Spherical cow model assuming everyone is honest and had steady income before this. Everybody just issues bonds to get paid what they used to make, and the government buys and tosses them. The inflation socializes the cost evenly. Where does this breaks if honesty holds?
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Trying to falsify it, the next breakpoint is courage. People change spending habits to conserve cash. That’s also a prisoner’s dilemma. If nobody does it, the inflation literally cancels out. You pay purely with wait times for backlogged work which piled up.
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Now we’re finally at a real breakdown which doesn’t depend on character: wait times. Everybody wants to catch up on the deferred, non-substituted consumption at the same time.
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End of conversation
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Your hypothesis appears to gloss over the problem of missing production.
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