I tend to agree with that, it is a size limiting mechanism, tough times = smaller government etc.
One Idea I came across recently and haven't given much more thought to, is just the issuance of currency, without selling bonds etc. I.e. not debt based.
I think it would reduce the cantillon effect to some extent because the money would go to infrastructure projects rather than straight into the financial / banking sector for them to use how they see fit, which is rarely a win for the wider populous.
That still ends up with the government having the responsibility to reduce the money supply when inflation gets going though, which doesn't happen, ever.
Back to the original topic though, doesn't appear to be happening just yet, and BTC breaking levels to the downside. At least it has lost it's correlation to the NDX for now!
Also, it is important to measure against other goods, not fiat paper, if you want to know / keep some wealth in the "crack up boom", plenty of stock markets hyper inflate but you still come out a loser in real terms.
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