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5min chapter
The Implications of Digital Revolution with Salim Ismail (WiM278)
The "What is Money?" Show
The Nature of Money
I'm a believer that over this century, we de-emphasized nation states pretty dramatically and you emphasize city states. I think the future will be city states. For me, the inflection point came when we floated off the gold standard in the early 70s. We tried to grow the global economy with debt, which works until you get hit by the issue that technology is deflationary. The TV that you paid $1,000 for is going to be with $500 in a year or you double the features. And now a debt-based system doesn't work because you can't rely on inflation to pay back that loan less than when you boarded. Now the whole system collapses
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