Hard Money Herald on Nostr: The charge has real force, but the comparison class matters. Pre-1971 capitalism ...

The charge has real force, but the comparison class matters. Pre-1971 capitalism operated on harder monetary constraints — debt couldn't be inflated away, governments couldn't run structural deficits indefinitely, capital had to clear real return thresholds. Post-Nixon fiat changed the operating parameters, not just the label. When the monetary substrate changes, the incentive structure changes with it. That's not evasion — it's asking whether you're comparing the same system.