We Study Billionaires - The Investor’s Podcast Network TIP505: The Price of Time w/ Edward Chancellor
34 snips
Dec 18, 2022 
In this engaging discussion, Edward Chancellor, a financial historian and author of "The Price of Time," explores the intricate relationship between interest rates and the concept of time. He warns about how today's low returns contribute to economic instability while tracing the fascinating rise and fall of John Law, a pioneering financial figure. Chancellor also addresses the implications of irresponsible monetary policy on productivity and wage growth, urging listeners to reflect on the true cost of money in our economic systems.
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The Price of Time
- Interest rates represent the price of time, reflecting the value humans place on having things sooner rather than later.
- Mesopotamians recorded loans on clay tablets, charging interest on commodities like silver and barley.
Debt Jubilees
- Debt jubilees, official debt forgiveness by rulers, were common in ancient societies to address the compounding nature of interest.
- Today, inflation acts as a sneaky form of debt jubilee by eroding the real value of debt.
Iceland's Default
- Iceland, after the 2008 financial crisis, defaulted on its massive foreign debt, choosing a different path than quantitative easing.
- Iceland recovered much faster than countries like the US and those in Europe that employed QE.
