VandelayBTC on Nostr: “Inflation provides provides illegitimate gains. Its alleged benefits are not ...
“Inflation provides provides illegitimate gains. Its alleged benefits are not really different from the benefits of robbery and fraud.
Many princes blushed when they were caught debasing the currency of the country. But modern presidents, prime ministers, and chancellors can keep a straight face and justify inflation with the alleged need to stabilize the price level and to finance growth.
There is a solid historical record documenting how governments have abused the trust that the citizens put into them.
There was in fact, hardly a dynasty that did not in this way abuse its monopoly of coinage. Ancient Greeks and Romans, medieval princes, dukes and emperors, as well as democratic parliaments have recklessly debased the coins of their country.”
[or as Satoshi put it, "The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust."]
“Moral hazard is implied in the very existence of paper money because its producer can bail out virtually anybody.
Central planning and hyperinflation is what the future holds for an economy under paper money. The only third way is to abolish paper money altogether and to return to a sound monetary order”
Fiat inflation is what happens when people increase the money supply by fraud, imposition, and breach of contract. Thus it leaves a characteristic cultural and spiritual stain on human society.
Inflation spurs the growth of central governments. It allows these governments to grow larger than they could become in a free society. And it allows them to monopolize governmental functions to an extent that would not occur under a natural production of money. The printing press allows the government to tap the property of its people without having obtained their consent.
The old way for ordinary citizens to make savings was the accumulation of cash. Under fiat inflation this strategy is suicidal - Fiat inflation is a juggernaut of social, economic, cultural, and spiritual destruction.”
#Bitcoin: Defund parasites.
Many princes blushed when they were caught debasing the currency of the country. But modern presidents, prime ministers, and chancellors can keep a straight face and justify inflation with the alleged need to stabilize the price level and to finance growth.
There is a solid historical record documenting how governments have abused the trust that the citizens put into them.
There was in fact, hardly a dynasty that did not in this way abuse its monopoly of coinage. Ancient Greeks and Romans, medieval princes, dukes and emperors, as well as democratic parliaments have recklessly debased the coins of their country.”
[or as Satoshi put it, "The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust."]
“Moral hazard is implied in the very existence of paper money because its producer can bail out virtually anybody.
Central planning and hyperinflation is what the future holds for an economy under paper money. The only third way is to abolish paper money altogether and to return to a sound monetary order”
Fiat inflation is what happens when people increase the money supply by fraud, imposition, and breach of contract. Thus it leaves a characteristic cultural and spiritual stain on human society.
Inflation spurs the growth of central governments. It allows these governments to grow larger than they could become in a free society. And it allows them to monopolize governmental functions to an extent that would not occur under a natural production of money. The printing press allows the government to tap the property of its people without having obtained their consent.
The old way for ordinary citizens to make savings was the accumulation of cash. Under fiat inflation this strategy is suicidal - Fiat inflation is a juggernaut of social, economic, cultural, and spiritual destruction.”
#Bitcoin: Defund parasites.