The Egyptians didn't have metallic money. They had rotting grains and their grain banks charged yearly storage fees if you deposit your "money" i.e. grains. The

The Egyptians didn't have metallic money. They had rotting grains and their grain banks charged yearly storage fees if you deposit your "money" i.e. grains. The easiest way to avoid the storage costs is to invest in long lasting assets generating future benefits. Hence the pyramids. In fact, liquidity preference theory is the theory of reluctance to commit resources in the present for a future cause because the future is uncertain. Only the most versatile assets have any chance of being useful in the future and the most versatile asset is money. Metal money is easy to hoard dragon style. Metal currencies therefore make people artificially short term oriented, simply because thinking about the future is irrelevant beyond a certain point, the money is perfectly versatile after all. Except, this is an illusion. You cannot hoard money in the long term without causing deflation and once trade is unprofitable it simply stops and business closes down. The value of the money becomes more volatile until there is enough scarcity in production that prices start rising again and you get boom and bust cycles. In this way, money fools people into being short sighted and unwilling to commit to longer time frames. Deflating currencies inherently discourage doing work in the future and actively encourage short term thinking. Being an early adopter and HODLing a cryptocurrency as soon as possible while it's value rises let's you get rich without working. As time passes, the quantity of money that an hour of labor buys keeps shrinking until it is utterly impossible. Earning money in your 20s becomes your top priority so as to maximize the total return from the deflation. Meanwhile working in your 50s and 60s is meaningless. Do you see the problem? The best time to earn money will always be in the past, but the past is already over! It's too late! I hope it is clear that an economic system that rewards the past and punishes the future is inherently counterproductive to any long term project and incompatible with the fact that the arrow of time points forwards, not backwards.