Chapter
Defective Understanding of Money in Society
44:48 - 52:09 (07:20)
The speaker discusses the flawed understanding of economics and money in society, citing that the low velocity of money and low inflation rate justify printing trillions of dollars, while the velocity of money through the crypto economy is 10,000 times faster than the consumer economy.
Clips
The current understanding of economics and money is flawed, leading to half of the problems in society.
44:48 - 52:09 (07:20)
Economics
Summary
The current understanding of economics and money is flawed, leading to half of the problems in society. The belief that printing trillions of dollars is acceptable because of low money velocity is misguided, especially when considering the much higher velocity of money through the crypto economy.