📚 The Price of Tomorrow: Why Deflation is the Key to an Abundant Future by Jeff Booth
Bitcoiner Books #10
In The Price of Tomorrow, Jeff Booth explains that the natural state of a free market is deflationary. Technologies like AI, automation, and computing increase efficiency, which should lead to lower prices, better quality products, and greater abundance. He argues that when governments and central banks print money to service debt and stimulate growth, they create a false sense of stability and prosperity. This newly created money doesn’t generate real value, it simply inflates asset prices (such as stocks, house prices, and commodities), giving the illusion of economic health while distorting the true cost of things.
“Abundance in money creates scarcity everywhere else; scarcity in money creates abundance everywhere else.” — Jeff Booth
Cheaper goods and services would allow people to buy more with less, improving their quality of life. However, when central banks intervene to fight the natural deflation by printing money, they prop up inefficient businesses, mask real risk, and drive up prices which especially harms the poorest in society and those who don’t own assets.
This creates a cycle Booth likens to a hamster wheel where we’re running faster and faster just to stay in place, stuck in an economic system that demands infinite growth in a finite world. Eventually, the system becomes unsustainable, and confidence in the currency itself begins to erode.
While Booth doesn’t explicitly promote Bitcoin in The Price of Tomorrow, in the interview below, he ties Bitcoin to the ideas in his book and expands on his thoughts to an entirely new level! Interestingly, Natalie Brunell, the interviewer, explains how this unsustainable system leaves people feeling angry and left behind. After her parents (who were Polish immigrants) lost everything in the financial crisis, she once believed the solution was simply to tax the rich and make them pay their fair share. However, after discovering Bitcoin and learning more about the monetary system, she soon realised that the real problem was systemic. Now she believes we should fix the system itself.
Let us know your thoughts below! If you haven’t read it yet, you can buy a copy here on Amazon! 📖
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