Devaluation is a widely discussed topic with decades of scholarly economic input as to why it helps generate more wealth in the long run. There’s a reason we have target rates etc. Crypto bros just want to replace the 1% not build a better financial system, it’s obvious because they don’t understand the financial system to begin with.
Devaluing money doesn't create wealth, increased in productivity does. Devaluing money in many instances lowers productivity because people have to invest time into protecting the value of their labor instead of making more stuff they are good at. I haven't read a single convincing explanation as to why encouraging consumption somehow generates more wealth on the long run.
> There’s a reason we have target rates
In an interview Powell admitted no one really knows why the target is 2%. Why is 2% better than 10%, why not 0%? We don't need to encourage consumption with artificial money devaluation, humans already discount the future because of the finiteness of our lives
