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#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
Lex Fridman Podcast
The Most Pernicious Effect of Fiat Money
Under gold, everything was tethered to physical reality because there was a market commodity at the bottom of all of this and nobody could print that market commodity. But then we moved to the fiat century and everything is credit. And so as long as you're friends with the government, basically you never go bankrupt. The higher our time preference, the less we care about the future.
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