Subnostr

History does not repeat, but the incentive structures do.

Every time a government gains the ability to create money without constraint, the same sequence follows:

1. Initial restraint (we will only use this power responsibly)

2. Emergency use (a crisis requires temporary expansion)

3. The emergency becomes permanent (the temporary measure never expires)

4. Accelerating use (each new crisis requires larger expansion)

5. Public loss of confidence (the currency's purchasing power declines noticeably)

6. Currency crisis or reset (hyperinflation, redenomination, or new monetary system)

Rome: 250 years from silver denarius to worthless bronze

Britain: 50 years from gold standard to managed decline

Argentina: recurring cycles of devaluation since the 1970s

Turkey: accelerating lira collapse since 2018

US: 53 years since Nixon closed the gold window, dollar has lost 87% of purchasing power

The US is at stage 4, approaching stage 5. The question is not if, but when the transition to stage 5 becomes undeniable.