The Road to Bitcoin: A Quest for Real Money by Jean-Yves Gicquel

Author:Jean-Yves Gicquel
Language: eng
Format: epub
Tags: gold, silver, economics, business, investment
Publisher: The Inspiration Hub
Published: 2019-07-31T00:00:00+00:00

Why do governments print more money than is required if inflation destroys the value of money? Most governments around the world today run a high public deficit for social programs that are financed through borrowing on the financial markets. Every time we ask our government to allocate funds for social programs, we pressure it to increase the money supply, with the inevitable result of inflation. Inflation, by cheapening existing money, is a form of invisible taxation. Furthermore, some countries are involved in costly military operations. Nobel Prize laureate, Joseph Stiglitz estimates the cost of the Iraq war at around 3 trillion US dollars. To finance those expenses that exceed the available budget, central banks print all the money they need. But simply printing more paper money to increase the money supply is a form of deception. Each new bank note that is printed out of thin air, with no tangible wealth to back it up, only debases the value of the existing money. It’s like adding water to your milk; while the glass appears to be filled with the milky liquid, its richness and nutritious value is greatly diminished.

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