We live in history, which is unfolding before our eyes.
Future historians will look back on this time as when the dollar got away from-the FED and the US government. This will go down as a tipping point and the covid response will be the “reason why” when many will question whether that is why the governments around the world collectively responded the way they did.
Gresham’s law is and important monetary concept to help you understand Bitcoin, gold, silver, monetary history, and how this is happening right i front of our eyes in 2021.
Source: The 7th Property
"The Roman Republic and Empire was fraught with monetary debasement and controls. Driven by the need to finance their lavish spending on the military and various luxuries, coin clipping when minting their currency became a common practice. In fact, the origin of the word “mint” is from the Roman temple of Moneta where currency was manufactured. Juno Moneta was the personification of money in Roman culture. This is how the English words “Money” and “Monetary” came to be.
In the late republic and early empire, the standard roman coin was the silver denarius. Its value had been gradually reduced prior to Diocletian, as emperors issued tin-plated copper coins and still called them denarii. Gresham’s law, which states that as bad money is introduced into circulation, people will naturally begin to hoard good money, became the norm. People hoarded their gold and silver as best they could.
During the period ending with Claudius Victorinus in 270 A.D., the silver content of the denarius fell to one five-thousandth of its original level, and at this point the monetary system had lost its bearings. Trade was reduced to barter, and economic activity collapsed, nearly destroying the middle class.6 When Diocletian assumed the throne in 284 A.D., the prices of commodities and wages had reached all-time highs. De Moribus Persecutorum, a surviving source, blames government spending on armed forces and the commensurate increase in taxation; Diocletian blamed the merchants (the most common scapegoat in centuries to come).
The classical historian Roland Kent in the University of Pennsylvania Law Review echoes this sentiment, naming inherited economic instability and lavish spending to be the sources which caused economic collapse and destructive taxation. Most likely, the salient cause was the debasement of the currency (more on this later)."
💡 Today's Big Idea
If you believe in property rights, then you must believe in sound money since fiat robs the wealth of humanity.
If you believe in natural law and human rights, you believe in #bitcoin
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Unsound money ENSLAVES humanity - problem we are solving? Multiple. We are giving access to the global ecomoy, the creator economy to those that need it most - the simple ability to accept payments for work rendered gives agency and ownership to individuals instead of them having to rely on DOLE/Charity.
Sound money → When the US gov prints money, the elite get richer, asset owners get richer, the poor and middle classes in AMERICA and the rest of the world get poorer. Their earning power is now less. Their savings is now less. Their ability to get ahead is now less likely.
Those living under crumbling jurisidcations, war-torn areas, tyrants, socialism, communism, and other terrible ideas that are still used by those in power ot enslave others, need sound money. Bitcoin is the best chance they have to protect thier wealth from governments and theft.
Bitcoin surpasses outdated monppolies thathave been praying on the poor, like Western Union, with their high fees and slow payments or their outright shutting down in a place like Afganistan and Cuba, places where humans need money from relative the most, where they can starve to death.
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Small communities in places with hyper-inflating currencies that need access to the hardest money in existence