The Evolution of the Player Speculating Population

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Edward Kleinbard: In the early part of the last decade, I was working for this firm called GMO in Boston as sort of a value-driven investment firm. We like to think of ourselves as not buying assets that were overvalued relative to their historic norms," he says. "It was a very difficult environment, as you can imagine, in which to operate in" The U.S. market actually went to a high valuation relative to its historic norm and then continued compounding at 10% a year for a decade,. by the end of 2021, by the end of the everything bubble, the US stock market was at the highest valuation on any number of different valuation measures.

Edward Chancellor is a financial historian, journalist, and author of, "Devil Take the Hindmost: A History of Financial Speculation" and his latest, “The Price of Time: The Real Story of Interest”

The two books link together the history of money and finance, and human culture.

In today’s episode we explore the ways in which money and finance is embedded deeper in our lives than we may have previously thought.

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------ We’re living in the era of Central Banker Capitalism, low interest rates and everything bubbles. Is this a new era? What does history tell us will happen next?

Edward Chancellor is going to help us answer these questions. And along the way, you’ll learn timeless lessons about interest, debt, and the time value of money.

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------ TIMESTAMPS:

0:00 Intro 8:24 Edward’s Book Overlap 19:32 Speculative Bubble’s Inevitability 26:27 Interest, Debt, & Loans 31:15 Debt Jubilee & Inflation 35:05 The Necessity of Inflation 41:55 The Natural Rate of Interest 53:35 The Everything Bubble 1:04:10 The Price of Time 1:07:38 Devil’s Take the Hindmost 1:10:40 Have We Learned From Past Bubbles? 1:17:30 Austrian vs. Keynesian Economics 1:21:20 Edward’s Thoughts on Crypto 1:38:50 Predictions: What Happens Next? 1:42:27 Closing & Disclaimers

------ RESOURCES:

The Price of Time https://www.amazon.com/Price-Time-Real-Story-Interest/dp/0802160069

Devil Take the Hinemost https://www.amazon.com/Devil-Take-Hindmost-Financial-Speculation/dp/0452281806

Primitive Money https://www.elsevier.com/books/primitive-money/einzig/978-0-08-011679-2

Digital Chicago Plan - Column In Breakingviews https://www.breakingviews.com/columns/digital-chicago-plan-fixes-many-financial-woes/

Irving Fisher 100% money https://mises.org/library/100-money

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

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