84. Hard money and time preference: Lecture at the Property & Freedom Society
The Bitcoin Standard Podcast
The Evolution of Time Preference in the 20th Century
Fiat money effectively taxes future provision, leading to higher discounting of the future and an increase in basic present oriented behavior among individuals. The extreme of this process can be seen when observing the effects of hyper inflation. People begin to discount all things which have value for the long run, and capital is used for immediate consumption. In hyper inflationary economies, ruit bearing trees are chopped down for firewood in winter,. Businesses are liquidated to finance the owner's personal expenditure, and the proverbial seed corn is eaten. Crime and violence become exceedingly common as every one feels robbed and seeks to take it out on whoever has anything. Families break down under financial strain. If you look at a
