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0 sats \ 0 replies \ @BTCLNAT 3 Sep 2024 \ on: The Ethics of Money Production | Satoshi Nakamoto Institute BooksAndArticles
"a government monopoly on the production and management of money has no ethical or economic basis. Legal tender laws, bailout guarantees, tax-backed deposit insurance, and the entire apparatus that sustains national monetary systems have been completely unjustified."
1000% agree with this statement. Here one could repeat the statement "when money fails, everything becomes political." Governments sustain their power by enslaving citizens through money and politics and even false religion
"Money, he argues, should be a privately produced good like any other, like clothing or food." Could "BITCOIN" be included in this list?
"government management does not lead to stability but to inflation and instability."
I have noticed that in many countries there is talk of inflation. Where I live inflation has reached an incredible level of magnitude. I'll give you an example: people who were working outside the country managed to accumulate a bank account of 200 thousand pesos. This account generates 14 thousand pesos over a period of 72 months, at an annual interest rate of 7%, which at the time of opening the account was equivalent to a professional's salary for 1 year, and had significant purchasing power. Today, those 14 thousand pesos represent a professional's salary for 1 month, and in purchasing power, it is enough to buy a 33-pound (15 kg) box of chicken or 10 pounds of chicken, some packages of sausage, 2 or 3 liters of oil, and some rice and beans. That is only enough for 1 month, at most for a family of 4 people. What used to be enough for 1 year, now only lasts for 1 month.
It's incredible how the government's monopoly on money consumes citizens. And I still hear people say that Bitcoin is a scam.