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this post was submitted on 22 Feb 2026
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Well another argument they have is the amount of waste that comes with the churn of fiat currency, where we inflate asset values in order to deliberately grow aggregate demand.
The housing bubble for instance was obviously cheap debt, which was used to grow aggregate consumption, by rewarding asset holders thus encouraging them to offload their asset to increase the velocity of money.
On the gold standard the average mortgage was 7 years, which was because there was less need to grow the money supply, because we werent trying to force an inflation target. Massive windfalls werent common, and thus housing wasnt being bid up via the cantillon effect, so was better for society in many ways when consumption wasnt being forced onto people.