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Fiat money distorts the university system by removing the concept of opportunity cost due to easy access to student loans and government research grants. Universities rely heavily on government subsidies, making tuition fees only a small portion of their income. This leads to an environment where academic pursuits are not market-tested, resulting in irrelevant research and a lack of marketable skills for graduates.
The fiatization of universities has eroded the scientific method, leading to a blend of government propaganda, corporate agendas, and meaningless research. With government funding dictating research priorities, academics are no longer incentivized to focus on real-world applicability. This lack of market accountability has fueled the growth of academic fields producing insignificant scholarship, contributing to a dilution of quality education.
In an inflationary fiat system, house prices have surged over the years due to the devaluation of money. Comparing historical house prices with a fixed supply model highlights how purchasing power has dwindled over time. The fiat standard perpetuates a cycle of increasing debt and depreciating currency, pushing individuals towards debt slavery rather than savings and investment in hard assets.
The fiat system has fostered a culture of inflated worth in higher education, driven by easy access to government-subsidized student loans and research grants. This has led to the proliferation of meaningless research and subjects, producing graduates with limited marketable skills. The lack of a market-driven assessment in academia has resulted in the prioritization of irrelevant and politically charged studies, creating a culture of offense and victimhood over substantive knowledge.
Bitcoin is poised to disrupt the bond market by reducing the demand for holding and issuing bonds. As more individuals and institutions shift to holding Bitcoin, they decrease the need for bonds in their investment portfolios. This reduction in demand for bonds is expected to lead to a significant decline in the bond market. Bitcoin's ability to devalue debt and offer a more secure and profitable investment alternative sets the stage for a transition away from traditional bonds.
Bitcoin represents a technological upgrade in the monetary system, offering a solution to the challenges posed by fiat currencies. By monetizing a hard asset like gold, but with enhanced mobility, Bitcoin reduces the reliance on debt-based fiat currencies. As more individuals adopt Bitcoin as a store of value and means of exchange, the supply of fiat currencies could contract as the demand for debt issuance diminishes. This gradual shift towards Bitcoin as a superior store of value may lead to a phase where the Bitcoin economy thrives while the fiat economy staggers.
The introduction of central bank digital currencies (CBDCs) presents potential risks to the monetary system. By converting physical currency to digital forms, CBDCs eliminate the previous constraints on credit money creation. This shift allows for uncontrolled inflation without the natural business cycles typically observed in credit-based systems. The lack of a cyclical bust in credit creation could lead to a continuous cycle of inflation, posing challenges for economic stability and currency value preservation.
The meteoric rise of Bitcoin and other cryptocurrencies over the past years just goes to show that even something as ubiquitous as money is ripe for disruption.
And even though crypto is a space that many of us are just beginning to understand, its principles call into question the validity of the existing fiat monetary system.
In his latest book, The Fiat Standard: The Debt Slavery Alternative to Human Civilization, Dr. Saifedean Ammous sets out to do just that.
Using the first principles thinking that he used to write his bestselling book, The Bitcoin Standard, Dr. Ammous analyzes the history of fiat currency, the shift away from the gold standard, and the economic, social and political fallout that came as a result.
Find out more by ordering his book here: https://amzn.to/3DRdLbf
SHOW NOTES:
00:00 | Introduction
01:28 | What is Fiat Currency?
05:57 | How Types of Money are Created
14:25 | Fiat, Self-Correction, and Hyperinflation
18:10 | What is Hard Money?
23:48 | The Transition to Universal Debt Slavery
27:54 | Fiat vs. Hard Money
33:10 | Deflation vs. Inflation
43:22 | Why the Wealthy Hold the Most Debt
46:23 | Has Fiat Currency Ruined the University?
1:01:34 | Bitcoin vs. Central Planning
1:05:26 | Why Printing Money is Destructive
1:19:28 | Bitcoin vs. Gold Standard
1:24:18 | How Bitcoin Will Consume the Bond Market
1:28:06 | Transitioning to a Crypto Economy
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