Absolutely agree with everything you said. However, it conflates two separate concerns. 1) Inflationary or Deflationary assets aren't useful money. Everyone

Absolutely agree with everything you said. However, it conflates two separate concerns. 1) Inflationary or Deflationary assets aren't useful money. Everyone wants to get rid of the former, and nobody will spend the latter. The very reason that gold and silver are useful money is because they traditionally have not inflated or deflated; they'll buy more or less (in real terms) about what they did 2,000 years ago. They only appear to be Deflationary, because we operate in such an Inflationary monetary milieu. 2) Return on investment on cash. Investing (lending) cash should return an ROI. It only does not because of central-bank interest rate interference. When we return to direct monetization, ie. wealth --> money without a banker in the middle, and algorithmically value-stable money, this will spell the doom of our tragic central-bank fiat-money experiment. This day is coming, sooner than anyone expects... ;)