Throughout history, jurisdictions that enabled citizens to accumulate + store wealth in a sound money saw periods of immense innovation, cultural richness & relative peace.
It acts as a magnet for both capital and the highly skilled.
⬇️The Bitcoin Standard by @saifedean
By permitting access to sound money, a government or ruler is providing proof that they are not able to steal from the people. Abuse of this trust, through coin clipping or metal debasement, has almost always coincided with downfall.
Confidence in one's money holding value will influence a person's confidence in their future. This incentivises making decisions that consider a longer time horizon and encourage community engagement.
Cooperation, community and long-term planning discourage tit-for-tat offensive violence.
Prolonged periods of peace encourage low time-prefence investments. Sound money reduces the amount and duration of malinvestments.
The highly skilled are attracted to jurisdictions that are peaceful, thoughtful and resourceful.
This creates a competitive advantage and actively drains opposing jurisdictions.
If provided certain assurances, investable capital follows the talent migration.
Sound money increases the value placed on one's reputation, attracting ethical participants.
Long-term capital and ethical talent find common ground in solving the biggest/hardest problems.
The biggest/hardest problems provide the greatest benefit to society and thus come with the greatest payoffs.
This increases the resources of investors, talent and the jurisdiction.
The increase in prosperity will spur competing jurisdiction, trying to replicate the feedback loop.
The basis of which starts with a sound money.
/END
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