Good morning, freaks. I hope you all had an incredible weekend and are benefitting from the luxury of an extra hour of sleep if you're here in the States. Now it's time to benefit from reading this 18-tweet thread of pure sanity from our boy Jeet, who gives a very strong case for deflationary monetary policy. His thread was inspired by Jorg Guido Hulsmann's Deflation and Liberty, which takes a deep dive into the differences between inflationary and deflationary monetary policies, who they benefit, and how they affect the aggregate wealth of society. I highly recommend you throw the audiobook on and listen to the essay if you have a free hour and ten minutes to burn.
The case for deflation is rooted in ethics, Hulsmann argues, because it is inherently voluntary whereas inflationary monetary policies are coercive as they overwhelmingly benefit the people closest to the source of money creation and harm the people furthest from the source. The fact that money printing is imposed on an unwitting citizenry, which has been subject to inflationary policies for over 100-years. These policies shield an elite class. One that is dependent on the inherent unfairness of said policies as they make it nearly impossible for entrepreneurs to compete because of the tendency of the system to bail out failures.
In a deflationary monetary system, entrepreneurs and enterprises alike who take on too much debt (risk) and are unable to service their obligations will go bankrupt, allowing entrepreneurs to swoop in, scoop up assets and businesses at low prices, and start (hopefully) profitable businesses. This is something that is vehemently derived in modern-day mainstream economic circles. While studying economics in college, I was indoctrinated with inflationary propaganda for years on end. The notion of deflation makes the economists of today shiver with disgust. "How could we ever let the market work out economic cycles on its own?"
Uncle Marty is here to tell you freaks that he doesn't believe that we haven't given deflationary policies a fair shot in a long while on this planet. Inflationary monetary policies have been coercively forced upon the world's citizens, leaving them with no tools or leverage in a battle to get back to a fairer system. Bitcoin is the best chance we've ever had to experiment with deflationary systems. Bitcoin has presented a choice that didn't exist before it was created. We can peacefully express our will to live under a more ethical monetary regime by buying, building, holding, and teaching the world about Bitcoin. Will we take advantage of this opportunity? I sure hope so.
This is it, freaks. This is the last time we set the clocks back. Today starts a year-long campaign to make sure we save future generations from the horror that is torturing humanity by artificially making the sun go down earlier in the day. It's pure degeneracy and it needs to stop. #SaveTheSun