Re:The Decline of the U.S. Machine-Tool Industry and Prospec...
by mindslight on Tuesday April 08, 2025 @09:45PM
(#43628165)
Because they're centralized sources of power, and power corrupts.
In my younger days I used to argue for a non-inflationary currency, and how that would have gone a long way towards not concentrating the wealth from offshorting and technological progress (instead enough money was printed to make price inflation keep occurring in spite of the fundamentals, and most of that new money was just given to banks to pump up the asset bubbles)
These days I've kind of just accepted the monetary inflation (cf Gresham's law), like other centralizing but perhaps inevitable dynamics like the economies of scale for electronics manufacturing.
In my younger days I used to argue for a non-inflationary currency, and how that would have gone a long way towards not concentrating the wealth from offshorting and technological progress (instead enough money was printed to make price inflation keep occurring in spite of the fundamentals, and most of that new money was just given to banks to pump up the asset bubbles)
These days I've kind of just accepted the monetary inflation (cf Gresham's law), like other centralizing but perhaps inevitable dynamics like the economies of scale for electronics manufacturing.