Bitcoin Songsheet: How Fiat Money Ruins Civilization
Fiat money leads to a degradation of incentives, creating a society motivated only by the consumption of resources and zero value production.
Nov 17, 2022
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When the government can print money, the people that benefit the most are the people that get access to that money first. This is called the Cantillon Effect and it’s the reason why rich people get richer without adding much, if anything. So how does the government determine who gets access to the money? As with everything government related, decisions on who gets what money is determined through politics. And when the money printer is political, everything else becomes political. Politics is a cancer that spreads through the entire market.
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Fiat money allows the Gooferment to escape any fiscal control.
Worse than that it acts as a hidden tax on all the money in circulation. Savings silently erode away.
Think “penny candy” and then pickup your pitchforks and torches to destroy the FED.
The Federal Reserve Bank is a misnomer. IT ain’t “federal”. It reserves nothing. And, it ain’t a “bank”. It is a private cartel of the elite banks run for their benefit and that of the entrenched politicians.