Chapter
The Problem with Fiat Money and the Benefits of a Gold Standard
1:59:39 - 2:04:20 (04:40)
The global fiat supply has been increasing at around 14% per year, making it difficult to accurately measure the value of currency. A gold standard would provide a more stable measure of value and encourage focusing on the future rather than prioritizing the present.
Clips
The process of civilization involves lowering our time preference, caring more for the future and prioritizing the present less.
1:59:39 - 2:01:12 (01:32)
Summary
The process of civilization involves lowering our time preference, caring more for the future and prioritizing the present less. By having a lower time preference, one can expect to buy more goods and services in the future due to the increase in the production of goods and services over time.
ChapterThe Problem with Fiat Money and the Benefits of a Gold Standard
Episode#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
PodcastLex Fridman Podcast
The global fiat supply has increased at around 14% per year, making gold an important tool for wealth preservation.
2:01:12 - 2:04:20 (03:08)
Summary
The global fiat supply has increased at around 14% per year, making gold an important tool for wealth preservation. However, since gold is not being used as a money anymore, demand for it monetarily is limited.