Some consequences of inflation and hyperinflation, as discussed in Adam Fergusson's "When Money Dies" book:
Thanks Fiat Money! For driving poverty and malnourishment.

"All children of every class... were two years physically and mentally backward for their ages"
"Rise in prices intensified the demand for currency"
" ration the cashing of cheques"
"business came to a standstill"
"Wages were simply not available"
"Inflation is like a drug..."
"foreign students who bought up whole rows of houses out of their allowances"

Hmm, I wonder what happens if there were to be some kind of hard money that the govt couldn't print more of. Something like Bitcoin, perhaps?
Thanks Fiat Money! For the chaos wrought by not being able to trade.

"imports have ceased as importers have no means of paying."
"They didn't understand what inflation meant. They didn't rush to get rid of their money"
Thanks Fiat Money! For disrupting communities and driving ill-feeling.

"And if you had to sell a valuable writing desk for money which was worth only half as much a week later, of course there was ill-feeling."
Thanks Fiat Money! For devaluing people's life savings. For one couple:

> Both sons killed in war
> Nobody to care for them
> Life savings devalued
> Gassed themselves
Moral decay.

"As the old virtues of thrift, honesty and hard work lost their appeal, everybody was out to get rich quickly..."
"As that position slid away, patriotism, social obligations and morals slid away with it. The ethic cracked."
So there are some shitcoiners and multicoiners who haven't done their homework, and claim that inflation is required or "its not that bad". They seem to take umbrage at the suggestion that fiat money can actually have cultural consequences.
For these people, I'd suggest further research. I recommend The Ethics of Money Production by Guido Hülsmann here: mises.org/library/ethics…
Or see his fantastic talk on The Cultural Consequences of Fiat Money here:
Fiat Money is a terrible scourge on society.

Thankfully, Bitcoin Fixes This!

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More from @stephanlivera

21 Jul
Bitcoin as a tool for economic empowerment with @CathieDWood @elonmusk @jack & @moneyball

live tweet highlights thread:

thebword.org/c/track-2-Bitc…
@CathieDWood @elonmusk @jack @moneyball Steve: What shaped your views on Bitcoin?
Cathy: Focus on disruptive innovation, economics. Collaborated with mentor Art Laffer, and this launched their efforts.
Elon: Thought about money for a while with PayPal. Thinks of money as an information system. Sees opportunity for something better from an information theory standpoint vs say, ACH, credit card networks.

Fraud and govt interference being sources of error.
Read 50 tweets
19 Jul
Covidians don't grasp the bigger picture.

Due to their fight to mandate lockdowns, masks, vaccination and travel bans, millions of people around the world will starve.
The nerve of these people to sit on their zoom calls and pretend to us how virtuous they are.
If given the choice, many of these people would happily go to work and earn some income to feed their families.

Meanwhile I see these western world virtue signallers on about how the world must vaxx to get freedom back. Get lost losers. If you want to sit inside, do it.
Read 4 tweets
17 Jun
Listening in to #Bitcoin Mining Council spaces hosted by @michael_saylor

twitter.com/i/spaces/1MYxN…
@michael_saylor Idea being an open forum to share best practices and promote transparency.

(I'm not convinced 'transparency' is necessarily a good thing)
@DarinFeinstein notes the framing of bitcoin miners being on the defensive. Energy use and emissions required is 'perceived' as a problem.

Notes the very small fraction of energy use takes. Less than a fraction of 1%

(perhaps not a good long term arg.)
Read 45 tweets
14 Jun
SLP284 @SGBarbour #Bitcoin & Fossil Fuels vs Fiat Maxis

Steve and I chat:
- Wind and Solar as unreliable
- compliance costs
- Carbon ESG is it a state attack?
- industry BSing
- @upstreamdatainc & hash hut

stephanlivera.com/episode/284/ Image
@SGBarbour @upstreamdatainc "It's just like, sweep it under the table. These are clean. Give me my subsidy to go to this project and let's ignore the elephant in the room."
"I consider all Bitcoin miners doing great things for humanity, with helping secure, helping distribute, helping produce the greatest money that has ever existed, the greatest freedom money that ever existed."
Read 5 tweets
9 Jun
Paraphrasing @nayibbukele from @nic__carter's Spaces on #Bitcoin legal tender:

El Salvador govt will have a govt-wallet for merchants (but it won't be the only choice), as Bitcoin is an open network
@nayibbukele @nic__carter Company balance sheets will be in USD, but taxes can be paid with Bitcoin.

Debts will be able to be paid with Bitcoin.
There will be a trust fund put in place by govt, which will assume the price-risk of the merchants, and deposit USD for them, even if the customer pays BTC.
Read 24 tweets
7 Sep 19
Highlighting a few fantastic sections from Ludwig von @mises in Theory of Money and Credit:
@mises Inflation sends false signals to businesses, making them think they're making profit, when really they're consuming their capital.

Monetary depreciation falsifies capital accounting.
@mises Totalitarian govts don't want their subjects to shield themselves from monetary depreciation.
Read 6 tweets

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