4min chapter

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#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics

Lex Fridman Podcast

CHAPTER

The History of the Fiat Standard

In 1914, Britain joined World War I. The Bank of England bought two-thirds of the bonds that financed the war. That's essentially what they did is what we today know as quantitative easing. Back then, they just got, they printed money from the Bank of England, or credit, printed credit and gave it to those two employees.

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