Fiat doesn't work on a finite planet. Crypto has failed on its goals. What is a better way to be economically secure? (infosec.pub)

submitted 3 months ago by aviation_hydrated@infosec.pub to c/asklemmy@lemmy.ml

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Assuming the title to be accurate, what is a good way for the working class (90%+ of all humans) to save and succeed in this current environment?

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[-] Nemo@midwest.social 55 points 3 months ago

Why would I assume the title is accurate? I've never heard this criticism of fiat currency before, since the whole point is that it doesn't rely on on scarcity but on the stability of the issuing body. Can you explain, or is that outside the scope of this thread?

[-] aviation_hydrated@infosec.pub 6 points 3 months ago

The issue is those closer to the money printer get the biggest rewards (according to the US Fed's description of their stakeholders) so as they increase their supply of currency they can accumulate more goods, outpacing the rest of the classes which have to suffer through inflation, which debases their money, keeps wages low and goods prices increase

In an evenly distributed and fully observable currency supply which can rise and lower as needed, there is no inherent issue with fiat currencies as long as the issuing party is reputable and wages increase at the same pace (up or down) with all prices

[-] Nemo@midwest.social 2 points 3 months ago

Yes, that sounds better. I didn't mean to imply there are no problems with fiat currency, only that scarcity wasn't one I'd heard argued.

this post was submitted on 27 Jul 2024

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