Let’s not devolve into thought ending reactionaries. I’m aware of the negotiated reality.
My point is it’s not a law of physics, but a social contract to be negotiated.
We owed pensions to people and took those away, so it’s not as if society has a very good track record of paying what it’s owed, so don’t get too hung up on those words meaning something forever.
You might take continuous iteration of our social contract as seriously as code; as we can see letting it accrue technical debt and bit rot is not so great.
1. The brutish way: legislate that all T-bills are now worth 1/10th of their nominal value. Potential risk: riots and capitols set on fire. In practice, this was done in history many times without much consequences.
2. The "boil the frog" way: let inflation run hard for a decade, until a 100$ T-bill buys you a nothing but couple of big macs. This has been happening for the better part of a century.
My point is it’s not a law of physics, but a social contract to be negotiated.
We owed pensions to people and took those away, so it’s not as if society has a very good track record of paying what it’s owed, so don’t get too hung up on those words meaning something forever.
You might take continuous iteration of our social contract as seriously as code; as we can see letting it accrue technical debt and bit rot is not so great.