The "What is Money?" Show cover image

The "What is Money?" Show

The Power of Myth | The Twilight of Gold Series | Episode 14 (WiM362)

Sep 6, 2023
01:33:04
Snipd AI
The podcast explores the concepts of money, gold, and the central bank. It discusses debunking myths about Bitcoin, the loss of global reserve status of the Pound Sterling, manipulation and mythologies surrounding money and gold, the challenges of debt and the potential of Bitcoin as an independent form of currency, the impact of returning to the gold standard during the Great Depression, England's dilemma regarding devaluing currency, the evolution of Britain's gold standard and its impact on the free market.
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Podcast summary created with Snipd AI

Quick takeaways

  • Devaluing a currency leads to unpayable debts and challenges in repayment
  • Being a global reserve currency can erode the domestic industrial economy

Deep dives

The devaluation of currency and its impact on debts

Devaluing a currency would have made it harder for Britain to pay off their debts, as the debts were primarily denominated in dollars. This echoes the problem faced by countries today, as devaluing their currencies leads to unpayable debts. However, devaluing the currency would have relieved the burden of credits owed to allied countries, as it would have made repayment easier for the debtors.

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