One more:
"In each of these hyperinflationary scenarios, as the value of money was destroyed, along with it went any concern for the future. Attention turns instead to the short-term quest for survival. Saving becomes unthinkable, and people seek to spend whatever money they have as soon as they secure it. People begin to discount all things which have value for the long run, and capital is used for immediate consumption. In hyperinflationary economies, fruit-bearing trees are chopped down for firewood in winter, businesses are liquidated to finance expenditure, and the proverbial seed corn is eaten. Human and physical capital leave the country to go where savers can afford to maintain and operate them productively. With the future so heavily discounted, there is less incentive to be civil, prudent, or law-abiding, and more incentive to be reckless, criminal, or dangerous. Crime and violence become exceedingly common as everyone feels robbed and seeks to take it out on whoever has anything. Families break down under financial strain. While more extreme in the cases of hyperinflation, these trends are nonetheless ever-present, in milder forms, under the yoke of the slow fiat inflationary bleed."
limachaves / Gustavo Lima Chaves
npub1c09…tecr
2024-04-06 20:22:57
Author Public Key
npub1c09t5gp382u2g37e4tjs73002pdgg4x9wj8kpcxwqy65r7qwyreq42tecrPublished at
2024-04-06 20:22:57Event JSON
{
"id": "fc036bd931c44a4247db5914e1111193d6e7ff242aa5005c9ca5d66180be7506",
"pubkey": "c3caba20313ab8a447d9aae50f45ef505a8454c5748f60e0ce013541f80e20f2",
"created_at": 1712427777,
"kind": 1,
"tags": [],
"content": "One more:\n\n\"In each of these hyperinflationary scenarios, as the value of money was destroyed, along with it went any concern for the future. Attention turns instead to the short-term quest for survival. Saving becomes unthinkable, and people seek to spend whatever money they have as soon as they secure it. People begin to discount all things which have value for the long run, and capital is used for immediate consumption. In hyperinflationary economies, fruit-bearing trees are chopped down for firewood in winter, businesses are liquidated to finance expenditure, and the proverbial seed corn is eaten. Human and physical capital leave the country to go where savers can afford to maintain and operate them productively. With the future so heavily discounted, there is less incentive to be civil, prudent, or law-abiding, and more incentive to be reckless, criminal, or dangerous. Crime and violence become exceedingly common as everyone feels robbed and seeks to take it out on whoever has anything. Families break down under financial strain. While more extreme in the cases of hyperinflation, these trends are nonetheless ever-present, in milder forms, under the yoke of the slow fiat inflationary bleed.\"",
"sig": "e234fdda6748b97505e26da8798aed706fb2801d1ea8e396048a0fc48caa89f36d61a91881895eb9bc42cd8959e9c0264e14e291f5d4f60330a78a7393ade090"
}