"It is clear that inflation is bad for the citizenry."
No. It is clear that both hyper-inflation and deflation are bad for the citizenry. However, modest inflation is generally a net positive.
"yet [inflation] has been done throughout the ages by every dying civilization." Do you have any real data for this? Sounds like bullshit to me.
Also, it seems preferable that government be in control of the currency rather than random speculators. Controlling the currency can be a useful tool if used responsibly. If you have bad government, then bitcoin isn't going to save you.
Roman Empire is a biggie. The Weimar Republic is the most obvious.
I guess we are now arguing 'Austrian Economics' vs. 'Keynesian Economics'... This is a fair simplification. As long as you hold real assets to protect your wealth, the government's debasement of the currency (modest inflation) is of no concern.
Clearly, when a person lives from paycheck to paycheck the only concern is "Can I buy food next week?" and "Can I pay the rent on the 1st?". Wealth preservation and modest inflation is not on the radar. However, it is still hurting the man that earns $12/hr, no matter the modesty of the inflation.
Just look around right now. Is the current inflation rate modest? Did everyone get a raise to account for the CPI going up? Will everyone get an 8.5% raise next year?
In my opinion decoupling the currency from anyone's "control" is the key idea behind Bitcoin.
I hate to break it to you, but the hyperinflation of the Weimar Republic ended around 1923 and the Republic prospered afterwards. Till the Great Depression, which was in big parts driven by speculative assets .... Wonder where I've heard that before.
And in the aftermath, the 1930s introduced austerity and deflation policies to the Weimar Republic, which was the final straw.
Not sure why the correction of a common misconception is being downvoted here.
If you want to learn more about the history of the German economy between 1900-1945, the authority on the subject is the British historian Adam Tooze. He has a couple of books on the subject, listed on Wikipedia if you want to check them out.
No. It is clear that both hyper-inflation and deflation are bad for the citizenry. However, modest inflation is generally a net positive.
"yet [inflation] has been done throughout the ages by every dying civilization." Do you have any real data for this? Sounds like bullshit to me.
Also, it seems preferable that government be in control of the currency rather than random speculators. Controlling the currency can be a useful tool if used responsibly. If you have bad government, then bitcoin isn't going to save you.