| >People would work less, because there would be less reason to work. You mean most of the work will be piled up on a handful of full time employees which leaves a huge percentage of the population unemployed and destitue and ready to rebel against the system. https://m.youtube.com/watch?v=EKd6WURBqOY >Under a deflationary economic system, a touch over $480,000 in savings would yield an effective “UBI” of $1000/mo [2]. What if people decide to have less children to protect them from the rent seeking conducted by the rich families that inherited wealth over centuries? What if the above unemployed people die from starvation and are no longer there to guarantee the value of your money? >Once adopted by the entire world, a global currency of fixed supply controlled by computer algorithms could achieve this. Humans would voluntarily work less and pollute less. Voluntarily? Are you sure about that? Aren't you just trying to make some transactions illegal by forcing a less effective medium of exchange? Also we already tried this and it failed not only with the gold standard but also with Bitcoin. If it were that simple the Roman empire wouldn't have collapsed. No currency in history would have collapsed. You are also discounting the fact that deflation encourages corruption as gaining money through war, crime, trafficking, environmental destruction, political bribes becomes highly profitable as once you are locked in and got a lucrative 10 million dollars you will earn more from those savings than you can earn from being an upstanding politician. Hence there is an intensive pressure to destroy physical and social capital for a share of the fixed supply currency. |