oren_z0 on Nostr: I want to believe Fiat is more nuanced than that. Fiat is a system with internal ...
I want to believe Fiat is more nuanced than that.
Fiat is a system with internal inconsistencies that has to break every once in a while (globally or in a specific country), and when it does, it robs the savings of middle-class people with low-time preference.
Middle-class people with high-time preference aren’t affected much because they don’t have saving (already bought the most expensive house they could and are paying a mortgage for the rest of their life), and the ultra-rich have access to (inside) information so they can divert their investments on time to avoid the breakpoint.
Socialism is just people with high-time preference robbing everybody’s savings in the name of equality (both rich and middle-class), and then don’t understand why nobody wants to do hard/skillful work anymore (despite the romanticized blabbering).
Fiat is a system with internal inconsistencies that has to break every once in a while (globally or in a specific country), and when it does, it robs the savings of middle-class people with low-time preference.
Middle-class people with high-time preference aren’t affected much because they don’t have saving (already bought the most expensive house they could and are paying a mortgage for the rest of their life), and the ultra-rich have access to (inside) information so they can divert their investments on time to avoid the breakpoint.
Socialism is just people with high-time preference robbing everybody’s savings in the name of equality (both rich and middle-class), and then don’t understand why nobody wants to do hard/skillful work anymore (despite the romanticized blabbering).