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ALEX | ZK
@gluk64
Inventor of @zksync. zk/acc. Freedom maximalist. Freedom → Progress → Prosperity
Joined July 2010
2.4K Following    52K Followers
“No State shall . . . coin money; emit Bills of Credit; [or] make any Thing but gold and silver Coin a Tender in Payment of Debts.”
The US Constitution was the most important political innovation ever, but it's missing two important things: 1) A cap on the growth of government spending 2) A requirement for hard-backed currency Without them, every democracy drifts toward more debt and eventual loss of reserve currency status (see The Changing World Order). The US is $39T in debt, and adding $1T roughly every 100 days, with interest payments now exceeding the defense budget. There is no mechanism to stop it. Politicians get elected by promising free stuff using other people's money. Some voters get a benefit today, while the negative impact of the spending goes to future generations who can't vote yet. The incentive structure is broken. What fixes it? A new constitution somewhere on the frontier (Mars, special economic zones, cyberspace), an amendment that aligns incentives in the current system (politically challenging), or hyper economic growth (AI + robotics + crypto) to outpace inflation.
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