2min chapter

The "What is Money?" Show cover image

An Examination of Central Banking with Joseph Wang (WiM234)

The "What is Money?" Show

CHAPTER

The Natural Interest Rate Is Exploding

I don't think it's not pragmatic or even possible to have a lender of last resort on a pure Bitcoin or gold standard because the lender of last resorts would go out of business. If there's a small group of people hoarding all the hard money and all the purchasing power is accreting to them, there's huge demand for liquidity in the marketplace. In a world where the miserly few are constricting and hoarding, quote unquote hoarding, you can't draw a line between one man's savings and one man's hoarding. It's purely subjective.

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