Why People Always Prefer the Present Over the Future

February 25th 2022.

In this episode, Saifedean appears on The Tom Woods Show for a discussion on how the damage caused by fiat money extends beyond economics. Saifedean and Tom discuss why fiat money increases the power of governments and heightens societal time preference, disincentivising long-term planning. They also talk about the rise of “fiat mentality” and how societal attitudes have changed in areas such as diet, education and energy. They then discuss the “misery industry” of debt-based development aid – promoted by International Financial Institutions like the IMF – and how this industry has held back economic progress in the developing world.

Resources:

• The Tom Woods Show official website.
• Tom’s free ebook Our Enemy The Fed
• Guido Hülsmann’s book The Ethics of Money Production for a discussion of the moral implications of inflation.
• Gold Wars: The Battle for the Global Economy by Ferdinand Lips
• Saifedean’s podcast episode with Nina Teicholz for a discussion of seed oils and government dietary guidelines.
• The Ultimate Resource 2 by Julian Simon for a discussion of failed predictions about resource scarcity.
• Introduction to the concept of opportunity cost on Mises Wiki.
• Saifedean’s first book, The Bitcoin Standard
• Saifedean’s second book, The Fiat Standard

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