4min chapter

Coin Stories with Natalie Brunell cover image

Aleks Svetski: Bitcoin Reintroduces Consequences and Responsibility

Coin Stories with Natalie Brunell

CHAPTER

The Importance of Local Consequences

The Austrian argument is that if you do all of the shenanigans like pick winners and redistribute wealth, it will have unintended consequences downstream. So instead of playing a good game, they'll actually try and be friends with that guy so that they can get a handout. That's sort of what we got in the world today: demoralized people who don't want to work but also hustlers doing things otherwise wouldn't be done. It starts to create this kind of Frankenstein of economy which reminds me of bodybuilders pumping up their muscles for fake muscle mass.

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