Bitcoin Q&A: How Could a Hard Money Economy Respond to Crises?

address would appreciate your perspective on the topic I've been wondering about of late in the Bitcoin economy where hard money currency and monetary policy defined by code is dominant how would or could societies address muscle mass unemployment and the survival of the workings of Commerce in situations such as we are currently facing with kovat 19:00 well I can appreciate concerns about some limited printing of money and the priorities of how those funds are expended the the hyperinflation that was predicted after 2008 hasn't come about and I haven't seen a compelling or compassionate alternative being presented on the libertarian Austrian side of the argument do Bitcoin errors declare this a healthy cleanse retreat to their Citadel's and wait for the pandemic to burn itself out at the cost of millions of lives in massive economic destruction a long question but thank you so much the bottom line here is that first of all I'm not an Austrian economist nor am i a strict libertarian or assign those kinds of labels to my political views but the thing is that the arguments that this crisis is being somehow solved by this massive injection of money I think is fundamentally wrong and I think that's mostly the arguments you'd hear from libertarians and Austrian economists which is that the the reallocation of money through the Kantian effect is it's called where the rich get richer and income inequality increases massively because of subsidies into the investments markets which are mostly concentrated among the wealthy the big businesses that have first in line access to the big banks that have first in line access to capital this actually has a very specific effect of enriching the rich and impoverishing the middle class in the lower class in the working class and so as a result what exactly is the saving of the economy doing it's not a saving of the economy it's building gilded lifeboats for the super-rich to to bail themselves out we scene in fact recently that many of the richest people on the planet have increased their wealth just in the last two months by by some twenty four billion dollars just off the stimulus and the increase in concentration of wealth that is a direct result of this pandemic and the stimulus is happening also the idea that hyperinflation didn't come in 2008 sure it did it came in assets it became completely unaffordable for anyone to afford student loans health care or housing for an entire generation of young people while all of the wealth got directed to those who already had wealth invested in the stock market and other assets that got massively inflated by stimulus so again I think the idea that in a hard money society what you would end up with is a society without compassion where everyone would be on their own I don't think is true there's no reason why taxation can't work in a hard money society there's no reason why you can't have representative democracy work I don't pay taxes only because I will get caught if I don't I actually believe in in the fact that the weakest link for example in the pandemic is how healthy my neighbors are and I think it's important that that everybody has a basic quality of life and and health otherwise the whole of society suffers which of course makes me not strict libertarian but that's just a political opinion so I I'm not sure it's all black and white I don't think the stimulus has actually saved anything and not made things worse and I also don't think that in a hard money society we can solve social problems and we will be paralyzed because our money will be so awesome if you enjoyed this video please subscribe like and share all my work is shared for free so if you want to support it join me on patreon you

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