We Study Billionaires - The Investor’s Podcast Network

TIP462: What is money? w/ Lyn Alden

Jul 3, 2022

Lyn Alden, a financial analyst renowned for her expertise in macroeconomics and commodities, shares profound insights into the evolving nature of money. She discusses the historical causes of currency debasement and the intricate relationships between fiat money and warfare. Alden also highlights Japan's unique economic challenges compared to the U.S. and Europe. Listeners learn about the implications of government debt, the role of gold as a stable value, and the lessons history offers for navigating inflationary periods.

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ANECDOTE

Solon's Reforms in Ancient Greece

In 6th-century BC Athens, Solon, a businessman, devalued currency to ease debt burdens and avoid class conflict.
He also implemented a graduated income tax and social programs, saving Athens from revolution.

INSIGHT

Currency Debasement and Falling Empires

Currency debasement is a symptom of declining empires, not the primary cause.
Money is a technology, and empires fall due to entropy and competition.

ANECDOTE

Tobacco as Money

Early American colonies used tobacco as money, leading to inflation and quality control issues.
This illustrates why commodities not resistant to debasement fail as money.

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