TD₿: Innovation is Unstoppable by Jeff Booth with Robert Breedlove
TL;DR Instead of having a monetary system where productivity gains from innovation are shared by everyone, it is stolen from us via inflation.
Hey Bitcoiners,
A recent WSJ article covered an emerging trend in the younger workforce called “quiet quitting.”
The article describes here what it is, “The phrase is generating millions of views on TikTok as some young professionals reject the idea of going above and beyond in their careers, labeling their lesser enthusiasm a form of “quitting.” - WSJ
This is what happens when we have a monetary system that unfairly transfers the productivity gains from innovation to the rich and powerful through inflation.
The workers on the ground don’t feel the benefits of increases in productivity and, over time, develop a feeling of hopelessness, stop putting in the effort, and disengage from their work because what’s the point? This is especially true for younger generations who are feeling more and more like the American Dream is no longer attainable for them.
When we have evidence like this of employee disengagement, it should come as no surprise that U.S. labor productivity recently sank -4.6% annually in Q2 after falling -7.4% annually in Q1, the weakest back-to-back quarter readings since 1947.
Think about that for a second…we have all this amazing technology available to us today, and still, U.S. workers are working more to produce less. This does not bode well for the long-term trajectory of our society.
Instead of having a monetary system where productivity gains from innovation are shared by everyone, it is stolen from us via inflation and benefits the few at the cost of the many.
Jeff Booth sat down with Robert Breedlove and discussed in this interview how the current inflationary monetary system is hopelessly fighting innovation and thus improvements in productivity. (04/22/2021)
Our current monetary system is literally at odds with human progress.
If that’s not reason enough to justify building a new alternative, more equitable monetary system, then I don’t know what is.
Tick tock next block,
Cory Klippsten
PS - I’ll be taking a break next week and will be back with TD₿ on 08/29!
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(h/t KryptoGoon)