people will always buy necessities, thats why they're necessities. it isn't like we've had the last 50 years of technological growth DESPITE fiat money. fiat money paid for it. your smartphone, the Internet and the the rest of it exist largely because of easy money. if all that capital allocation just went away things would be very different. we can debate back and forth about where exactly things would land and whether it would be better or worse than the current situation. i think it would be mostly better. but growth would grind to a halt because of this retarded idea that monetary inflation is just bad. EVEN if monetary inflation tracks with economic inflation and purchasing power remains unchanged.

Scenario 1 is more money chasing fewer goods. This leads to inflation where future cash flows must be discounted to account for the loss of value in the currency over time. Scenario 2 is more goods chasing fewer money. This leads to deflation where future cash flows are discounted less — or even valued more through premiums — because the currency gains value over time. The only thing that matters is sound economic calculation. As long as the rate of monetary change is known and stable, people can adjust their decisions accordingly. The real difference is not in the math but in the behavior each system incentivizes. One rewards speed and spending. The other rewards patience and productive investment. You must be a Keynesian to paint this as you do. A Keynesian anti statist 😂