"Although the real value of the debtors’ obligations increases, so does their real income, while the nominal payments remain the same. This is so, because producers’ productivity and their output increases. The prices of the products they sell are falling but they are selling a larger number of them, which might balance the price fall. Additionally, producers increase output precisely because they think by this they will maximize their money income. Hence, they do not necessarily get into problems in repaying their debt. Only producers whose selling proceeds fall faster than their buying proceeds will experience a fall in their money income." - Philipp Bagus, ***In Defense of Deflation*** (2015) p. 112 https://npub1l7a3c46glyl7fpmgkjfmgytmdfrhdh3552h83hanw0lg09z3q4sqzgdtjt.blossom.band/56c2a7a6108035b30efee4d56a95e30b43a3d8ce42d5c45835d28e48947a376a.jpg

#Agorism #Agorist #AnCap #Libertarian #Antistate #AustrianEconomics #SoundMoney #Money #MediumOfExchange #StoreOfValue #UnitOfAccount #Gold #Silver #Bitcoin #Deflation #Quotestr