Executive Summary
Walled Garden Economics
By Tae-Sik • Published May 19, 2024
Using the metaphor of a walled garden, this essay illustrates how central banks print fiat currency (vouchers) to drive speculative markets. When excess vouchers trigger nominal price inflation, greedy speculators abandon productivity to chase financial bubbles. Eventually, panic pops the bubble, leaving many bankrupt and forcing a return to real production.