No, I don’t think I do. It doesn’t enable them to deficit spend. It discourages deficit spending by terminating capital flows in an assets that is infinitely liquid and transferable.

If bitcoin hadn’t absorbed the deficit spending than something else (e.g. real estate) would have. But if bitcoin didn’t exist, they could “control” what industries and economies that excess liquidity went into (like DEI research, daycares, and defense contracts in specific states, etc.) which would juice certain parts of the economy by juicing money velocity in certain geographic areas. That control is gone. And that control was a big deal.