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67 sats \ 2 replies \ @denlillaapan OP 6 Jan \ parent \ on: In Defense of Credit (Max Hillebrand, Nostr) econ

Tons of resources for understanding how the classical gold standard worked. I could write up a good list, but I'll always recommend Better Money by Larry White.

Why mainstream economists were convinced that an informed fiat monetary policy could outperform gold is a combination of

  • wrong ideas about macroeconomic stability, bailouts, and informationally superior central planners (+drawbacks and limitation of gold)
  • psychology of runs, fragile banking system, no way to conjure up new base money fast (not realizing that not doing that is the point of a long-term successful and flourishing money)
  • evil, megalomaniac desire for control (hashtag tinfoilhat)
  • mistaken ideas about a deflation-inducing currency, money velocity, and debt
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33 sats \ 1 reply \ @SimpleStacker 6 Jan

Thanks. I believe you, but I need to be able to articulate it in my own head and with my own words.

Just took a look at Better Money. Think i'll pick this up. Too bad there's no audiobook version! (I get 90% of my "reading" done on audiobook now)

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0 sats \ 0 replies \ @denlillaapan OP 6 Jan

Best of luck! It's a dense, difficult reading, but it's the best rendition of various moneys.

(Too many mainstream economists don't understand gold... even fewer bitcoin, so it's tricky)

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