The people who think we should manipulate the money to "incentivize consumption" have such a bonkers and contradictory duality of ideas as to how people behave that I can't wrap my head around it.
News Flash! You will NEVER need to encourage people to consume stuff, this is the whole purpose of everything and a fundamental axiom of being alive. Nobody wants to live like a pauper for no reason.
The ONLY thing you incentivize by doing this, is WASTE
Krugman bros love waste. How else would they make a living?
The point is if you give people free money they will spend it.
There is no need to “incentivize consumption”.
I’ve never understood that side of the argument, and I see it often.
To paraphrase Peter Drucker “there is nothing so useless/unsustainable as consuming that which should never have been purchased”
"If bitcoin goes up forever I'll literally stop eating and voluntarily starve myself to death."
—Average hard money enjoyooor
Can confirm
Waste is absolutely a feature, not a bug. If people stopped consuming and started saving, the velocity of money would crash, and their inflation model would collapse.
"Imagining that central banks can 'prevent', 'combat' or 'manage' recessions is as fanciful and misguided as placing pyromaniacs and arsonists in charge of the fire brigade."
- Saifedean Ammous
And actually, the poorer you get, the less you spend on things.
All that consumption waste is great for China's economy, though.
Definitely people will still consume stuff, but they’ll limit themselves to the things they truly need and may even have higher quality standards.
In the fiat mindset people constantly consume low quality junk and that’s exactly how corporations want it to be. That’s why the word is utterly polluted with ads, to make you buy useless shit you don’t need.
There’s a big difference between healthy consumption and compulsive, profit driven consumption. This would be a foundational change to society and to individuals, and I don’t think corporations want that.
I agree with everything except there are some bitcoiners that want to live like paupers in order to stack more sats. These are the ones with holes in their underwear😂
I agree with you!!
I sell bitcoin to buy stuff. When BTC hits €90k, I sell via Bitrefill (giftcards) because I bought at €20k. Makes sense, no? I keep stacking and will eventually sell at €180K again.
