III. Democracy Institutionalizes High Time Preference

Democracy is not “rule by the people.”
It is public ownership of the state, which means nobody owns it — and everyone is incentivized to loot it.

Democratic politicians:
• do not own the capital they control,
• do not pay for their mistakes,
• do not face long-term consequences.

They maximize present consumption, push costs into the future, and call it “public policy.”

Democracy is short-termism encoded into law. #bitcoin