[ExI] lotta splainin to do

[BillK]

On Tue, 15 Nov 2022 at 22:11, spike jones via extropy-chat
<extropy-chat at lists.extropy.org> wrote:
>
<snip>
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> Many sales pitches for digital currency carried the warning that the value of fiat currency in the US would drop dramatically, since the US government would be printing the stuff in arbitrary quantities.  But Californians knew that fiat US dollars would always pay the tax bill, regardless of what alternatives exist.  The California tax bill can only demand US dollars, in a known amount.  So if US dollars inflate to dimes, my property tax bill just dropped to a tenth, and that property tax bill is one of my biggest expenses.
>
> Conclusion: US fiat dollars will retain some value for the foreseeable.
>
> spike
> _______________________________________________


Stein's Law - Look it up.
Quote:
Herbert Stein was chair of the Council of Economic Advisors under
Presidents Richard Nixon and Gerald Ford and is the father of the more
well known Ben Stein. In 1976, he propounded what he called “Stein’s
Law”: if something cannot go on forever, it will stop.
Stein was referring to economic trends.
Stein’s Law at first glance might seem like a banal platitude. But we
should be fully cognizant of its implications:
an unsustainable system must have an end.
------------------------

Another way of saying that reality always wins in the end, regardless
of human agreements or beliefs.


BillK