Chapter
The Case for Monarchy
1:29:10 - 1:39:33 (10:22)
The key to being a good king is to leave people alone and only use your power to punish those who aggress against others, not to enrich yourself or your friends. While the ideal society would be anarchist, a monarchy may be the best way to provide people with the most freedom in a world where many people do not understand libertarian ideas and have a high time preference.
Clips
The speaker suggests that despite being morally and intellectually an anarchist, monarchy might be the best way to provide people with the largest amount of freedom due to the majority of people not having a strong understanding of libertarian ideas, and being prone to panicking during times of crisis.
1:29:10 - 1:31:49 (02:38)
Summary
The speaker suggests that despite being morally and intellectually an anarchist, monarchy might be the best way to provide people with the largest amount of freedom due to the majority of people not having a strong understanding of libertarian ideas, and being prone to panicking during times of crisis.
ChapterThe Case for Monarchy
Episode#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
PodcastLex Fridman Podcast
A good king, according to a libertarian perspective, would leave people alone and not use their power to rob or enrich themselves.
1:31:49 - 1:35:04 (03:14)
Summary
A good king, according to a libertarian perspective, would leave people alone and not use their power to rob or enrich themselves. They would only use their power to punish those who aggress against others, and human institutions would need to be created to prevent them from expanding their power.
ChapterThe Case for Monarchy
Episode#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
PodcastLex Fridman Podcast
The British government financed their wars through bonds that were bought by bankers, who were essentially using credit from the Bank of England.
1:35:04 - 1:38:20 (03:15)
Summary
The British government financed their wars through bonds that were bought by bankers, who were essentially using credit from the Bank of England. This pattern set the tone for the next century of war, Keynesianism, and inflation.
ChapterThe Case for Monarchy
Episode#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
PodcastLex Fridman Podcast
Governments under the gold standard were restricted in their ability to print or acquire gold, leading to a finite supply of liquid wealth.
1:38:20 - 1:39:33 (01:12)
Summary
Governments under the gold standard were restricted in their ability to print or acquire gold, leading to a finite supply of liquid wealth. In contrast, under the fiat standard, governments can print paper or credit money, which has allowed for a potentially endless supply of liquid wealth.