In this book, David Graeber argues that debt has a much longer history than money and that it has played a central role in shaping human societies. He debunks the myth of barter as the precursor to money, instead proposing that credit systems and debt were the primary means of trade. Graeber examines how debt has been used as a tool for social control, influenced law, religion, and politics, and has led to periodic crises and debtor revolts throughout history. The book also discusses the moral and social implications of debt, suggesting that the concept of debt is more complex than a simple economic transaction[1][2][4].
Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.
I sat down with George Selgin, economist and Senior Fellow at the Cato Institute, to explore the complex world of money, banking, and monetary policy. George explains how money evolved from primitive barter systems to the sophisticated financial networks we rely on today. He breaks down the historical role of gold, central banking, and the Federal Reserve’s influence on inflation and interest rates. George also highlights competing economic theories of money creation, laying out his case for why they're wrong. Money isn't everything in life, but understanding how it works can help you avoid falling for the false promises of politicians and pundits.
_____________________________________
Follow George on X (formerly Twitter): https://x.com/GeorgeSelgin
_____________________________________
Outline:
[0:00] Money, currency, and the money supply
[11:04] Is modern money actually debt?
[23:58] Who invented the first money?
[30:11] Use value vs. exchange value of money
[36:39] Why do certain goods become money?
[42:03] How money reshaped our communities
[58:34] What is a bank? Can banks “create money”?
[1:12:54] The special power of central banks
[1:18:53] Interest is about opportunity, risk, and inflation
[1:25:42] The Federal Reserve is the “lender of last resort”
[1:32:36] Is the Fed private or public?
[1:39:03] What happened to the gold standard in 1933?
[1:42:59] Do the owners of the Fed have real power?
[1:47:57] How does the Fed impact inflation?
[1:55:30] Explaining the Fed’s toolkit
[2:07:27] The “money multiplier” story is oversimplified
[2:12:47] What will our monetary future look like?
_____________________________________
Watch the video version on YouTube: https://youtu.be/mpcvBpDaMaw
Make a tax-deductible donation to Dad Saves America: https://secure.anedot.com/emergent-order-foundation/dad-website?
Visit our website: https://www.dadsavesamerica.com/
Get full access to Dad Saves America at
www.dadsavesamerica.com/subscribe
Dad Saves America 
