spacestr

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RB
Member since: 2023-03-25
RB
RB 4h

Austrian economists understood what British John Maynard Keynes' followers refuse to acknowledge: Sound money is the foundation of civilization, not a relic of the past. When governments gained the ability to print money at will in 1971, they didn't eliminate the business cycle—they made it more severe and transferred wealth from savers to debtors on an unprecedented scale. The Austrian insight that money emerges spontaneously from market processes, not government decree, explains Bitcoin's organic adoption despite zero institutional support in its early years. Like gold before it, Bitcoin emerged because individuals recognized its superior monetary properties: scarcity, divisibility, portability, and resistance to debasement. No central bank mandated its use, yet it grew from worthless digital tokens to a trillion-dollar asset. Mises showed us that economic calculation requires stable prices that reflect real supply and demand, not central bank manipulation. Every quantitative easing program, every interest rate suppression, every bailout moves us further from rational economic calculation and deeper into malinvestment and boom-bust cycles. Bitcoin represents the market's inevitable response to monetary socialism. It's not just a technology—it's the restoration of sound money principles that built prosperity for millennia before central bankers convinced the world they could engineer better outcomes than free markets.

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