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In this off-the-cuff episode of Fed Watch, Christian and I delved deeper into the technology-driven deflation debate we started last week with our guest Jeff Booth.

We brought the “chicken or the egg?” conversation that was not completely resolved last time: is technology deflation first or inflationary environment first? In other words, which force is primary? We will revisit that topic, and also touch on the problem caused by the fact that not all technology is equally inflationary.

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Modern finance preceded the industrial revolution and it is generally accepted that technological progress and economic stimulus are directly related. I tried to argue that it is the culture and capital structure that results from debt-based fiat money that drives massive technological advancements. Without debt-based fiat money, the deflationary pressures of innovation will return to the natural and gradual speed we saw during the days of the classic gold standard.

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Ansel Lindner is an economist, author, investor and Bitcoin specialist. Find more from Ansel at, and

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