When I was a kid, my dream was to become a scientist?

Horse and carriage?

Ever since Seneca was young, we have this really really cute vehicles book. It outlines the history of vehicles, inventions and advancements etc.

“If I asked people what they wanted, it would be a faster horse” – Henry Ford

What I find really fascinating is back in the day, all the notions of buses, cars, etc.… they were all essentially carriages with wheels, pulled by horses. Even in today’s world, we use the notion “horsepower”, to denote how powerful a car is. Even the Tesla modelS plaid — 1000 hp (horse power).

I wonder if similarly, in regards to talking about money and finances and the monetary system… the old US dollar or the fiat currency is going to be akin to the horse?

The principles of “sound” money?

Going back to the relatively ancients, for example, Fernandinho Galliani in his treatsie “On money”— he outlines currency and money… And talks about why golden silver is so valuable. Essentially the number one critical one is that it is a beautiful ornament, and also, it is scarce.

However, it seems that the issue with gold and silver as monetary currencies back in the day was when the Spaniards sailed across the sea and discovered more gold… It ended up devaluing some of the gold back home. This is where bitcoin is really fascinating;, cryptographically, you can never mint more than 21 million bitcoins. Imagine if the US government one they would say: “From today on forth, we will never print more than US$21 million dollars”— if this were the case, there would be a mad rush to obtain more US dollars in currency, because we could not ever print more than any of it.

However, when it comes to governments, individuals and corporations, they lie.

“Never again!”

For example, let us say that after the initial subprime mortgage meltdown, the US government would step in the same quote we will never ever ever again print more US dollars, in order to keep our money scarce and valuable”. And then, in 2024… In California they raise the minimum wage from $16 an hour to $20 an hour, just working at Shake shack or McDonald’s… Certainly we will not see wages ever go down from here. And also as a consequence, we will only see wages go up from here