Comments by "seneca983" (@seneca983) on "Patrick Boyle" channel.

  1. How the lawyers in this case get paid seems to give rise to perverse incentives too. Some enterprising lawyers might try to get some random shareholder (possibly by paying him) with 1 share to start a case just so that they can reap huge sums of money if they win.
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  2. Funny that you showed a picture of Enron. Enron was audited by Arthur Andersen. Arthur Andersen no longer exists because of the Enron scandal. Can we expect the same to happen to PWC?
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  3. I don't agree with this. The proposed BRICS currency wouldn't replace national currencies like the Euro did. It would only be used to settle some international transactions.
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  4. I don't think the claim (at least the one's I've seen) are that Soros's trades on their own were enough to move the market. Rather the claim (as far as I've seen it) is that his actions made other speculators believe that the realignment was going to happen soon causing them to copy him. If this is correct, his actions were a snowball that started an avalanche (though that avalanche was coming in any case and if Soros hadn't been the one to set it off someone else would've). Just to be clear, I'm not myself claiming that this kind of claim is true either. I'm just saying what the claim was as far as I've understood it.
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  5. That effect isn't really that big and it's stupid to resent it. No one is obligated to hold depreciating dollars in large amounts. Also, same applies to any other currency.
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  6. "makes me fearful" I can understand that but on the other hand, a huge amount of "Now Hiring" banners isn't the worst economic signal you could have.
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  7. "Rather than opting to pay their workers better wages immediately, the companies basically borrowed on credit - that is the future cost of those pensions. They did this to themselves." I think in the case of e.g. the auto workers, the unions were demanding pension benefits specifically. Also, increasing wages enough to allow the workers to save an equivalent amount would likely have taken away the possibility of profits right away (instead of later) which is something neither the company nor the union would want.
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  8. I'm really surprised that he wasn't sponsored by Raid: Shadow Legends.
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  9.  @MattCasters  But the cash bonus of $2 million (which was above the minimum wage) was paid to Nelson Peltz, not Elon Musk, so I don't see how you can claim it isn't the truth.
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  10. Analogies are rarely perfect.
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  11. I'm surprised that even some of the insider information was actually correct.
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  12.  @kalef1234  He clearly stated that it's not just the 1%.
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  13. However, that scheme was much more laborious and not as profitable.
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  14.  @Itriedtobe-wq9lj  "Brish are not Europeans in the strict geographic sense" I would say they are European in the strict geographic sense. Europe doesn't include just the continental part but also nearby islands. Otherwise, you could also e.g. say that most Danes aren't European (except those from Jutland).
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  15. It's not quite the same as a normal bank account because you're owning reserves (base money) directly. Normally only banks can have digital reserves, i.e. an account balance at the central bank and it's used only by banks in transactions between them. Usually individual people can only own base money in the form of physical cash, not in a digital form. This would be basically digital cash. Now functionally, the difference to most users would be small. However, one difference there is that a normal bank balance is only a promise to pay cash when demanded and a bank may fail to pay if it becomes insolvent. With a central bank digital currency, like the one of China, that cannot really happen because you're owning (digital) cash directly and there never was any promise to exchange it for something else.
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  16.  @MattCasters  "Musk sold all his possessions, paid $11B in taxes and donated over $5B to charities last year" The original comment was about the Las Vegas Loop. Whether Musk is a good or a bad person doesn't change the fact that the Las Vegas Loop is just a stupid idea.
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  17. I checked the FRED data for "Real Median Household Income in the United States". It has clearly been increasing, not declining, in the last 30 years. Technically median income and median wage aren't the same as falling unemployment could raise the former without raising the latter, but I still think you're clearly just mistaken.
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  18. If the interest rates fall in the future, that will increase the market value of those bonds but not of your savings account.
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  19.  @karimghandour5998  I'd say Seema Silberstein is on a similar level in terms of looks.
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  20. She made the classic error of trying to hide a petty crime and in doing so committed a far more serious crime.
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  21. Maybe it should be turned into a taxpayer funded government service.
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  22. "The problem with the sanctions I guess is that the target I suppose is to make russian people so poor that they will protest harder against the war." That's one possible motivation for the sanctions but it's not the only one. One other possible motivation is that if the sanctions ruin the Russian economy then that economy cannot support the invasion of Ukraine as well as otherwise. It was mentioned in this video that manufacturing some weapons like smart bombs is more difficult without access to advanced microchips.
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  23.  @tomlxyz  The payout here is truly enormous, especially compared to the harm suffered by the guy with 9 shares. Considering that, many lawyers might want to try to litigate cases like this even if they think their chances of winning are small; the expected payout would still be large.
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  24. Fun fact: the name "Huel" is a contraction of "human fuel".
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  25. "a rich Scandinavian country" I.e. Norway.
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  26.  @Brogenitor  "Something that the capital class continues to get wrong is that allowing labor to have increased purchasing power will come at their profit margin's expense." Higher labor costs will generally reduce profits. That's pretty simple. The pension benefits the automakers gave to their employees proved eventually too costly to leave them with profits. Paying similar amounts but just earlier (i.e. as wages and not pensions which are delayed) probably wouldn't have made it better. They would've been in trouble anyway and possibly earlier. That's also what the unions don't want because that would just mean their members losing their jobs rather than getting higher wages. Thus, delayed benefits were preferable to both of them.
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  27. They should've made a gravity-powered pickup. Then it couldn't have caught on fire.
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  28. "Fiat currency is inherently deflationary" Well, that's a first. Usually I hear anti-fiat cranks saying that fiat is inherently inflationary rather than deflationary. In any case, I don't think it makes sense to defend Turkey's policy of printing a lot of fiat currency by criticizing fiat. Turkey's current monetary policy is just plain too loose and thus harmful. It cannot be reasonably defended.
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  29.  @williamfranklin6283  "If you had zero repercussions of your engineering failure would you run any simulations?" I'm pretty sure he would because simulations are useful for other things too like improving efficiency (possibly even at the expense of safety).
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  30.  @thomas316  Did you fill your room with those coupons?
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  31.  @thomas316  Maybe you should've sold those coupons for profit. :)
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  32.  @rohankishibe8259  Those have nothing to do with what currency is used for transactions.
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  33. I think you misunderstand a bit. This case fell under federal jurisdiction. It's just that the district who's court handled the court case happens to be located in Texas. Now, you might still want to make sure that the court case following your inevitable prosecution is handled by this same court. I'm not quite sure what that would require but I'd imagine that living in and operating from that district would probably help. It would be even better if you victims also live in the same district but you probably can't guarantee that. Then you have to just hope this particular judge doesn't leave this district court for something else before you're acquitted.
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  34.  @korayven9255  I'm pretty sure India would still use the Rupee domestically and control its supply and this BRICS currency would only be used for some international transactions. (I make no predictions on whether the BRICS currency is likely to be implemented.)
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  35. The best one was, of course, Richard Coffin.
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  36. If not, sod off.
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  37. Maybe it would have made more sense to initially have much laxer 3 red lines and then tighten them gradually?
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  38. East Coast = Least Coast West Coast = Best Coast
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  39. I don't think that matters all that much. Basically everyone who knew about Twitter knows that X is ex-Twitter.
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  40. Just set the video to 2x speed and it makes it sound more like rapping.
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  41. Don't forget to use leverage!
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  42.  @slomnim  But WeWork primarily hoodwinked professional investors which in theory ought to be harder.
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  43.  @Freerider93  They payout here is enormous, especially compared to the harm suffered by the plaintiff (who only had 9 shares). That can give a pretty strong incentive to litigate even if the lawyers estimate that they have a very low chance of winning.
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  44.  @Freerider93  It's all about the right balance. Whether the company should get sued depends on how likely it is to have broken the law. If the probability is high it's probably beneficial for the society if it gets sued. If the probability is very low, then the law suit in expectation consumes more society's resources than it produces benefits. Ideally, the size of the payout to the lawyers and litigants should be of the size that it gives the incentive to sue when the probability of the company having broken the law is high enough but not give a sufficient incentive when the probability is too low. If the method for calculating the payout to lawyers tends to produce these enormous sums it can give a suboptimally strong incentive to litigate.
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  45.  @LemonChieff  It's 100% reserves because you're owning reserves directly.
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  46.  @issa6581  "if you say want to buy oil with your currency then the United States will invade your country" I don't think it will. The countries mentioned earlier were invaded for different reasons.
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  47. "what has always amazed me is how people who have good judgement on day to day things like comparative shopping for groceries, will have a complete lack of critical thinking when it comes to big financial decisions." Most people have much more experience in buying groceries than making big financial decisions.
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  48. One benefit of onsite perks, compared to just using the same amount of money to pay higher salaries, is that they can be easily taken away unilaterally if times get tougher. Salaries are often much tougher to lower unilaterally. Bonuses can have this same advantage as well.
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  49. "made Czechia probably the most successful post-communist country (maybe Slovenia is better, I don't know)" If we use real (PPP) GDP per capita as the metric then that seems to indeed be the case. Slovenia is slightly behind (and Estonia is slightly behind them) though the differences are fairly small.
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  50.  @dosgos  I suspect the idea is that it would work similarly to Special Drawing Rights.
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