How Money Printing Disintegrates Society with Robert Breedlove (WiM426)
Jan 24, 2024
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Bitcoin advocate Robert Breedlove and Will John discuss the negative impact of money printing, the inadequacies of the educational system in teaching about money, and why Bitcoin is the solution to the current monetary regime.
Bitcoin offers a decentralized and inflation-resistant alternative to traditional currencies.
Fractional reserve banking results in an unsustainable financial system.
Bitcoin solves the problems of physical commodities and fiat currencies as the perfect monetary base layer for humanity.
Deep dives
Bitcoin as a Solution to Fiat Currency
Bitcoin is described as a solution to the problems of fiat currencies like hyperinflation and central bank control. With its fixed supply and ability to be transacted digitally, Bitcoin offers a decentralized and inflation-resistant alternative to traditional currencies. It combines the properties of gold, such as holding value across time, with the speed and ease of digital transactions. Bitcoin is seen as a dematerialized form of gold or a new type of money that optimizes the functions of money—moving value across time and space.
The Problems with Gold and Fiat Currency
While gold has been valued as a medium of exchange and store of value for centuries, it has limitations due to its physical nature. Physical gold is costly and risky to move across space, requiring centralized custodial solutions like banks. Fiat currencies, on the other hand, suffer from inflation and loss of purchasing power due to discretionary money printing by central banks. Fractional reserve banking, in which banks issue more liabilities than the gold reserves they hold, results in an unsustainable financial system. This led to the advent of zero-reserve fiat currencies in 1971, detached from the gold standard.
Bitcoin: Optimal Monetary Base Layer
Bitcoin is hailed as the perfect monetary base layer for humanity, as it solves the problems of both physical commodities and fiat currencies. With its fixed supply of 21 million coins and digital dematerialization, Bitcoin holds value across time and can be easily transacted across space. It allows for self-custody of assets, employing innovative multi-sig solutions that enhance security and reduce counterparty risks. While Bitcoin is the ideal monetary base, ongoing development is necessary to address privacy concerns and optimize transaction throughput.
Recommended Books on Bitcoin and Money
For readers interested in understanding Bitcoin and money, several recommended books include 'Bitcoin and Monetary Systems' by Pierre Rocharde, 'Atlas Shrugged' by Ayn Rand, 'The Bitcoin Standard' by Saifedean Ammous, 'What Has Government Done to Our Money?' by Murray Rothbard, 'Lila: An Inquiry into Morals' by Robert Pirsig, and 'Honest Money' by Gary North. These books cover a range of topics, from the technical details of Bitcoin to the philosophy and ethics of money, providing a deeper understanding of the challenges and potential solutions in the realm of monetary systems.
The Future Outlook for Bitcoin
While the exact future of Bitcoin and its impact on society is uncertain, many believe that it has the potential to fundamentally reshape the financial landscape. Its fixed supply, decentralization, and ability to transact across borders offer a promising alternative to traditional monetary systems. In the long run, Bitcoin could empower individuals, reduce wealth inequality, and change the dynamics of economic power. However, the realization of this vision depends on ongoing technological advancements, regulatory developments, and widespread adoption of cryptocurrency.
In this episode with Will John of The11thCommandment podcast, we discuss what is money, the negative impact of money printing, and why Bitcoin is the solution to the current monetary regime.
Will John is the host of the The11thCommandment podcast.
// OUTLINE // 00:00 - Coming up 00:25 - Intro 01:59 - Helping Lightning Startups with In Wolf's Clothing 02:45 - Introducing Robert Breedlove 03:26 - Starting a Podcast 05:57 - What is Money? 14:57 - Inadequate Educational System 16:17 - Run Your Business from Anywhere with NetSuite 17:22 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet 18:32 - What is Inflation? 25:17 - How Money Printing Disintegrates Society 27:42 - What is Fractional Reserve Banking? 37:20 - The End of Money Printing 41:14 - Enhance Your Brain Power with Mind Lab Pro 42:20 - Take Control of Your Healthcare with CrowdHealth 43:27 - Why Bitcoin is the Solution 50:53 - Reading Recommendations by Robert