Yet fiat enthusiasts keep parroting that the linear and intentional destruction of value through inflation, in order to encourage further mindless consumption, is a good thing? What is so bad about a currency that maintains its value throughout time? This would allow someone to actually save, rather than be forced to buy some stupid widget they don't need, or become a part-time fund manager trying to decide between a series of risky assets. As it stands, simple savings accounts pay zero and lose money to inflation, so if you don't become a one-man hedge fund or pay someone else to become one for you, you just lose your money.
They can’t all be negative in real terms.
Nah. It motivates rational beings to spend that capital on anything at all, as fast as possible, because the alternative is a net loss of purchasing power.
Deflationary currencies on the contrary motivate actors to think before spending, because any spending has to be balanced with the future gains that won't come from holding it and seing it accumulate value over time.
