socialists' wishlist. Inflationism.
Some people want to stop mining, drilling, and use of fossil fuels. Energy poverty.
Why is it the same people? What does inflationism have in common with energy poverty?
72
20
143
Capitalism is when anyone can own means of production.
Socialism is when everyone is owned by the govt.
13
26
138
Computers are on the verge of true intelligence the way a skateboard is on the verge of a true motor vehicle, the way a car is on the verge of flight, or the way a 737 is on the verge of flying to Mars.
17
13
141
So-called Modern Monetary Theory begins with the 1995 Mosler paper, which begins with the false premises that (1) there are idle resources in the economy, and (2) govt can use them more efficiently (by printing money to commandeer them).
Once you accept this absurdity, the rest…
38
27
142
Almost saying the silent part out loud!
What is it, Dr. Bennett, that horifies you about 390 megatons of humans?
You want it to be smaller? Then I have two words for you.
YOU FIRST!
32
19
143
@oldbooksguy
@ValidScience
Old Soviet joke:
Farmer digs field. Finds lamp. Genie comes out.
"I grant you one wish. But what I do for you, I double for your neighbor."
"Blind me in one eye."
1
14
140
Lowest monthly close on dollar!
From a dollar being just over 1500 milligrams gold before the Fed was created in 1913, now worth just over 15mg.
This is a wipeout of 99%!
18
20
133
Well, yeah, it's lost like 80% of its purchasing power in a year.
But at least if you need to carry $̶1̶0̶M̶ $200K across the border while fleeing Interpol, it's all good!
34
9
133
One issue with unrealized gains tax is the owner does not have the cash to pay the tax.
Another is, even if he does, the tax is literally *HOOVERING THE CAPITAL OUT OF GROWING AND PRODUCTIVE BUSINESSES*.
Opposite of what you'd want, assuming you want growing quality of life.
31
16
136
1 bitcoin is skyrocketing
2 bitcoin is a good monetary system
These are not the same statements. If you think they are, then you won't understand a word I say.
(They're actually incompatible)
49
10
133
Me: In the gold standard, it is difficult or impossible to spend more than its tax revenues.
Them: Yes, as we said, the gold standard failed.
⚠️
14
20
134
It's somehow very hard to show people that the dollar is a credit.
28
3
134
A curious feature of our society is that various groups chip away at the meanings of words.
Orwell and Rand got it. If these groups get away with changing meanings to support their agenda, they win. Most people can't come to (or grasp) the ideas opposing the agenda.
A 🧵
9
22
134
To be a bitcoin maximalist, one must have a deep faith that no further innovation is possible.
Remember HTML 1.0? Archie searches (long before Google)? Novell Netware? The Three Wheeled Benz Patent Motor Car, elevators with hand-cranked gates...
48
8
130
@profwolff
Govt owns roads, harbors, trains, airports, radio spectrum, schools, a welfare state so big that taxes are insufficient so we need central bank to pay for it, all productive enterprise is regulated, most professions are licensed.
At what point do you stop calling it capitalism?
14
18
129
@bergensblomsten
@GoldTelegraph_
LME entered this market in 2017, thinking they could compete against CME (i.e. COMEX). Didn't get the volumes they needed to make money, now exiting.
8
5
128
