Steve Randy Waldman@feld you might address the basic point that the dollar has retained and gently increased value over time as long as it’s been held in the form of zero-credit-risk Treasuries. your graph just shows the existence of a mattress tax, not a weakness of the dollar as a store of value. while crypto has been a terrible store of value, because a currency has to accommodate those who expect to store negative values (be indebted) over fixed periods.
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