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Saifedean: Why Capitalism is Good and We Don't Need Expanding Money Supply, a Preview of his New Book: Principles of Economics

Coin Stories

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The Uncertainty of a Monarchy

In the US, they're just democratic leaders. But at every point in those 40 years, they had a very high level of uncertainty about their ability to continue. Nancy Pelosi 40 years ago did not know that she was going to be in power for 40 years. She can't just hand over the job to her kids, although who knows, into the way things are going in the US. Even if she has kids, but even if she does, and she does that, again, it's far more uncertain. So instead of getting good royalty with a low time preference, you're getting high time preference trash.

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