Oddbean new post about login | logout I don’t think sound money will stop human greed and bad behavior. It’ll change incentives and get rid of a lot of fiat problems but there will still be shortcuts taken to seek more profit and general malfeasance.
Yes. But... It is limited to a great extent than being able to print an infinite amount of money and use that to gather more "real" things with your fake money. When a king has to grovel to other king to borrow gold to wage war... When a country cannot finance a standing army all the time for years on end to wage a war by selling bonds... When a corporation cannot get access to the first flush of another round of freshly coined fiat at below market rate interest... The harm done to people at large is minimized. Not eliminated, but minimized.
Minimize, yes. Which I expressed a similar sentiment in my reply. I am a sound money and free market advocate. Free markets and sound money ensure consequences. Unfortunately there will still be bad actors in life and that’s just how it is. But in an honest system the bad actors face consequences instead of being able to capture regulators and/or buying leniency.
Yes, but those bad actors simply can't operate at a national or international level for very long if all you've got is sound/hard money. It lowers the impact the farther up you go, ideally simply because you have to fool more and more people to part with their money. It's possible, but lies are unsustainable.