GM☕ #coffeechain

Even outside of Bitcoin, people are now beginning to realize that their purchasing power is going down.

Houses that used cost 2-3x a median income, now cost 10x median income. And what used to be single income families, are now double income families.

Many, even bitcoiners, will then assume that the 'lost wealth' has been accrued at the top 1%, or 0,1% or whatever.

And there is some truth to that if you look to tech billionaires and political elites.

But I think the even sadder reality is that the 'lost wealth' is not stored away somewhere in precious assets or glorious citadels. It is just gone, wasted away.

By capital misallocation, bureaucratic inefficiencies, and just terrible policies, the middle class' wealth has gradually been sucked up by an ever increasing vortex of unproductive government spending.

And as a cherry on top, many of the people who are unhappy with their reduced purchasing power, are at the same time wrapped up in dependencies (state employees, government contractors, and beneficiaries of the money printer) to the very system that is causing the problem.