TD₿: Inflation Fights Innovation by Jeff Booth with Robert Breedlove
TL;DR The current inflationary monetary system is at odds with the deflationary effects of technology and innovation.
Hey Bitcoiners,
One of my favorite books that I’ve read over the last couple of years was Jeff Booth’s “The Price of Tomorrow.”
In the book, he clearly lays out why the current inflationary monetary system is at odds with the deflationary effects of technology which is growing exponentially.
By consistently inflating the money supply, policymakers have been pumping asset prices, perpetuating wealth inequality, and fighting the natural deflationary effects of human progress and innovation.
A great example of how technology is deflationary can be observed in the smartphone.
Before the smartphone, we had to separately buy a flashlight, a camera, a guitar tuner, an alarm clock, etc. Now we have all that technology, all that abundance, in one device, and it fits in our pocket.
This is deflationary for the economy because instead of separately buying various products for different uses, we can now purchase one single good to accomplish all those tasks.
When you consider this, one can better understand why the money supply is inflating at an increasingly fast pace in an attempt to combat the exponential deflationary impacts of technology. This is obviously unsustainable in the long term.
Therefore, the only solution to this is we need a money that is deflationary in nature that will increase in purchasing power, not decrease, as innovation continues to create more abundance for all.
In this brilliant interview with Robert Breedlove, Jeff Booth brilliantly breaks down some of the topics from his book around deflation, inflation, and technology. (04/19/2021)
As Jeff Booth frequently says…abundance in the money creates scarcity in everything that we need. Scarcity in the money, enables abundance in everything we need, for everyone.
Tick tock next block,
Cory Klippsten
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Meme of the Day
Very interesting post today! Also, the meme is hilarious! Thanks.