There are genuinely smart guys who have difficulty accepting that one way or another, a fiat monetary crisis is inevitable in the near future, and that its implications could be catastrophic, especially as it interacts with today's technological realities.
I suppose they fall into three camps:
1. “It’s decades away, nothing we can guarantee or do anything about.”
2. “Its effects will be negligible enough, made up by supply chains and industrialization.”
3. “There will always be fiat; these are all fantasies of Bitcoiners and fans of Austrian economics.”
All three are wrong and arrogant in their own way, because they intentionally bury their heads in the sand, perhaps for convenience or just out of cowardice of facing the truth.
They ignore the plethora of sirens alarmed by respected thinkers with diverse perspectives and persuasions, including mainstream names like Rey Dalio, who has been writing about the end of the debt cycle for at least 6-7 years from what I recall. People like Lyn Alden and Saifedean Ammous, Edward Dowd, Max Kaiser who have also eloquently and rigorously described the events leading to the end of fiat.
This doesn’t even include names like Davidson and Mogg who predicted today’s events in their magnum opus.
If after this they say, “ok I accept a crisis is likely, and perhaps even that we will move to a BTC standard, then what does that mean for the world? It’ll just be a recession for a few years? What possible implications would such an event have?”
In order to accurately answer this question, we would have to consider the interaction of many different parts and variables. There are many different scenarios at play, but unless there are political actions taken, we may end up with ones with quite severe consequences for the people of the world.
