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Exploring the monetary history of Nigeria, living through currency devaluation, societal moral decay and inflation, Austrian economics vs Keynesian, challenges of living in Nigeria, Excessive Willingness to Comply, and potential hope on the horizon.
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Quick takeaways
- Fiat inflation in Nigeria leads to societal decay and increased crime rates, showcasing the dark influence of money on behavior.
- Cultural aspects in Nigeria exacerbate economic challenges, with corruption and crime worsened by currency devaluation and economic uncertainty.
Deep dives
Fiat Devaluation on Society
As fiat currency loses its value, people resort to extreme actions due to desperation for more money, leading to social deterioration like increased crime rates and inflation. In Nigeria, inflation has triggered a rise in crimes such as kidnappings, ritual killings, and prostitution, showcasing a dark side to how money influences societal behavior.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode