Submission to Truth is Freedom | The Twilight of Gold Series | Episode 3 (WiM137)
The "What is Money?" Show
The Gold Standard
"It's fairly straightforward once you get your head around it's honest accounting, right? This is the reconciliation of economic flows, effectively," he says. "For international trade to happen, yo, you really do have to have a credit system." The gold standard was set up so that people could redeem their money from banks at any point in time.
My friend and fellow student of money codenamed "Lester" joins me for a multi-episode conversation exploring the excellent book "The Twilight of Gold" by Melchior Palyi.
Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/
GUEST
Lester's Twitter: https://twitter.com/ProgrammableTx
BOOK
The Twilight of Gold: https://www.abebooks.com/first-edition/Twilight-Gold-1914-1936-Myths-Realities-Palyi/30927065697/bd
PODCAST
Podcast Website: https://whatismoneypodcast.com/
Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400
Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?si=wgVuY16XR0io4NLNo0A11A&nd=1
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Transcript:
OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 Gold as the Keystone to Social Order
00:04:17 Lester’s Love for Gold…
00:08:52 Staring into the Fog of the Future on a Bitcoin Standard…
00:12:46 The Supreme Conservatism of Bitcoin
00:16:12 When the Rules of Money Become Unbreakable…
00:19:06 Freedom Requires Consequences when Rules are Broken
00:20:35 Money Without Limitation Destroys the World
00:25:06 MMT: A Descriptor for an Unjustifiable System of Theft
00:28:11 The Reason Lester Sold All His Gold…
00:31:41 The Specter of Crushing Poverty in a Post-Inflation World
00:34:26 NYDIG
00:35:34 Submission to Truth is Freedom; Life as Organized Disobedience
00:38:34 Robert’s Response to The Specter of Crushing Poverty…
00:40:59 Bitcoin Mining as a “Safety Net” for Failing Economies
00:46:11 Convertibility as a Vote of “No Confidence”: Contract or Conflict
00:48:02 Big Themes in “The Twilight of Gold”
00:51:46 Central Banks Trapped in the Gravity of Government Debt
00:56:31 Ritualizing Bitcoin as a Bulwark to Intergenerational Drift
00:59:00 The Ineffective Application of the Interest Rate Mechanism
01:10:13 Is Price Stability Natural?
01:13:21 Price Stability Cloaks the Fact that Things Should be Getting Cheaper
01:19:25 High-Integrity Private Property Rights as a Fix for Environmental Harm
01:22:49 Hijacking the Interest Rate Mechanism to Make Government Debt Cheap
01:27:42 Bitcoin is Designed to Work Whether or Not It Has Permission To
01:31:31 Relying on the Enlightened, Long-Range Self-Interest of All Participants in the Game
01:35:31 The Real World is Based on Simulated Ownership, Possession is True Ownership
01:41:46 The US Government’s Excessive Indebtedness…
01:47:05 Building Up a Wall of Bitcoin Conviction
01:51:16 Lester’s Five Conditions for Investing
01:55:00 Bitcoin Can Never Be Fully Understood, so It Will Always Be Undervalued
01:56:34 “Every Order of Magnitude Wealthier We Become, We Add a Zero”
SOCIAL
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WRITTEN WORK
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WAYS TO CONTRIBUTE
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RECOMMENDED BUSINESSES
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