Here's a great thread from our boi Conner Brown in which he recounts the way the founding fathers fucked up the money quickly after establishing their independence from England. I highly recommend you check it out when you get a chance (the thread is longer than what you see above) as this is a great example of how state-issued money can and will eventually fail.
Don’t fuck up the money™️ is an important principle. Our founders learned this the hard way.
— Conner Brown (@_ConnerBrown_) October 17, 2019
Much of this is taken from reading Pieces of Eight today.
Thread 👇
Despite having reserves of around $10,000,000 worth of gold, over the course of the war the states government issued bills of credit worth $241,000,000.
— Conner Brown (@_ConnerBrown_) October 17, 2019
Yikes.
A few years into the war, citizens began to realize that the bills of credit would never be paid. They started to refuse payment in the bills,
— Conner Brown (@_ConnerBrown_) October 17, 2019
Congress put a quick stop to this. Any person refusing bills of credit was labeled “a dangerous member to society” and punished.
The citizens didn’t believe them, and despite these public facing statements, congress knew they had a serious problem on their hands. Their journals recorded the following. pic.twitter.com/IiJTJhfwjp
— Conner Brown (@_ConnerBrown_) October 17, 2019
This has been a big theme around these parts recently, "don't fuck up The Money". Something we humans in 2019 have been warned about numerous times throughout history from philosophers, founding fathers, Iranian history and many other sources but we seemed to have missed the message. We here at the Ƀent feel it is our duty to help spread these warning from our much wiser forefathers and will continue to do so as more examples cross our desk.
If you're interested in learning about hard money, the opposite of fucking up the money, I recorded an interview with Saifadean Ammous, author of The Bitcoin Standard, for Real Vision that you can check out here if you're a Real Vision subscriber. Hope you enjoy.
Final thought...
Routines are pretty dope sometimes.
