Bitcoin will reduce various statism by defunding it - It's not magic, it's just that without a money printer to pay for the state, you get a smaller state, just by virtue of the real tax intake going ...
Short term I see a whole lot more pain.
Take your average western country; the economy is 30-55% the government. 15-30% of people are employed by governments of various levels.
If you pull the rug on that with a Sovereign debt bubble, a lot of people with ZERO free-market transferable skills are now competing with grafters who will do anything for a dollar. That’s Mandibles stuff.
What is the Government funded 55-yo Keynesian economist going to do? What’s the 45-yo climate change scientists living off research grants going to do? What’s the 35-yo DMV worker who never had a real job going to do?
Saif’s prediction is more bleak than mine. I’d go Venetian renaissance for a Bitcoin-led era. Both were merchant led aristocracys but Venice lasted a good 400 years and wasn’t humiliatingly crushed like the frogs were after 40 years of good living.
The Sovereign Individual is a great book but it paints a future, not a path to get there.
I’m interested in the path. The path is where we are; we won’t get to bask in the glory, we’ve got to get our kids there and make sure they can hold on for more than 2 generations!
Take your average western country; the economy is 30-55% the government. 15-30% of people are employed by governments of various levels.
If you pull the rug on that with a Sovereign debt bubble, a lot of people with ZERO free-market transferable skills are now competing with grafters who will do anything for a dollar. That’s Mandibles stuff.
What is the Government funded 55-yo Keynesian economist going to do? What’s the 45-yo climate change scientists living off research grants going to do? What’s the 35-yo DMV worker who never had a real job going to do?
Saif’s prediction is more bleak than mine. I’d go Venetian renaissance for a Bitcoin-led era. Both were merchant led aristocracys but Venice lasted a good 400 years and wasn’t humiliatingly crushed like the frogs were after 40 years of good living.
The Sovereign Individual is a great book but it paints a future, not a path to get there.
I’m interested in the path. The path is where we are; we won’t get to bask in the glory, we’ve got to get our kids there and make sure they can hold on for more than 2 generations!
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