Thread by @stephanlivera

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!