There’s this thread in thinking within the bitcoin community that the discipline that a commodity money will impose, will lead to incentives that turn us away from the worst excesses of state power. I think it’s a deeply misguided belief.
It is a belief that is built around normative foundations of the universality of individual property rights and a general consensus for the capitalist mode of production. Which, people assume, is largely inviolable at this point.
I think this is serious reasoning error. People are not even aware of their normative biases here.
How will the government fund the war effort if it’s drowning in debt? Easy. It’s called the Defense Production Act. It will seize the supply chains and factories and bring them under public control, and directly produce weapons, tanks, and planes. There won’t be any negotiation with the private sector over costs and payment.
The problem is, a lot of people think this will lead to public outrage and pushback. Except it won’t. A public, terrified of external enemies, will happily go along with it. And the capitalist class that screams about it, will be branded as traitors.
THIS ISN’T HARD!


