“Which is better? A world where things get cheaper every year and our purchasing power increases, or a world where things get more expensive every year and our purchasing power decreases?
In a deflationary world, aided by technology, things would be cheaper to produce and a lot more affordable. People would not have to hold value in assets such as real estate.
In such a world, property and other value-preserving assets would be much more affordable. Everyone would benefit—except governments and large corporations who depend on and hold large amounts of debt.”
When I read this excerpt from Thank God for Bitcoin, I was reminded of Dave Ramsay’s stance against debt.
And while I don’t 100% agree with Dave on everything, when I read the above I couldn’t help but wonder if he actually understands money (fiat) or is his stance purely philosophical?
He’d argue it is Biblical, which I agree that 99% of consumer debt is in fact destructive and not aligned with God’s will, in particular as people often use it to fuel consumerism.
But is his stance rooted in the principle of money being sound?
Probably not as he has many rants against Bitcoin (unless he’s changed his stance and I’ve missed it).
I think that is more important than the debt argument.
We have debt because the money isn’t sound.
It’s a first principles thing.
Maybe “fix the money, fix the world” is more true than one realizes…
