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The 'stagflation' of the 1970s

[...] Money is not principally a means of buying 'stuff' but a way of coping with an uncertain future. We do not know which new goods and services will exist in the future, nor what their relative prices will be. There is no auction mechanism today that will allow us to discover that. Maintaining a…

The blunt truth, however, is that the implicit intergenerational cooperation that represents the best outcome is supported by trust, not money. If the younger generation decides not to support the elder, the existence of tokens will make no difference. And if the older generation has invested in, s…