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So does any form of money printing. The argument is that we should print money indiscriminately of class.

We agree on not printing, BUT...

Poorer individuals have less freedoms. They cannot easily relocate, invest in hard assets or evade taxes. If the government appropriates their work and funnels more wealth to the already wealthy, the wheel keeps on turning.

Now flip the tables for a sec. Take wealth away from the rich and give it to people lower down the social class. The wealthy find a new tax residency, invest their money to protect themselves from inflation, or plain take their business elsewhere. All the while, you take away the incentive of workers to work. The wheel stops turning quickly.

The next highest social class leaves, and the ones down the bottom get put in worse and worse predicaments. Hell for everyone. 🇦🇷

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Discussion

Zach⚡️ 2y ago

You’re 100% right about the mechanics. I just think we get to Argentina one way or another. I’d rather give poor people more ammo to opt out with Bitcoin and repay their debts then fund wars, surveillance, and propaganda.

This one is a reach, but consider this too: Argentina has already become Argentina. For better or worse, the country has nowhere to go but up. They are very close to electing a leader who wants to abolish central banking in their country, and they have a ton of Bitcoiners and people who fundamentally understand what is wrong with money printing. They are decades ahead of the U.S. in both of those categories, and that will be their long term advantage. It’s horrible what has happened to places like that, but if it’s going to happen here either way, I’d like to make it happen quickly.

Jose Sammut 2y ago

Poor people won't buy Bitcoin or pay debt. They are poor for a reason.

Nature is not only roses, the moment you try to bandaid nature's thorns you're caught up in... this, basically. Bloated governments on their way to collapse. Not easy to say but true.

Zach⚡️ 2y ago

A lot of my friends are poor and own Bitcoin. Under sound money people are deterministically poor for a reason, but under a fiat standard it’s much more likely that they have poor credit or a lack of family assets. I agree that many people put themselves in poverty, but it’s naive to assume that this is always the case under our current system.

Jose Sammut 2y ago

No, my comment was not meant at individuals. But on a wide scale, printing more to give to poor people makes their income less meaningful and makes them more dependent.

Poor people on the way up don't need those tricks. Just give them a tax break.

Zach⚡️ 2y ago

You’re right. All I’m saying is that printing has the exact same effects on rich people, companies, and governments in general. I gives them no incentive to be productive, makes their income less meaningful, and makes them more dependent. I am very sympathetic to the poor worker who has gotten fucked by the system of “Bailouts for the rich, robust capitalism for the poor.”

All money printing is bad, but I hold nothing against people who call for broad money printing, since there is already so much targeted money printing anyway.

Jose Sammut 2y ago

Hmmm.. I hadn't really thought of accelerationism before. It's not my currency, so I don't care too much how fast it breaks. People can vote for it but without the Central Bankers to finance it, it'll get nowhere, and I don't see them signing off on it.

But it's not the same effect when you get the money before it's lost purchasing power, you are not reliant on fixed income, and you have hard assets that are resistant to inflation.

The government is a give and take, it's all about who gives more and who takes more. Can't just look at who pays most taxes...

Anyways, thanks for the convo. ✌️ Have to wrap this up.

Zach⚡️ 2y ago

Thanks for the discussion, friend 🧡