Chapter
The Breakdown of Fiat System
2:11:42 - 2:19:07 (07:24)
The fiat system allowed institutions with the privilege to issue loans, backed by the central bank, to create new currency each time a loan was issued, replacing gold mining with credit creation. The breakdown of the fiat system is discussed in this podcast episode.
Clips
This podcast episode discusses the differences between the gold standard and the current fiat system, and how the fiat system replaces gold mining with credit creation.
2:11:42 - 2:16:26 (04:43)
Fiat System
Summary
This podcast episode discusses the differences between the gold standard and the current fiat system, and how the fiat system replaces gold mining with credit creation.
ChapterThe Breakdown of Fiat System
Episode#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
PodcastLex Fridman Podcast
The conclusion of the Fiat system is that one needs to be short fiat as much as possible.
2:16:26 - 2:19:07 (02:41)
Fiat
Summary
The conclusion of the Fiat system is that one needs to be short fiat as much as possible. The richest people in the world are the biggest borrowers because every time you borrow, it gives the bank an excuse to print new money.