Chapter
The Effects of Fiat Monopoly Money on Our World
1:52:39 - 1:59:39 (07:00)
In this episode, the second part of the Fiat Standard series, the hosts discuss the impact of fiat money on various aspects of life such as food, science, and education. They explore the most significant negative effect of fiat money, including the cost and inefficiency of moving money across borders.
Clips
The benefit of the fiat system is saving the cost of moving gold around, which is significant to enable modern economies to increase the scale, frequency and speed of transactions.
1:52:39 - 1:55:54 (03:15)
Summary
The benefit of the fiat system is saving the cost of moving gold around, which is significant to enable modern economies to increase the scale, frequency and speed of transactions.
ChapterThe Effects of Fiat Monopoly Money on Our World
Episode#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
PodcastLex Fridman Podcast
The process of sending and receiving money through banks involves a complex infrastructure of settlements between banks on a daily, weekly or monthly basis.
1:55:54 - 1:57:13 (01:19)
Summary
The process of sending and receiving money through banks involves a complex infrastructure of settlements between banks on a daily, weekly or monthly basis. Final settlement involves tallying all transactions and settling the difference between banks, and this is what finalizes the transaction.
ChapterThe Effects of Fiat Monopoly Money on Our World
Episode#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
PodcastLex Fridman Podcast
In this episode of the Fiat Standard, the host discusses how fiat money has affected various aspects of our world, such as life, food, science, and education.
1:57:13 - 1:59:39 (02:25)
Summary
In this episode of the Fiat Standard, the host discusses how fiat money has affected various aspects of our world, such as life, food, science, and education. The most pernicious effect of fiat money is that it has lowered our time preference and made us prefer the present over the future, which can have significant consequences.