Quote from: rpietila on July 16, 2014, 05:57:06 PM

Quote from: Johnny Mnemonic on June 17, 2014, 11:34:07 AM

I hate to bring fiat into the argument, but despite all it's problems the U.S. dollar does a great job at supporting large-scale economies. Even with a 2.5% - 4% annual inflation (definitely not "saver friendly"), capital formation does not seem to be a problem. Go figure.

You could not be more wrong. During the unfettered fiat standard (1971-), the by-far-the-most-glorious-and-economically-strong-empire-the-world-has-ever-seen has reduced itself to a miserable leech, a cancer to the world's economy, destroyed its productive capacity, essentially producing almost nothing that the rest of the world wants, utterly dependent on extorted energy and finished goods from the rest of the world, with half of the middle class already destroyed, youth unemployment soaring etc.

I could not have envisioned a better way to reduce the land of the free and home of the brave to its current wretchedly pitiable state than fiat money.

You are conflating the debasement of the dollar with the artifacts of the power vacuum of democracy.

The repeating cycles of failure of the collective is not due to debasement. Debasement is absolutely required because growth of the population and productivity is exponential (percentage, not fixed nominal amount)-- hard money tards would rather savings eat productivity because it means capital can grow in purchasing power merely by sitting in hole and not being productive. Even the Bible admits this when it says in numerous versus about money "it will grow wings and fly away" and the punishment given to the tard who buried his hoard in a hole (to "keep it safe") in the Parable of the Talents was all his hoard was taken from him and given to the one who put it to productive use earning a compounded interest.

The centralized control over debasement is one of the levers afforded to the power vacuum, but it does not logically follow that decentralized debasement is.