1 sat \ 4 replies \ @TomK 17 Jan 2023 \ on: End Game: Government vs. Banks bitcoin
One aspect that is never discussed is the crowding out (and in consequence falling productivity) of the private sector by growing governmental activity due to cheap money. Financing rising public deficits with the digital token printer would kill productivity and end up in buying votes with ongoing stimmies. The end-game is hyperinflation.
It wouldn't kill productivity. It would likely make no difference in overall output. It'll just try to employ more people to achieve the same results, which leaves fewer people left out financially. And the people who are not callously left to die contribute to society and create jobs by increasing demand. We don't need to work each person to death. We do better to team up and spread out the work instead of ignoring the fact that sickness, injuries, and old age exist.
At this point when we have 3 dudes with more money than half of America, we don't need to concentrate wealth further. Our system is sick and out of balance. Imagine 20 years from now where we just keep making things relatively harder and harder for the poor. Eventually it'll just be one dude running the whole world and he'll definitely be the biggest asshole ever. Why is this what people want?
Besides, go look at history (chart below) and you'll know 100% that Republican presidents are mostly responsible for inflation. They just have a better propaganda department and blame Democrats for it.
Nixon took us off the gold standard in 1971. Then Jimmy Carter looks bad when the economy suffers because the money rules were violently and suddenly changed. Trump took us off fractional reserve banking in 2020. There's no brakes left. The Republicans voted to remove them.
Over the last year, Biden has managed to take almost $500 billion out of circulation. LOOK AT THE CHART!
Source: zoom out, then zoom into the 1 year chart. It's going down for the first time ever. I think it's an attack on Bitcoin. https://fred.stlouisfed.org/series/M2SL
There was an early Antonopolous or Saifadean video where he said the only real way to attack Bitcoin was to have a good (deflationary) dollar. We've had that over the last year. It explains 100% of the downward movement of all market based measures of wealth.
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Undoubtedly mate, effectively without governments having this power (with great power comes great responsibility) world inflation will be a killer for productivity. In the end, everything indicates that people will adopt the path of freedom. #bitcon
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No. You don't get it.
Inflation has jack shit to do with productivity.
Productivity is mandated by threat of starvation and poverty.
When everything costs more, those without money have to work MORE.
This means if anything, you have it backwards. This is going to lead to enslavement. Productivity per enslaved person will be maxed out I assure you.
Whah-pah!
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You really think that inflation does not have an impact on economic productivity? Please... on the macro level it's so obvious that p. suffers in high inflationary countries. As an entrepreneur of small companies in different sectors I can assure You that inflation is an investment killer.
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