The financial nanny state
October 1, 2016 § 20 Comments
Some folks seem to think that in suggesting that people are responsible for preserving their own property, from which it follows that they should not put their life savings into property they don’t personally understand (and instead should put their savings into property that they do personally understand), I am demonstrating a lack of empathy.
A different view though is that – unlike the modern financial nanny state – I am treating my readers like adults capable of making their own choices about what property to own, and living with the consequences of those choices.
If you don’t like monetary inflation – the fact that the number of fiat dollars which trades for a loaf of bread changes gradually over time – then by all means buy something other than bank deposits to serve as your life savings.
What you will find is that prices – the relative trading ratios of different goods and services – are not static. And you will find that ethically preserving your property requires work, expense, and risk.
Now maybe your nanny didn’t tell you this.
But I’m not your nanny.