Mia Wong

Okay, so before we get to what this is going to do to the entire world economy, we need to talk about... Garrison, do you know what balance of payments is? That sounds like something I would ask my accountant about. Yeah, so this is technically an accounting thing, right? But the balance of payments of a country, it is like a leisure thing, right? But it's the measure of their accounts, right?

In terms of all of the money coming out of the country and all of the money coming into the country. That's like trade balance stuff, right? Yeah. And the balance of payments is actually very important for a lot of countries because specifically most countries in the world need to buy things in a currency they can't print.

In terms of all of the money coming out of the country and all of the money coming into the country. That's like trade balance stuff, right? Yeah. And the balance of payments is actually very important for a lot of countries because specifically most countries in the world need to buy things in a currency they can't print.

In terms of all of the money coming out of the country and all of the money coming into the country. That's like trade balance stuff, right? Yeah. And the balance of payments is actually very important for a lot of countries because specifically most countries in the world need to buy things in a currency they can't print.

And this has always been the structural limit of things like modern monetary theory, which talks about how like your country's ability to like have things isn't constrained by just like the pure money supply of your country as long as you're buying things in your own currency, right? Like the purpose of money is the thing that move assets around, right?

And this has always been the structural limit of things like modern monetary theory, which talks about how like your country's ability to like have things isn't constrained by just like the pure money supply of your country as long as you're buying things in your own currency, right? Like the purpose of money is the thing that move assets around, right?

And this has always been the structural limit of things like modern monetary theory, which talks about how like your country's ability to like have things isn't constrained by just like the pure money supply of your country as long as you're buying things in your own currency, right? Like the purpose of money is the thing that move assets around, right?

but inflation isn't a product i mean like yeah okay if you just like hammer the fucking printer button right like yeah you can cause hyperinflation but substantively because because money is something that is a production of the government because it is literally government debt right it's not a commodity in the conventional sense where you have to like figure out how much of it there is and there's like a limited supply of it and you have to like manage limited supply to make sure the economy doesn't explode you can just use the money that you have and you can use debt like deficit spending effectively

but inflation isn't a product i mean like yeah okay if you just like hammer the fucking printer button right like yeah you can cause hyperinflation but substantively because because money is something that is a production of the government because it is literally government debt right it's not a commodity in the conventional sense where you have to like figure out how much of it there is and there's like a limited supply of it and you have to like manage limited supply to make sure the economy doesn't explode you can just use the money that you have and you can use debt like deficit spending effectively

but inflation isn't a product i mean like yeah okay if you just like hammer the fucking printer button right like yeah you can cause hyperinflation but substantively because because money is something that is a production of the government because it is literally government debt right it's not a commodity in the conventional sense where you have to like figure out how much of it there is and there's like a limited supply of it and you have to like manage limited supply to make sure the economy doesn't explode you can just use the money that you have and you can use debt like deficit spending effectively

to continue to circulate goods around the economy the problem is if you have to buy something that is not in your currency that's where you need trade because you need to find a way so you know i'm going to take an example that we're going to come back to later which is bolivia right if you are bolivia you need to get american dollars you can buy like gas right so people can like fucking fuel their cars

to continue to circulate goods around the economy the problem is if you have to buy something that is not in your currency that's where you need trade because you need to find a way so you know i'm going to take an example that we're going to come back to later which is bolivia right if you are bolivia you need to get american dollars you can buy like gas right so people can like fucking fuel their cars

to continue to circulate goods around the economy the problem is if you have to buy something that is not in your currency that's where you need trade because you need to find a way so you know i'm going to take an example that we're going to come back to later which is bolivia right if you are bolivia you need to get american dollars you can buy like gas right so people can like fucking fuel their cars

And the problem is you can only buy oil in American dollars. So you have to find something to export to a place where you can get American dollars for it. And in this sense, balance of payments actually matters enormously, right? And balance of payments is also just like a function of all of your trade deficits and all of your trade surpluses sort of combined, right? But think about the US.

And the problem is you can only buy oil in American dollars. So you have to find something to export to a place where you can get American dollars for it. And in this sense, balance of payments actually matters enormously, right? And balance of payments is also just like a function of all of your trade deficits and all of your trade surpluses sort of combined, right? But think about the US.

And the problem is you can only buy oil in American dollars. So you have to find something to export to a place where you can get American dollars for it. And in this sense, balance of payments actually matters enormously, right? And balance of payments is also just like a function of all of your trade deficits and all of your trade surpluses sort of combined, right? But think about the US.

This is a notable thing. Everyone uses the dollar to buy shit. There's like nothing that you can't buy with the dollar, right? So, for the United States, none of this shit matters. At all. None of the balanced payment stuff. It is completely irrelevant. Like, literally, completely, totally, and utterly irrelevant. Right?

This is a notable thing. Everyone uses the dollar to buy shit. There's like nothing that you can't buy with the dollar, right? So, for the United States, none of this shit matters. At all. None of the balanced payment stuff. It is completely irrelevant. Like, literally, completely, totally, and utterly irrelevant. Right?

This is a notable thing. Everyone uses the dollar to buy shit. There's like nothing that you can't buy with the dollar, right? So, for the United States, none of this shit matters. At all. None of the balanced payment stuff. It is completely irrelevant. Like, literally, completely, totally, and utterly irrelevant. Right?

Now, if you are, like, Bolivia, and you run out of dollars, then what you have is a spiraling economic crisis where, like, people fucking suddenly can't buy food because no one can buy oil, so no one can move things around, so, like, the entire economy literally collapses. This is a very, very, very common mode of economic collapse. But...