Re:The political case for a blanket cryptocurrency ban
by seibelj on Wednesday March 31, 2021 @07:43PM
(#26654709)
You act is if people who inherit money now have to work? They hire wealth managers to protect and grow their capital. There is no need to work.
What deflation does is reduce the cost of everything. People who are ambitious and want to better their situation will still work, earning an income. People still require goods and services to survive (and thrive). In a deflationary world you reward savers, who delay their gratification, rather than an inflationary world that rewards debtors, who desire instant gratification.
Again, there is nothing inherently useful nor required about inflation. We can live in a world where prices are stable, decreasing, or increasing. I like the one where prices are decreasing.
When you consider that we cannot just produce everything we need for the next 200 years in 1800 it becomes pretty obvious that we must keep working from 1801 to 2020 to get to 2021. We can't just sit and do nothing. After all, what are you going to buy with your paper wealth, if nobody is working on the farms and the population has shrunk?