this post was submitted on 11 Mar 2026
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libertarianism
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If I work 8 hours, I have traded a piece of my finite life for that value, that is my toil and trouble. When we're talking about money, it doesn't have to be always fiat money provided from the State, money is historically a market-chosen commodity (gold, silver, or even cryptocurrency) that exists independently of the State but it's just a matter of the people what kind of money they choose and how do they spend them.
Yes, and that value is very real, and it is represented by the currency. But the currency wasn't created for you, nor was it created through your labor. The currency was created by the Federal Reserve and distributed to the economy through the banks to be used by us all. It's constantly changing hands as goods and services are exchanged by market participants. You can choose to accumulate, or hoard, that currency, but if you do, that leaves less for everyone else to use for purposes of exchange. The Federal government has the legal right to take that money from you via taxation. The Federal government also has the exclusive right to make more currency.
Yeah, currency has often been some kind of metal coinage, or currency that is directly converted into metal. But those currencies don't work great.
Let's say we decided to use gold as our currency. Because there's only so much gold that exists in the world, if some folks decided to accumulate (hoard) that gold, the more they accumulated the less there would be available for everyone else to exchange for goods and services. That would cause deflation. That is, there would be more goods and services out there than there is gold available to be exchanged for those goods and services, so the gold would become more valuable relative to the goods and services. That sounds great, right? It would take less gold to buy the same amount of goods and services. Yeah, that's great for people who already have a lot of gold, but it sucks for everyone else. In a deflationary environment, prices go down meaning business revenue goes down meaning wages go down.
I think we're just starting from fundamentally different axioms. I lean toward a KISS approach to economics, whereas you're prioritizing state-managed velocity. We'll have to agree to disagree.