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 Gold as the Keystone to Social Order 00:04:17 Lester’s Love for Gold… 00:08:52 Staring into the Fog of the Future on a Bitcoin Standard… 00:12:46 The Supreme Conservatism of Bitcoin 00:16:12 When the Rules of Money Become Unbreakable… 00:19:06 Freedom Requires Consequences when Rules are Broken 00:20:35 Money Without Limitation Destroys the World 00:25:06 MMT: A Descriptor for an Unjustifiable System of Theft 00:28:11 The Reason Lester Sold All His Gold… 00:31:41 The Specter of Crushing Poverty in a Post-Inflation World 00:34:26 NYDIG 00:35:34 Submission to Truth is Freedom; Life as Organized Disobedience 00:38:34 Robert’s Response to The Specter of Crushing Poverty… 00:40:59 Bitcoin Mining as a “Safety Net” for Failing Economies 00:46:11 Convertibility as a Vote of “No Confidence”: Contract or Conflict 00:48:02 Big Themes in “The Twilight of Gold” 00:51:46 Central Banks Trapped in the Gravity of Government Debt 00:56:31 Ritualizing Bitcoin as a Bulwark to Intergenerational Drift 00:59:00 The Ineffective Application of the Interest Rate Mechanism 01:10:13 Is Price Stability Natural? 01:13:21 Price Stability Cloaks the Fact that Things Should be Getting Cheaper 01:19:25 High-Integrity Private Property Rights as a Fix for Environmental Harm 01:22:49 Hijacking the Interest Rate Mechanism to Make Government Debt Cheap 01:27:42 Bitcoin is Designed to Work Whether or Not It Has Permission To 01:31:31 Relying on the Enlightened, Long-Range Self-Interest of All Participants in the Game 01:35:31 The Real World is Based on Simulated Ownership, Possession is True Ownership 01:41:46 The US Government’s Excessive Indebtedness… 01:47:05 Building Up a Wall of Bitcoin Conviction 01:51:16 Lester’s Five Conditions for Investing 01:55:00 Bitcoin Can Never Be Fully Understood, so It Will Always Be Undervalued 01:56:34 “Every Order of Magnitude Wealthier We Become, We Add a Zero”