0 sats \ 0 replies \ @jk_14 OP 15 Dec 2022 \ parent \ on: Milton Friedman & undeniable beauty of proof of future spiral of death Q.E.D. bitcoin
"pointed out that, during the great inflation in the Weimar Republic in 1923, as the official money became so worthless that virtually nobody would take it, people simply stopped accepting the currency in exchange for goods. That was particularly serious because farmers began to hoard food"
Even this wiki description itself clearly shows, that so called "Reverse_of_Gresham's_law_(Thiers'_law)" - is simply bullshit, and not a law by any means. It's just an artifact of Gresham's law in extraordinary market circumstances (so, exactly the case of Weimar Republic in 1923)
And in such ugly economic situation:
the Producer of goods has such an advantage over the Buyer - that he is able to dictate in which kind of money customer should pay him for goods.
Why does he do it? Yes, you are right! Just because: he want to hoard best possible money, according to Gresham's law, of course.
Like farmers began to hoard food because they even food saw as a better "money" than worthless Mark - exactly the same way people will more and more hoard Bitcoin with every consecutive halving. Clear as crystal, sorry.