161–170 of 191 posts
Fiat money already DOES expire. It’s called INFLATION. If you put all your investments in a savings account in 2008, your “money” would smell like a compost pit.
Inflationary expiration is not guaranteed though. Deflation is always a possibility.
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The vice angle is that when inflation increases faster than wage work, people switch from a longer term wage, to selling what they can negotiate spot prices for to keep up with inflation - like the value of a bet in gambling, or client prices in prostitution. Wiemar was the complete destruction of a social fabric under reparations and inflation, and the vice businesses that sprung up as people switched from regular w…
> The vice angle is that when inflation increases faster than wage work, people switch from a longer term wage, to selling what they can negotiate spot prices for to keep up with inflation This sounds a bit confusing. Does an increase of inflation mean the rate of price changes goes from 2% to 4% p.a. or is it an increase of prices? Then, what does it mean that inflation increases faster than wage work? I can only im…
> Strictly speaking, inflation refers only to a drop in the purchasing power of money that results when a central bank creates more money than its public wants to hold. Inflation manifests itself as a rise in all prices and wages—not just some subset of prices.
When you debase the purchasing power of the currency, you get demand bubbles for goods as people get out of depleted/inflated cash. This causes the staple goods price increases that cause desperation. Fuel taxes to pay down the debt the state accrues also causes a similar desperation via price inflation today. What kind of chaff argument is trying to confuse the issue with the rate of change and the net change? If you want to lie to people and tell them that inflation and MMT will be good for them so they do nothing while their society is demolished, this makes sense, but otherwise, it's dishonest. The Wiemar era humiliated a generation of Germans who became cruel and gravitated to NSDAP (and its precursors) as the result. A decade is a short time in culture. People in 2023 remember 2013 very clearly, as those in 1933 did of 1923.
Insanely bad idea. People will always try to store their wealth in inperishable goods. People will get rid of their perishable money and buy property. Which is what happens now already, because of inflation. When property becomes a "money" in a store of value sense, it will become overvalued, and people can't afford houses for living anymore.
I feel like homes should not be taxed, or at least the first $X dollars of your first home should not be.
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Hard money can expire, sort of. Hard money is a contract with generalized civilization that only has value so long as civilization continues to organize and complexify our resources. A $1 silver dollar coin still has a lot of objective value because civilization still provides lots of good and useful stuff for us to consume.
If we get to the point where a silver dollar has no value, we're either in a Star Trek where you can make as many as you want, at no cost... or we're past Nate Hagen's "Great Simplification", and worse off than the dark ages... Younger Dryas catastrophe level stuff
I fully agree that the value of silver is very unlikely to crater but it's not exactly Star Trek unlikely.
Money do expire! There is inflation... I would like similar system for land ownership and buildings. Property taxes at level of 5%. In China land can not be owned, but only leased for 70 years.
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> The vice angle is that when inflation increases faster than wage work, people switch from a longer term wage, to selling what they can negotiate spot prices for to keep up with inflation This sounds a bit confusing. Does an increase of inflation mean the rate of price changes goes from 2% to 4% p.a. or is it an increase of prices? Then, what does it mean that inflation increases faster than wage work? I can only im…
I suspect the confusion is indeed yours. From the fed link: > Strictly speaking, inflation refers only to a drop in the purchasing power of money that results when a central bank creates more money than its public wants to hold. Inflation manifests itself as a rise in all prices and wages—not just some subset of prices. When you debase the purchasing power of the currency, you get demand bubbles for goods as people g…
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The value of that $1 silver coin is either the market value of the silver, or the sentimental value to collectors. It not functionally money anymore. The notion of "hard money" is a joke.
> The notion of "hard money" is a joke. Why? I don't even think modern Keynesians would argue against commodities this confidently, maybe MMT's would?
Complete insanity. Don’t plan for the future. Don’t delay gratification. Never save up enough money that you’re allowed to have a taste of true freedom. Always be precarious, always be dependent on your boss for the next handout, lest your food and shelter be in jeopardy. Don’t step out of line, lest that handout be jeopardized. Keep your hands off my bank account.
Too late - these ideas have, in a backward sort of way, been implemented in the form of quantitative easing, aka inflating away your savings.
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Land can expire. IIRC back in the late 60s and 70s Singapore had, and may still have, a law requiring purchased land to be developed within 7 years else the government would auction it off. The same effect is why many economists believe that a bit of inflation is important (this argument is different from the widely held central bank theory that an inflation target of ~2% is better than 0)
A 1% land tax expires the land in 100 years.
When you buy land with a 99-year lease in Singapore, it will be turned over to the government at the expiration of the term, with $0 in compensation. There have been a lucky few who get en bloc development where the land is sold before expiration and a new 99-year is provided - so current residents get bought out at values higher than otherwise.
A few 60 year leases expired recently. The government assisted in finding new homes, but it was pretty much "get your belonging and leave".
https://www.channelnewsasia.com/singapore/lorong-3-geylang-e...