Episode
#239 – Niall Ferguson: History of Money, Power, War, and Truth
2:48:49
Published: Mon Nov 08 2021
Description
Niall Ferguson is a historian at Hoover Institution, Stanford University. He is the author of 16 books on the history of money, war, power, and catastrophe. Please support this podcast by checking out our sponsors: - The Prisoner Wine Company: https://theprisonerwine.com/lex to get 20% off & free shipping - Stripe: https://stripe.com - Coinbase: https://coinbase.com/lex to get $5 in free Bitcoin - Four Sigmatic: https://foursigmatic.com/lex and use code LexPod to get up to 60% off - Indeed: https://indeed.com/lex to get $75 credit EPISODE LINKS: Niall's Twitter: https://twitter.com/nfergus Niall's Website: https://www.niallferguson.com University of Austin: https://uaustin.org/ Doom: The Politics of Catastrophe (book): https://amzn.to/3wt7AI8 Kissinger: The Idealist (book): https://amzn.to/3CVXvGc The Ascent of Money (book): https://amzn.to/3kCK0Ev The Square and the Tower (book): https://amzn.to/307YfK8 The Age of AI (book): https://amzn.to/3BUgTSH PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ YouTube Full Episodes: https://youtube.com/lexfridman YouTube Clips: https://youtube.com/lexclips SUPPORT & CONNECT: - Check out the sponsors above, it's the best way to support this podcast - Support on Patreon: https://www.patreon.com/lexfridman - Twitter: https://twitter.com/lexfridman - Instagram: https://www.instagram.com/lexfridman - LinkedIn: https://www.linkedin.com/in/lexfridman - Facebook: https://www.facebook.com/lexfridman - Medium: https://medium.com/@lexfridman OUTLINE: Here's the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time. (00:00) - Introduction (09:14) - University of Austin (UATX) (42:09) - Sam Harris (1:00:36) - Elon Musk (1:08:55) - Money (1:18:50) - Hyperinflation (1:24:15) - Bitcoin (1:40:57) - Ethereum and smart contracts (1:49:43) - Worst disasters in human history (2:11:41) - How history will remember the current pandemic (2:25:16) - Hope for the future (2:33:46) - Love (2:40:24) - Meaning of life
Chapters
Robert M. P. & Sam Harris discuss the launch of the University of Austin and the importance of open inquiry and discourse, followed by a conversation on the darker aspects of human nature gleaned from history.
00:00 - 03:43 (03:43)
Summary
Robert M. P. & Sam Harris discuss the launch of the University of Austin and the importance of open inquiry and discourse, followed by a conversation on the darker aspects of human nature gleaned from history.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The speaker shares his morning routine of drinking water, making coffee, and starting the day with a deep work session.
03:44 - 08:55 (05:10)
Summary
The speaker shares his morning routine of drinking water, making coffee, and starting the day with a deep work session. An ad for Indeed promoting a sponsored job credit and an ad for Coinbase is mentioned in the transcript.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
There is a chilling effect on free speech and exchange of ideas even in science and technology education due to the fear of being noncompliant with liberal education.
08:56 - 19:42 (10:46)
Summary
There is a chilling effect on free speech and exchange of ideas even in science and technology education due to the fear of being noncompliant with liberal education. This problem has a drastic impact on students who are asking big questions about humanity, innovation and engineering.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The act of denunciation and indoctrination on a political basis is an abuse of the power of the professor, and is similar to the behaviors seen in Stalin's Soviet Union, causing a general chilling effect that spreads to every part of the university, wherein people are afraid to say what they think.
19:42 - 28:07 (08:24)
Summary
The act of denunciation and indoctrination on a political basis is an abuse of the power of the professor, and is similar to the behaviors seen in Stalin's Soviet Union, causing a general chilling effect that spreads to every part of the university, wherein people are afraid to say what they think.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
An education startup aims to give a platform to professors who have been subject to cancel culture and also create opportunities for students to learn from successful professionals, such as venture capitalist Joel Onsdale, in the technology world.
28:08 - 33:59 (05:51)
Summary
An education startup aims to give a platform to professors who have been subject to cancel culture and also create opportunities for students to learn from successful professionals, such as venture capitalist Joel Onsdale, in the technology world. The startup is modeled more like a startup than a full-service university, focusing on helping students learn directly from those with real-world experience.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The speaker stresses the need for open conversations about the deep psychological and sociological problems associated with the rise of robotics and AI, and how companies are being run.
