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Cake day: June 13th, 2023

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  • I browse Reddit only for one sub, a country-specific one that is reasonably niche. Right when the API migration happened, there seemed to be a very visible migration of Facebook/Instagram people migrating over to Reddit. Posts asking where to find Instagram/Facebook functionality came in daily, and the overall quality of both comments and posts degraded a lot, suddenly posts had a ton of comments with one word and a ton of emojis.




  • So if I understand correctly, the reason it’s outdated is not because we don’t need those pesky banking regulations any more, but that it has been found that banks will just take out their own loans to cover the reserves they need from the central bank, so they can just lend as much as they want, no seatbelts. And the central bank will never run out of loans to give, since they have insane reserves, in their own currency it is technically unlimited.

    So money is not really the thing we think it is. If banks overextend themselves and fuck up, the only thing we’ll see instead of failing banks is runaway inflation in the consumer and asset (housing) markets. Wonder where I’ve seen that.