Fiater thinks bitcoin is a bewildering bubble while living in a world where governments owe $100t+ of low & negative interest rate debt while locking their people at home & arresting them for working.
https://twitter.com/JohnArnoldFndtn/status/1396563689331888135
Everything in fiat world is a bubble propped up by fake money: bonds, stocks, governments, education, housing, credit markets, etc...
But if you listen to fiat media & education, there are only two bubbles in history: tulips and bitcoin.
But if you listen to fiat media & education, there are only two bubbles in history: tulips and bitcoin.
Tulip mania basically didn't happen, but fiaters use it as the bubble bogeyman because real bubbles are all very similar to modern fiat.
Example: John Law's Louisiana Purchase assignats were a devastating bubble, and functionally no different from QE.
smithsonianmag.com/history/there-…
Example: John Law's Louisiana Purchase assignats were a devastating bubble, and functionally no different from QE.
smithsonianmag.com/history/there-…
Bubbles can only happen as a result of monetary manipulation, which distorts entrepreneurs' economic calculations, resulting in clusters of errors where new fake money is mistaken for real growth, spurring malinvestments.
mises.org/library/econom…
mises.org/library/econom…
Under hard money, with no coercive expansion of money, capital has a real opportunity cost & as soon it's deployed in something unproductive, the investor goes bankrupt unless they stop investing in it. Economic calculation based on hard money ensures all errors are individual.
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