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From The Bitcoin Standard: "The reduction in the purchasing power of money is similar to a form of taxation... As people start spending more and saving less, t
by jmarbach 3y ago
From The Bitcoin Standard:
"The reduction in the purchasing power of money is similar to a form of taxation... As people start spending more and saving less, they become more present oriented in all their decision making... this helps explain why civilizations prosper under a sound monetary system, but disintegrate when their monetary systems are debased."
- thfuran 3y agoYes, we should return to the gold standard so that we can all buy snake oil like in the old days.
- friend_and_foe 3y agoYou're missing the point. I actually had this realization on my own and had heard that the concept was outlined in the book which is what prompted me to read it. Cheap money cheapens everything, because the velocity of money is high and so capital turnover is the name of the game. To make a profit, what you sell has to be cheaper than the money you get. It cheapens people because they have to constantly be scratching for a buck just to keep up.