https://m.primal.net/HPiM.webp

"In the fiat standard, those who choose to hold positive balances are robbed as the purchasing power of their fiat is eroded by all the debt others are creating. Those who are in debt, on the other hand, get to benefit from some of the seigniorage. Not taking on debt is reckless financial irresponsibility. Irish economist Richard Cantillon described the redistributive impact of inflation as benefiting the people who receive the newly created money first at the expense of those who receive it later. In the modern fiat standard, the beneficiaries of the Cantillon effect are the borrowers, and savers are the victims. Spending less than you earn and keeping savings on hand are simply no longer optimal financial strategies; they are expensive luxuries most cannot afford."

-From the "The Fiat Standard" by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak