My latest article for @BitcoinMagazine is about the nation-state level incentives of fiat money. Excerpt below.
https://bitcoinmagazine.com/culture/fiat-money-funds-government-corruption
Fixing The Incentives: How Fiat Funds National Corruption
In the first two parts of this series, I wrote about the individual-level incentives and company-level incentives of fiat money. The individual-level incentives made personal lives have much higher time preferences through ubiquitous debt and lack of savings vehicles. The company-level incentives made communal life much more zombie-like and artificial through unnaturally-large companies that have replaced our families.
In this essay, I'm exploring the incentives at the nation-state level, where fiat money has perhaps its greatest effect. The power of fiat money gives governments the ability to become more authoritarian. Not only do we get a welfare/warfare state, but we also get a surveillance state, a police state and militaristic, corrupt tyrannies. The siren song of Marxism, of positivist law and an authoritarian vision are some of its rotten fruits. The unprecedented destructive power of governments in the last 100 years can be laid squarely at the feet of fiat money. Government authority and power have expanded more than the average American's waistline and the consequences have been just as deadly.
jimmysong /
npub10v…psp42
2023-03-01 17:27:29
Author Public Key
npub10vlhsqm4qar0g42p8g3plqyktmktd8hnprew45w638xzezgja95qapsp42Published at
2023-03-01 17:27:29Event JSON
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"content": "My latest article for @BitcoinMagazine is about the nation-state level incentives of fiat money. Excerpt below.\n\nhttps://bitcoinmagazine.com/culture/fiat-money-funds-government-corruption\n\nFixing The Incentives: How Fiat Funds National Corruption\n\nIn the first two parts of this series, I wrote about the individual-level incentives and company-level incentives of fiat money. The individual-level incentives made personal lives have much higher time preferences through ubiquitous debt and lack of savings vehicles. The company-level incentives made communal life much more zombie-like and artificial through unnaturally-large companies that have replaced our families.\n\nIn this essay, I'm exploring the incentives at the nation-state level, where fiat money has perhaps its greatest effect. The power of fiat money gives governments the ability to become more authoritarian. Not only do we get a welfare/warfare state, but we also get a surveillance state, a police state and militaristic, corrupt tyrannies. The siren song of Marxism, of positivist law and an authoritarian vision are some of its rotten fruits. The unprecedented destructive power of governments in the last 100 years can be laid squarely at the feet of fiat money. Government authority and power have expanded more than the average American's waistline and the consequences have been just as deadly.",
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