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100 sats \ 2 replies \ @davidw 22 Aug 2023 \ on: AMA: Fiat Ruins Everything bitcoin
Do you believe the average person’s ‘real’ quality of life will decrease or increase with the removal of debt for consumption, in a sound system?
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1 sat \ 1 reply \ @jimmysong OP 22 Aug 2023
Depends on the timeframe. On a short timeframe, the inability to bring consumption forward through debt will hurt a lot of industries. But once a lot of these zombie companies, subsidized by fiat money die, then we'll see a lot better companies making more capital goods that produce more efficiently. So on a longer timeframe, I think we'll have way more wealth.
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22 sats \ 0 replies \ @davidw 22 Aug 2023
Tend to agree. Everyone needs to taste the medicine.
If people can perpetually bring consumption forward and yet they’re still unhappy…it’s no wonder so many people are feeling lost & lacking meaning in their lives.
On a personal level (talking in fiat terms) reducing debt for consumption has surely got to increase ‘real’ standards of living vs decreasing it nominally.
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