In 'The Price of Time', Edward Chancellor delves into the history of interest from ancient Mesopotamia to the present day, highlighting its crucial role in determining how capital is allocated and priced. The book discusses the concept of interest as the 'price of time', its various forms and justifications throughout history, and its impact on economic activities. Chancellor argues that low interest rates, particularly those following the 2008 financial crisis, have led to economic instability, asset price bubbles, reduced productivity growth, and increased inequality. The book is praised for its engaging narrative, rich in anecdotes and historical insights, making it accessible and informative for both economic historians and general readers.
In 'Devil Take the Hindmost,' Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world. The book covers various financial bubbles and crashes, including the tulip scandal of 1630s Holland, the South Sea Bubble of 1720, the railway mania of the 19th century, the crash of 1929, and more recent events like the dotcom bubble and the Japanese bubble economy. Chancellor explores how human psychology and financial practices have led to repeated cycles of speculation and financial instability over the centuries.
In this book, Mancur Olson presents a theory that explains why some countries experience rapid economic growth while others stagnate. He argues that the longer a society enjoys political stability, the more likely it is to develop powerful special-interest lobbies that make the economy less efficient. Olson uses historical examples, including the post-World War II growth of Germany and Japan, to illustrate how the breakdown of these coalitions can lead to periods of rapid growth. He also discusses the impact of these groups on issues such as stagflation, unemployment, and social rigidities.
Paul Einzig's 'Primitive Money' delves into the early forms of currency and exchange systems, examining how these primitive forms of money evolved into modern monetary systems. The book provides insights into the social functions of money in non-commercial contexts and its gradual transition from barter to modern currencies.
Edward Chancellor is a financial historian, journalist, and author of, "Devil Take the Hindmost: A History of Financial Speculation" and his latest, “The Price of Time: The Real Story of Interest”
The two books link together the history of money and finance, and human culture.
In today’s episode we explore the ways in which money and finance is embedded deeper in our lives than we may have previously thought.
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------ We’re living in the era of Central Banker Capitalism, low interest rates and everything bubbles. Is this a new era? What does history tell us will happen next?
Edward Chancellor is going to help us answer these questions. And along the way, you’ll learn timeless lessons about interest, debt, and the time value of money.
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------ TIMESTAMPS:
0:00 Intro 8:24 Edward’s Book Overlap 19:32 Speculative Bubble’s Inevitability 26:27 Interest, Debt, & Loans 31:15 Debt Jubilee & Inflation 35:05 The Necessity of Inflation 41:55 The Natural Rate of Interest 53:35 The Everything Bubble 1:04:10 The Price of Time 1:07:38 Devil’s Take the Hindmost 1:10:40 Have We Learned From Past Bubbles? 1:17:30 Austrian vs. Keynesian Economics 1:21:20 Edward’s Thoughts on Crypto 1:38:50 Predictions: What Happens Next? 1:42:27 Closing & Disclaimers
------ RESOURCES:
The Price of Time https://www.amazon.com/Price-Time-Real-Story-Interest/dp/0802160069
Devil Take the Hinemost https://www.amazon.com/Devil-Take-Hindmost-Financial-Speculation/dp/0452281806
Primitive Money https://www.elsevier.com/books/primitive-money/einzig/978-0-08-011679-2
Digital Chicago Plan - Column In Breakingviews https://www.breakingviews.com/columns/digital-chicago-plan-fixes-many-financial-woes/
Irving Fisher 100% money https://mises.org/library/100-money
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
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