84. Hard money and time preference: Lecture at the Property & Freedom Society
The Bitcoin Standard Podcast
The Destructive Impact of Inflation on Capital Accumulation
The threat of inflation encourages savers to invest in anything they expect will offer a better return than holding cash. Business activities that destroy economic value and consume capital appear economical when measured against the debasing monetary unit. The destruction of wealth does not magically create more productive opportunities in society, as cansian fantasists want us to believe. It simply realicates the wealth into destructive and failed business opportunities. Related to the general rise in time preference and heavy discounting of the future is the rise of interpersonal conflict between individuals. Those who feel robbed by the wealthy elete of society will find it relatively easier to justify aggressing against others. Now enter bit coin. Bitquin is appeared to peer softwer
