Myths of the Gold Standard | The Twilight of Gold Series | Episode 13 (WiM361)
The "What is Money?" Show
Introduction
Discussions on implementing the gold standard and the importance of listening to previous episodes for understanding money and Bitcoin. The chapter includes sponsorship information and highlights a Bitcoin-focused startup accelerator.
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.
Twitter: https://twitter.com/ProgrammableTx
Book: https://www.amazon.com/dp/B0006C31O4
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// OUTLINE //
00:00:00 - Coming up
00:00:21 - Intro
00:01:54 - Helping Lightning Startups with In Wolf's Clothing
00:02:40 - Introducing "The Twilight of Gold" Series
00:04:05 - The Twilight of Gold: Myths and Realities
00:09:07 - A Shift in the Currency Standard
00:10:55 - Debt Monetization Leading to Currency Graveyard
00:13:52 - Monetary Prism: From Gold to Bitcoin
00:15:35 - Interest Coverage Ratio of the Government
00:19:15 - Calculating the Federal Debt
00:21:01 - Inflationary Forces and Deflationary Forces
00:26:50 - Negative Real Yields
00:27:50 - Money is the Mirror Reflection of the Economy it Serves
00:29:46 - Political Influence on Money
00:33:35 - Civilization Inherits the Attributes of the Money
00:36:08 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet
00:37:05 - Bitcoin Wouldn't Work in a Perfect World
00:40:52 - Money is Essential to Human Rationality
00:43:23 - Myths of the Gold Standard
00:44:47 - First Myth: Britain's Shift to Gold Standard in 1925
00:46:00 - Second Myth: Capitalism Led to the Great Depression
00:47:17 - Third Myth: Gold's Shortage Caused the Great Depression
00:49:31 - Probability of Hyperinflation
00:50:55 - Lester's Updated View on Gold
00:56:20 - China's Capital Account
00:58:24 - Post Bretton Woods Mistakes by the US
01:00:46 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet
01:01:38 - Contemplating Drivechains of BIP 300
01:06:32 - Problems of Pegging Fiat Money to Gold
01:09:12 - Shanghai Gold Exchange
01:13:53 - Political Role of Gold
01:16:53 - Using Gold Revaluation Account to Cover Losses
01:22:19 - Estimating the True Size of China's Gold Reserve
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