this post was submitted on 21 Feb 2024
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"If inflation is bad, deflation must be good" was a notion I had when I was like 12, my dad (an economist) swiftly disabused me of that notion.
I think there's a (deliberate?) confusion about the interwar years. People know 2 things:
They think those are connected (they are, kinda) and think that inflation caused the great Depression, when in fact it was characterized by deflation.
Back in the early days of Bitcoin there was this weird Mellon-esque view that debt==bad and that a deflationary economy would encourage savings. This is one of the many ways that Austrian economics is childish and shallow.
Another thing I've had thought about - if the gold standard is so superior, why doesn't a country base its currency on it and outcompete everyone else? If you ask that you'll inevitably get conspiracy theories about how (((they))) won'd allow it.
I've had someone try to bully me into buying Luna a couple months before it collapsed because they understood economics and I was a fool for not wanting free money and letting my vast welfare ressources get eaten by inflation. I don't think crypto can function without this narrative.
Also I'm wondering now how they square their Ponzi scheming with the popular libertarian slogan about free lunches, and I imagine the answer is something like "by not thinking about it".
I'm of the opinion that the gold standard was obsolete around the time when the railroad and the telegraph were being rolled out on a wide scale and that shiny metal fetishism was heavily responsible for the longer and deeper economic crises of the 1800s and early 1900s.
this is basically correct, yes