Balaji Srinivasan

They basically had lists of all the farms and so on in the country.

And they would send guys with guns to kick in the door.

They'd rape the wife.

They'd kill the father.

They'd take the son to a gulag.

brutal brutal this is what collectivization meant right for the people right it meant the party would basically steal all this property and a farm by the way is like a factory in the sense of you know how do you actually grow the the beets or the radishes it's like a whole process of how you aerate them and irrigate them and if you all that knowledge went away when you killed the farmer or or stole the farm which is why all these famines resulted it's like a machine that you don't know how to operate

Anyway, point is, in order to do that, they had to actually go physically house to house and shoot people and take their stuff.

OK, to steal 10 percent of the property, they actually had to have physically guys with guns.

American Keynesianism has innovated on that.

Why?

Because they don't have to.

When the Fed wants to steal 10 percent of all property.

Right.

They just hit a button and they inflate the money supply.

And nobody feels it.

In fact, some people even think that they've gotten richer because their asset prices have gone up

Right.

Because their house price or their, you know, S&P or whatever has gone up in nominal terms.

But it's like, you know, let's say there were 10 units of stock and you had one and you had 10 percent.

OK, now another 90 units are issued and you get one.