by Marvin Dumont
September 2 is Labor Day in America. The holiday celebrates the achievements of U.S. workers who are some of the most educated and productive in the world.
But with the Fed’s cash-printing machines, workers’ compensations aren’t fair. Rather, they’re continually reduced in value over time.
People’s pay are diminished via inflation. According to Nobel Prizing-winning economist Milton Friedman, long-term inflation only has one cause: expansionary monetary policy (i.e., printing cash out of thin air).
You work for cash. But bankers and governments can just print it — without working for it. It’s a way to cheat the system by collecting value from people without earning it. Unlike businesses that must create value by serving customers.
Bankers and governments create coercive laws that serve self-interests: regulatory frameworks that allow them to legally print cash.
But if you (as a private citizen) print cash, you’d be immediately jailed for counterfeiting. Bankers and governments create laws that give them monopoly over monetary policies. This monopoly gives them the exclusive power to decide the real value of a national currency. In nearly all cases, such value diminishes over time to pay for deficit spending and state debts.
Many cryptocurrencies, including Apollo, have a fixed supply of currency. Gold has a fixed supply, and therefore it retains its value.
A limited currency supply protects consumers and businesses, because it allows them to save and accumulate money without fear of losing value to bankers and governments.
When you celebrate Labor Day, it’s wise to recognize people’s hard work. And it’s prudent to question the long-term value of their fiat pay.
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