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Under a fiat system those workers were forced to put their hard earned life savings into the stock market or real estate in order to escape the ravages of infla

by lowkey 5y ago

Under a fiat system those workers were forced to put their hard earned life savings into the stock market or real estate in order to escape the ravages of inflation. Despite all the talk about the time value of money in finance, under a fiat regime it is impossible to save your earnings for the future in a bank account or Certificate of Deposit such that you come out ahead after inflation over time. The fact that there is no option to save an enjoy positive inflation-adjusted returns without taking on market risk is an indication of what a scam the current system of fractional reserve banking and artificially manipulated interest rates is. > Because "workers" aren't the people with vast reserves of wealth, they're the people who are paid by people with vast reserves of wealth. Really? Workers have less wealth than rich people so it’s okay to steal their wages via inflation? /s Please explain your reasoning further.

notahacker 5y ago
> Really? Workers have less wealth than rich people so it's OK to steal their wages via inflation. No, workers have less wealth than rich people (no wealth, in the case of a sizeable fraction of the population)so it's not OK for rich people to steal their wages by getting "positive inflation adjusted returns without taking on market risk". I mean, where do you think "risk adjusted returns without taking on market risk" come from? They come from other people doing more work for the same cash payment.
- lowkey 5y ago
  An FDIC insured bank account is already limited to a specific amount in order to prevent the 'rich' from free-riding. It still isn't clear to me why you would try to justify a system that doesn't allow an average wage earner or pensioner the mere possibility of earning a positive inflation adjusted (not risk-adjusted) return on savings? Why are risk-free inflation-adjusted savings options for the working class a negative thing? That's all Bitcoin really is, on a long-term basis for most people.

by lowkey 5y ago

notahacker 5y ago

> Really? Workers have less wealth than rich people so it's OK to steal their wages via inflation. No, workers have less wealth than rich people (no wealth, in the case of a sizeable fraction of the population)so it's not OK for rich people to steal their wages by getting "positive inflation adjusted returns without taking on market risk". I mean, where do you think "risk adjusted returns without taking on market risk" come from? They come from other people doing more work for the same cash payment.

lowkey 5y ago
An FDIC insured bank account is already limited to a specific amount in order to prevent the 'rich' from free-riding. It still isn't clear to me why you would try to justify a system that doesn't allow an average wage earner or pensioner the mere possibility of earning a positive inflation adjusted (not risk-adjusted) return on savings? Why are risk-free inflation-adjusted savings options for the working class a negative thing? That's all Bitcoin really is, on a long-term basis for most people.