Tjefferson

MD, Bitcoin, Health

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Governments that print currency create only paper, not wealth. They redistribute claims on existing production through the hidden tax of inflation, but they cannot print the production itself. ​A million freshly printed dollars cannot conjure a single loaf of bread into existence. Only human effort directed by human minds can do that. Money divorced from production is merely colored paper, a counterfeit claim on wealth that was never created.

The implications cascade from this simple truth. ​If money represents production, then the accumulation of money represents the accumulation of past productive effort. The wealthy man, assuming he earned rather than stole his wealth, has created value for others on a grand scale.