“Human progress is intertwined with the hardening of our monetary media. The harder a monetary medium, the less its supply will be inflated, and the more its owner can expect it to maintain its value, or even have it appreciate over time. The more the money can be expected to hold its value over time, the more reliably an individual can use it to provide for their future self. The more reliably one can provide for their future self, the more they can reduce their uncertainty about the future. The less their uncertainty about the future, the less a person discounts the future, and the more they are likely to plan and provide for it. In other words, hard money is itself a driver of lowered time preference. As our money becomes harder, our ability to save efficiently increases, allowing us to provide for our future more easily and encouraging us to become increasingly future-oriented.”
— The Fiat Standard: The Debt Slavery Alternative to Human Civilization by #SaifedeanAmmous