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#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
What's the Role of Inflation in Bitcoin?
A little bit of inflation is good for a simple reason. A depreciating currency led to a high rate of circulation in the Austrian town of Wargle during the Great Depression. But hyperinflation almost always occurs when there's a massive destruction of physical resources and then you get hyperinflation, that's total social breakdown. So a moderate level of inflation inspires the means of exchange usage of money, but undermines the store of value usage of money.
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