154. Fiat History with Niall Ferguson
The Bitcoin Standard Podcast
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The Inherent Pattern of War Finance
Investors remember the controls of 1914-18 were never completely watertight. The governments didn't have the capacity to enforce all the regulations that they introduced. In order to sustain the war effort against Russia, they've had to issue a very large amount of short-term paper. It's highly inflationary. And if you don't believe me, ask Ukrainians because they're in exactly this situation today. You can find the same thing going on in the wars of the 16th and 17th century too.
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