A loss of sound money is unquestionably a driver of tensions and inequality, but I also don’t think Keynesianism is the ONLY reason why America has slowly declined.

I worry that we allow our critics to paint us as reductionists when talking about what bitcoin offers the world.

As information technology has dramatically reduced the power of borders and brought the world in to compete, many unskilled jobs went overseas or to automation where labor is orders of magnitude cheaper.

As this trend continues we are seeing calls to stop the bleeding. People who were making great wages relative to their skill levels feel left behind and many average Americans are facing downward mobility compared to their parents.

This is scary, frustrating, and alienating. There are no silver bullets and the idea that solving it only requires throwing more liberal arts degrees at the problem is painfully tone deaf.

There’s is no free lunch and this pain in america (and other developed nations) is the cost of global progress. Many Americans just happened to born in places (like detriot) that offered a high premium for unskilled work—in the digital age that cant continue.

In this sense, fiat has not the cause, but a magnifier of the pain. Not only are we facing the harsh economic reality of the Internet age, but we are losing our savings to fiat money, our health to fiat food, our towns to fiat infrastructure, and brains to fiat education.

A lot of this is probably obvious, but it needs to be said. The world is much too complicated to be reduced to a single cause.

This also does not detract from bitcoins significance, it still is the backbone of this new shift we are making to a globally integrated economy that transcends borders.

Just don’t fool yourself into thinking that the good times in America will magically return with bitcoin.