My issue is mainly that deflationary currencies only incentivizes savings. It does not work well in my opinion about running a solid economy. An economy obviously requires people to be spending otherwise there it won't work very well. For me, I would say the deflationary aspects do make it a good store of wealth.
In the end our economy functions more based on jobs and wages. The way jobs and wages happen in the future might be different but I do expect there has to some way to show the jobs. If people are unwilling to spend, then economic development will be stifled. If that is the case, then I don't really consider it a good hub for activity.
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Why is saving such a bad thing? I don’t understand why saving money and only parting with it when it’s worthwhile isn’t better than the mindless Consumerism under a inflation standard.
That’s a fallacy that the economy requires spending, in fact in a deflationary economy people only pursue tasks that the economy actually needs
This idea that everyone is just going to sit around and save themsleves into starvation is just dumb
There is nothing wrong with saving but I think this stifles technological development. In fact I think with technology, the costs of foods, transportation and energy will drop. Also automation is coming for a lot of things and will probably take over most of what the economy needs.
Also the idea of what an economy needs is a vague question. Does this mean art will be thrown by the wayside since it would be worthless? I guess entertainment would also be thrown away if people just want their basic needs satisfied. I don't expect anyone to just starve but I am just stating my opinion that the deflationary aspect just doesn't seem to push technology forward as much.
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