this supply-inelasticity is why I break with most libertarians and ancaps and say that fiat currency (including government fiat currency) is actually better than hard metal (e.g. gold) as a medium of exchangehttps://twitter.com/JohnDCook/status/1441463134040977415 …
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it seems like the meta-problem here is that 1. having a flexible currency supply is useful for a lot of reasons, but 2. power over the issuance of currency grants huge power over the economy, and tends to invite corruption
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so you can either have completely inflexible supply a la BTC (and deal with volatility), or extraction-cost-limited supply like gold (and deal with weird exogenous shocks when someone discovers a new vein or something), or fiat supply (and deal with corruption risk)
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