Could the one ring from the Lord of the Rings an allegory for a money printer?

It "corrupts the hearts of men", some men want to use its power, but in the end the best course of action is to throw it down a volcano.

In fiat world, you must earn your wage twice. First when trading it for your work, and then at the casino.

"Deflation would be much worse than inflation"

I've seen this argument thrown around several times when discussing Bitcoin. It is rarely backed up, and is taken as a given. It has never made sense to me, so I've wondered if I'm missing something obvious or if it's just some Keynesian chant. I came across an [interesting article](https://www.investopedia.com/articles/personal-finance/030915/why-deflation-bad-economy.asp) that explains it in more depth.

>A little bit of deflation is a product of, and good for, economic growth. But, in the case of an economy-wide, central bank fueled debt bubble followed by debt deflation when the bubble bursts, rapidly falling prices can go hand-in-hand with a financial crisis and recession.

>Thankfully, the period of debt deflation and recession that follows is temporary and can be avoided entirely if the perennial temptation to inflate the supply of money and credit in the first place can be resisted.

>All in all, it is not deflation, but the inflationary period that then leads to debt deflation that is dangerous for a country's economy. Perhaps, unfortunately, consistent and repeated inflation of this kind of debt bubble by central banks has become the norm over the past century or so.

>At the end of the day this means that while these policies persist, deflation will continue to be associated with the damage they cause to the economy.