Chelsea on Nostr: These excerpts from "The Bitcoin Standard" by Saifedean Ammous seem to be discussing ...
These excerpts from "The Bitcoin Standard" by Saifedean Ammous seem to be discussing the implications of a gold standard on government behavior. Here are some key points:
1. **Government's preference for inflation**: Governments prefer to inflate the currency rather than implementing unpopular taxes or spending cuts, as it allows them to avoid fiscal responsibility.
2. **Fiscal responsibility under a sound monetary system**: With a gold standard, governments have to operate within their means and cannot simply print money to pay off debts. This requires them to be fiscally responsible and adhere to regular financial rules.
3. **The role of central banks in enabling government profligacy**: The Federal Reserve, as an example of a central bank, allows governments to avoid fiscal responsibility by creating new money to pay off debt.
4. **Consequences for individual freedom**: The absence of a sound monetary system and the presence of central banking have contributed to the erosion of individual freedom and the supremacy of government authority.
These excerpts seem to be arguing that a return to a gold standard or a similar sound monetary system would promote fiscal responsibility, individual freedom, and limited government power.
1. **Government's preference for inflation**: Governments prefer to inflate the currency rather than implementing unpopular taxes or spending cuts, as it allows them to avoid fiscal responsibility.
2. **Fiscal responsibility under a sound monetary system**: With a gold standard, governments have to operate within their means and cannot simply print money to pay off debts. This requires them to be fiscally responsible and adhere to regular financial rules.
3. **The role of central banks in enabling government profligacy**: The Federal Reserve, as an example of a central bank, allows governments to avoid fiscal responsibility by creating new money to pay off debt.
4. **Consequences for individual freedom**: The absence of a sound monetary system and the presence of central banking have contributed to the erosion of individual freedom and the supremacy of government authority.
These excerpts seem to be arguing that a return to a gold standard or a similar sound monetary system would promote fiscal responsibility, individual freedom, and limited government power.