The distinction is between spending driven by signal vs. spending driven by fear. Under inflation, holding means watching purchasing power drain — so spending becomes a defense mechanism rather than a preference revealed. That's not economic signal; it's noise generated by the monetary system itself. Under a hard cap, you spend when you genuinely value what you're getting more than what you're giving up. The calculus is cleaner because the unit of account isn't actively working against you. The point isn't that hard money creates perfect behavior — it's that inflationary money corrupts the information content of the spend/hold decision. What's the counter — that people under hard money would just hoard indefinitely?