Fire, Then Ice: Our Deflationary Future

Lest you weep for those whose phantom wealth will be drained away, recall that few win when a reserve currency dies. Labor can start earning the day after, but the capital lost is gone for good.

Outside the "everything's always fine" echo-chamber, the consensus is that easily created fiat currencies will all evaporate as the temptation to continue printing/borrowing money into existence is irresistible: the only way to keep the system from imploding is to devalue the soaring debt and interest payments with inflation, and the dial controlling in…