Slo Mo: A Podcast with Mo Gawdat The Harsh Truth About Our Economic Future | John Rubino on the Dollar Crisis, Wealth Gap & More
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Sep 28, 2024 John Rubino, a former Wall Street financial analyst and author of books like "The Money Bubble," delves into the looming economic crises. He discusses the widening wealth gap and the fragile housing market, emphasizing the potential collapse of the dollar. Rubino explores the consequences of government debt, the evolving nature of money, and emerging challenges to the dollar's reserve status. The conversation highlights the importance of financial preparedness and community resilience in navigating these turbulent times.
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The Evolution of Money
- Money acts as a medium of exchange and a shared measure of value, crucial for complex societies.
- Historically, societies experimented with various forms of money, but precious metals, especially gold and silver, proved most effective due to their durability, fungibility, and scarcity.
The Gold Standard Era
- For centuries, most civilizations operated on a gold standard, limiting the creation of new currency.
- Governments found this restrictive, hindering their ability to finance wars or social programs, leading to experiments with unbacked paper currency.
The End of Gold and the Birth of Fiat Currency
- In 1971, the U.S. under Nixon ended the gold standard, allowing for unlimited creation of currency.
- This gave governments immense financial freedom but led to a credit supercycle with ballooning debt.