At least it's got some major downsides like the way it enables the state to confiscate wealth from savers. But then again, cryptocurrencies have inflation going on to reward network participants in various roles such as miners, blockproducers or content creators and curators on Steem.
It's problematic if ownership of a scarce money supply becomes a major focus liked did in the gold obsessed Spanish Empire before the British and their superior guns put an end to the Spanish domination of the world's oceans.
But the Keynesian over-emphasizing the demand side is problematic, too.
The problem is that central banks are creating money on an exponential progression that cannot be stopped without it imploding. We are on a knives edge of having a deflationary collapse or hyperinflation.
90% of the fiat being created is going directly to the elite top 1% in the form of debt. The rich use debt to aquire assets pushing up the value of stocks and realestate. Where is all the inflation from the money being printed?? The inflation is in assets, which is what the rich own. This is real reason why the rich are getting richer and the poor are getting poorer. poor people don't own assets.
I agree with that fully except that a very large percentage of poor people would be poor no matter what.
There's always going to be poor people but in a free market without chroni socialism and high inflation, poor people benefit the most with a stable currency. This has been true throughout the last 5000 years.
Crony capitalism. That's what we have now. And yes, a stable currency is good.
Yes, I call it Chroni socialism because the socialist government is the head of snake. The currupt government is in collusion with banks and corporations. Free market capitalists and libertarians have been trying to point it out for years.