“Rather than expecting money to appreciate and thus reliably retain value into the future, fiat returned humans of the twentieth century to far more primitive times, when retaining value into the future was far less certain, and the value of their wealth was expected to be reduced in the future, if it survived at all. The future is hazier with easy money, and the difficulty in providing for the future makes it less certain. This increased uncertainty leads to a higher discounting of the future and thus a higher time preference.”

Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak