"To comprehend money’s impact on morality, consider the (hypothetical) case of a winemaker living in a centrally banked economy. He knows that his central bank recently doubled the money supply by printing trillions of dollars to “save the economy,” and is now faced with three options:
- Continue selling his wine for $20, knowing that the value of each dollar has declined 50% due to inflation*
- Water down his wine or use cheaper ingredients, thereby decreasing the production cost and the quality of his wine, but continue selling it for $20
- Double the selling price of his wine to $40, to get the same value for his wine denominated in post-inflation dollars
If the winemaker chooses the first option, he incurs a 50% loss.
If he decides to water down his wine, he defrauds his customers by selling them an inferior product.
If he doubles his price to maintain quality, he risks losing customers to less honest competitors who are willing to compromise on quality.
Since diluting wine with water is difficult to detect (for non-connoisseurs) and offers an immediate financial gain, all winemakers face strong incentives to defraud their customers when inflation strikes (a cause of wine scandals). In a similar vein, monetary inflation incentivizes sellers across all industries to deceive their customers. Inflation imposes the temptation of larceny onto seller’s hearts, forcing them to weigh financial wellbeing against moral integrity. In this way, inflation is an infectious disease to society’s moral fabric. Inflation-resistant money, then, is an antidote to an afflicted social morality. In this (critically important) sense, Bitcoin—the only money with a 0% terminal inflation rate—is the cure for many of the moral cancers riddling our world."
https://breedlove22.medium.com/masters-and-slaves-of-money-255ecc93404f
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