The strongest case against Bitcoin is the need for flexible money "A flexible currency can respond to an emergency. During a banking panic, a lender of last resort can create liquidity and stop solvent institutions from failing. During a depression, monetary expansion can counter collapsing credit and demand." "A rigid monetary system does not abolish pain. The adjustment may instead come through falling prices, defaults, unemployment, and lower wages. Scarcity alone does not produce prosperity." "That is the argument for discretion, and it is a serious one. The problem is that emergency powers are easy to begin and difficult to reverse." "Political leaders receive credit for spending today, while the cost can arrive later through inflation, taxation, or financial repression. Central banks are expected to remain independent, yet they operate inside governments carrying enormous debts." "Every generation believes its emergency is unique. Every expansion is described as temporary. Every broken constraint is defended as the only responsible decision available at the time."