392 sats \ 2 replies \ @pillar 31 Jan 2023 \ on: There is no such thing as Gresham's Law... The proper name is: Copernicus' Law bitcoin
Monetae cudendae ratione is such an impressive read. It's a bit frustrating because it shows you how we have been fighting the same problems for centuries and we, as humanity, have still not learned the lesson. You can read a translation here.
You just gotta love the opening. I regularly drop it on nocoiners to introduce the idea of currency debasement and its importance:
Although there are countless scourges which in general debilitate kingdoms, principalities, and republics, the four most important (in my judgment) are dissension, [abnormal] mortality, barren soil, and debasement of the currency. The first three are so obvious that nobody is unaware of their existence. But the fourth, which concerns money, is taken into account by few persons and only the most perspicacious. For it undermines states, not by a single attack all at once, but gradually and in a certain covert manner.
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10 sats \ 1 reply \ @jk_14 OP 31 Jan 2023
I even remember article, that there were some descriptions, from ancient Egypt, about:
"huge inflation" - due to x3 increase of some product price in 150 years... :)
what is less than 1% of annual inflation, simply the dream of FED or similar institutions :)
EDIT, source: "Unfortunately, inflation was already the bane of humanity back then. We know that, for example, sandals in a certain period of the existence of the state went up in price over 150 years from 1 deben to 3 deben. In turn, during the period of the New Kingdom, 1 to 2 deben was paid for 1 char of grain. In later centuries, however, prices increased to 12 deben." (source, by Google Translation)
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61 sats \ 0 replies \ @notgeld 31 Jan 2023
Such price increase might be attributed to increase in demand.
To my opinion, It is not like humanity constantly tries to fight same problems it is people in power who constantly try to use the same tools for increasing their power.
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