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16 Dec '12, 5pm

Response to Philip Pilkington on Deflation by @PeterSurda #bitcoin

Philip Pilkington made a post criticising the idea that price deflation is if not beneficial, then at least non-neutral from economic point of view: http://www.nakedcapitalism.com/2012/09/philip-pilkington-the-19th-century-long-depression-how-it-fostered-oligopolistic-capitalism-and-serves-as-a-model-for-austerity.html This post was also reposted by Michel Bauwens with respect to his objections to Bitcoin . It is a rehash of old fallacies, and I believed others addressed them, however I want to present a more point by point rebuttal. Before however I address the points individually, I would like to explain the three core fallacies that Pilkington makes and are typical for the proponents of inflation. The first is the assumption that money is the only liquid asset . This is not true. First of all, there are foreign monies, which are also at the top of the liquidity scale, a...

Full article: http://www.economicsofbitcoin.com/2012/12/response-to-phi...

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