WiM053 - The Saylor Series | Episode 13 | Bitcoin is Cybernetic Life
The "What is Money?" Show
00:00
Is Fiat a Distortion of the Adaptive Mechanism of Capitalism?
Fiat is a distortion of the difficulty adjustment of capitalism. It distorts the this adapt adaptive mechanism of capitalism, and therefore causes mal adaptation of market actors. This exasperates the business cycle, so we get huge booms and then a overly severe bust as a result of manipulating the economic medium, which is money. So instead of working again, back to work. Instead of having true darwinian competition in the market place, we have the federal reserve picking winners and losers. The ratio am of revenues to expenses is out of wak, and they're going to get liquidated. And capital will go back into the market to higher and better uses. Yet this is the heart
Transcript
Play full episode
