Sublime

It is extremely important to note Bernholz’s conclusion. Hyperinflations are not caused by aggressive central banks. They are caused by irresponsible and profligate legislatures that spend far beyond their means and by accommodative central banks that lend a helping hand to governments.

Inflation is also a gigantic redistribution mechanism. Inflation allows the quick, the clever, and the debtors to take advantage of the slow, the naïve, and the creditors.

Gaining wealth is about increasing wisdom.

An important, but often overlooked, aspect of the Bretton Woods system was that most of the member countries had moved large amounts of their gold reserves to the United States and received dollars in exchange, at a rate of $35 per ounce. The rationale was that the U.S. dollar would be the global currency for trade and central banks would trade thr

Money multiplier:

Programmable securities, money streaming, and a global buyer of energy of last resort are tremendously exciting. Their growing promise is evidence that Bitcoin is, “not just a digital rock,” to cite an expression frequently utilized by Elizabeth Stark.

Generally speaking, money lost to demurrage must be injected back into the economy; otherwise the level of reserves would shrink every year,

In the old thinking, monetary policy was intended to spur economic growth or to restrain it to a sustainable level.