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you may like this good summary of vol impact from establishing futures markets for various commodities. http://www.nber.org/~confer/2005/si2005/dae/jacks.pdf …
Volatility in strategic commodity prices. Compare Bretton Woods (1947-1970) vs. floating rate (1970-present) eras. http://unenumerated.blogspot.com/2016/02/two-malthusian-scares.html …pic.twitter.com/yDsmlQcbcb
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Much truth. But migrating to bitcoin or another limited supply crypto would be massively deflationary for a system accustomed to continuously rising prices.
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In a monetary system pegged to a gold standard (like Bretton Woods sort of was) productivity gains are deflationary. With wages stable that translates to improved standards of living.
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I understand all that, but the transition would be quite painful for debtors - a deflationary bust. After the transition the new system would be more stable.
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Agreed, BTC has a very long way to go before it can be considered a stable unit of account, but that’s a phase we can wait for. Right now it’s an uncorrolated asset/store of value with large upside.
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Don’t have the link in front of me, but George Selgin wrote an excellent piece about how bitcoin might work in a banking context, worth a read
End of conversation
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