There would have been lockdowns or a world war. Because governments would be forced to have monetary discipline and spend their tax revenue responsibly.
Hey #asknostr - I have a Bitcoin / Austrian Economics fundementals question.
I get the hardmoney aspect of Bitcoin, 21million hardcap etc etc etc. preaching to the converted here.
Governments printing money, devaluing currency -> BAD. I get all that.
But then a pandemic or world-war comes along and the economy grinds to a halt or interests rates skyrocket... we've seen Govts print truckloads of money to "get us out of the hole and keep the economy going".
What would've been the solution if we had hardmoney like USD-backed-by-BTC/Gold ? We couldn't have printed our way out of the economic hole because of the 21Million hardcap or the grams-of-gold-per-dollar.
Peter Zeihan, who isn't a favourite of mine, raises some interesting points about the amount of currency available when economic activity picks up
about 2:48 into this video
https://youtu.be/-rANSHB4q1Y?t=166
Maybe nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a could share her views?
Thanks so much.
Discussion
Would *not have been