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n. Illinois | An interesting piece, Hard to fully understand everything,
It appears to me that the limiting factor is human behavior when things go wrong can crypto currencies give policy makers the ability to be flexible to allow the stress without breaking the system. Sort of like a Accumulator in a hydraulic system there to take the shocks so the lines don't explode.
I worry his read on history is not right leading him to wrong conclusions, The 1930's was made significantly worse by the policies of the Federal Reserve in that they actually contracted the money supply turning a recission into the Great Depression. I should research if the other central banks in the 1930's did the same thing.
We know that the Germans in the 1920's just printed money to pay their reparations making the MARK worthless. Read stories that the workers in Germany were paid twice a day since the money was losing value so fast, they took the money earned at the beginning of the day to buy their groceries because if they waited till the end of the day they couldn't afford them. We have no concept of what Hyper inflation would be like.
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Flexible money supply