“Centrally directed and rapidly created new money is basically a breach of contract for savers, who thought that the units they held would be reasonably stable.
Conversely, centrally directed and rapidly destroyed existing money is basically a breach of contract for debtors, who took out debt in units they thought would be reasonably stable.
It’s not just a question of whether money should be hard or weak; it’s also a question of how elastic, arbitrary, and rapidly changing its supply should be. In other words, it’s a question of who controls the ledger, and therefore a question of who has the power to rapidly harm either savers or debtors when they determine that it’s appropriate to do so.”
Lyn Alden, Broken Money
CodingInLondon / Matt
npub16n…lftma
2024-02-26 13:15:33
Author Public Key
npub16nd6gm54kk5jf72hzv4glwcqwtka8s28p8x6m4cddxlmum3d8nhs9lftmaPublished at
2024-02-26 13:15:33Event JSON
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"content": "“Centrally directed and rapidly created new money is basically a breach of contract for savers, who thought that the units they held would be reasonably stable. \n\nConversely, centrally directed and rapidly destroyed existing money is basically a breach of contract for debtors, who took out debt in units they thought would be reasonably stable. \n\n\nIt’s not just a question of whether money should be hard or weak; it’s also a question of how elastic, arbitrary, and rapidly changing its supply should be. In other words, it’s a question of who controls the ledger, and therefore a question of who has the power to rapidly harm either savers or debtors when they determine that it’s appropriate to do so.”\n\nLyn Alden, Broken Money",
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