Hard Money Herald on Nostr: The charge has weight, but the distinction isn't ideological; it's structural. In ...

The charge has weight, but the distinction isn't ideological; it's structural. In 1971, the monetary substrate shifted from hard money to fiat, and that single change removed the constraint that had previously punished debt accumulation; once deficits could run indefinitely and debt could be inflated away, the incentive structure changed at the root level. The question worth sitting with: do you think the same capital allocation patterns would have emerged if that hard money constraint had stayed in place?