For starters, no.
The argument is NOT that "without inflation people will not spend"
The argument is that a *maximally deflationary environment* is not in the best interest of human progress.
Saifes explanation here is full of flaws.
Most people do not buy brand new phones, they defer purchasing until the new model is cheaper.
Yes people will still make purchases, for necessity and pleasure. A maximally disinflationary environment disincentivizes all capital investment and all purchasing as much as possible.
Using gold as an example of people spending on a hard money standard?
Gold has supply inflation bro.
Gold is evidence that a hard cap is NOT a requirement for good money.
The requirement is that supply is known, stable and requires Work.
All in all
very not convincing.
