My friend and fellow student of money codenamed "Lester" joins me for a multi-episode conversation exploring the excellent book "The Twilight of Gold" by Melchior Palyi.
Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/
OUTLINE 00:00:00 “What is Money?” Intro 00:00:08 The Role of Short-Term Capital During the Gold Exchange Standard 00:06:01 The Nature of Self-Liquidating Loan Instruments 00:08:24 “We are Walking the Currency Toward the Graveyard” 00:10:44 The Liquidity Principles of Banking 00:14:19 The Emergence of Elongated Debt Maturation Structures 00:19:06 Debt Restructuring as a Means of Delaying and Exacerbating Volatility 00:20:07 NYDIG 00:21:15 Debt Restructuring Hiding Many Modern Financial Problems 00:24:57 The Political Convenience of Debt Restructuring 00:28:40 “Every Monetary System Will Always Be Under Attack…” 00:32:16 People are Always, Everywhere Looking for Every Loophole to Exploit 00:37:00 Liquidity is the Real Social Safety Net; Bailouts are a Scam 00:41:27 The Two Big Sources of Inflation in the World: Governments and Bank Credit 00:43:39 The “Lender of Last Resort” Model Destroys the Real Social Safety Net 00:46:51 The Self-Defeating Nature of Aiming at Price Stability… 00:47:36 “What is Money?” Outro