The Tom Woods Show cover image

Ep. 2070 Fiat Money and Debt Slavery, with Saifedean Ammous

The Tom Woods Show

00:00

How to Get Into Debt in the Gold System

In the gold system, you know, people dig in the ground, they get gold out. And in bitcoin, there's bitcoin mining, which i describe in detail in the bitcoin standard. But how is via money mined? Well, the way that money is mine is that debt is created by financial institutions regulated and licensed by the central bank. Every time you issue a new loan, you're valuing everybody else's dollars. So getting into debt in the fiace system is the equivalent of mining gold in the gold system,. or mining bitcoin in the bitcoin system.

Play episode from 25:40
Transcript

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!
App store bannerPlay store banner
Get the app