34:00 - 40:15 (06:15)
Summary
The speaker stresses the need for open conversations about the deep psychological and sociological problems associated with the rise of robotics and AI, and how companies are being run. He emphasizes the interconnectedness of academic work and warns against the spread of illiberal ideas in the academic world.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The University of Austin is attractive because it allows for informal intellectual interactions during mealtimes, which can lead to the formation of great ideas.
40:15 - 52:29 (12:14)
Summary
The University of Austin is attractive because it allows for informal intellectual interactions during mealtimes, which can lead to the formation of great ideas. This kind of intellectual interaction is also seen in podcasts hosted by people like Sam Harris, who fearlessly debates various topics with guests.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The university is a key source of ideas to protect society from looming catastrophes.
52:29 - 1:00:35 (08:05)
Summary
The university is a key source of ideas to protect society from looming catastrophes. While some may wish to discredit academics, they are crucial to finding solutions to the problems we face today.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
Elon Musk and other successful individuals in the tech industry have an opportunity to found new institutions and support the growth of hubs, such as Austin, for intellectual and technological development.
1:00:36 - 1:08:27 (07:51)
Summary
Elon Musk and other successful individuals in the tech industry have an opportunity to found new institutions and support the growth of hubs, such as Austin, for intellectual and technological development. It's time for them to invest their wealth and support to create something new, such as a modern university dedicated to innovation.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
Economist and author, Niall Ferguson, suggests that rather than trying to fit Bitcoin into traditional definitions of money, we should instead view it as a system of payments that doesn't necessarily need to be classified as money, but as a series of tokens representing financial transactions.
1:08:27 - 1:23:51 (15:24)
Summary
Economist and author, Niall Ferguson, suggests that rather than trying to fit Bitcoin into traditional definitions of money, we should instead view it as a system of payments that doesn't necessarily need to be classified as money, but as a series of tokens representing financial transactions. He points to bills of exchange and their role in creating the first peer-to-peer payment system as a historical example.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The emergence of Bitcoin is a response to the growing crisis of the fiat money system and has the potential to revolutionize the financial world by reducing transaction costs and eliminating the need for middlemen.
1:23:51 - 1:34:22 (10:30)
Summary
The emergence of Bitcoin is a response to the growing crisis of the fiat money system and has the potential to revolutionize the financial world by reducing transaction costs and eliminating the need for middlemen. However, the creation of a central bank digital currency may spoil the evolutionary story and hinder the growth of Web3, which is a more decentralized, innovative system of payments.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
Crypto provides a solution for individuals living in areas with weak property rights by offering a new and improved way of having portable wealth.
1:34:22 - 1:43:15 (08:53)
Summary
Crypto provides a solution for individuals living in areas with weak property rights by offering a new and improved way of having portable wealth. However, it is uncertain whether investing in crypto would be beneficial during a world war three scenario that would greatly impact global finances, especially the China trade.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
Financial services are becoming more accessible thanks to FinTech, however, data privacy should be a major concern for individuals to avoid a Chinese-style social credit system where behavior is heavily monitored.
1:43:15 - 1:50:16 (07:01)
Summary
Financial services are becoming more accessible thanks to FinTech, however, data privacy should be a major concern for individuals to avoid a Chinese-style social credit system where behavior is heavily monitored.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The possibility of Britain staying out of World War I and Germany winning was considered as a means of avoiding atrocities of the 20th century.
1:50:16 - 2:01:40 (11:23)
Summary
The possibility of Britain staying out of World War I and Germany winning was considered as a means of avoiding atrocities of the 20th century. The decision of the UK cabinet to go to war during World War II also raises questions about whether or not different decisions could have prevented atrocities.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The act of postponing war may lead to a worse starting point for it, as seen in the case of Chamberlain in 1938, who played for time while not realizing that Hitler was also getting the time he needed.
2:01:40 - 2:07:43 (06:02)
Summary
The act of postponing war may lead to a worse starting point for it, as seen in the case of Chamberlain in 1938, who played for time while not realizing that Hitler was also getting the time he needed.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The host talks about his decision to take a break from reading history and delve into science fiction for a while, as well as his experience recording a podcast with Eric Weinstein.
2:07:43 - 2:13:19 (05:36)
Summary
The host talks about his decision to take a break from reading history and delve into science fiction for a while, as well as his experience recording a podcast with Eric Weinstein.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The success of managing a pandemic lies more in the hands of public health bureaucracy rather than great leaders, as a president's power to determine the efficiency of their bureaucracy is limited.
2:13:21 - 2:23:36 (10:15)
Summary
The success of managing a pandemic lies more in the hands of public health bureaucracy rather than great leaders, as a president's power to determine the efficiency of their bureaucracy is limited. The anti-vax network poses a challenge in vaccination efforts, regardless of strong leadership in times of crisis.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The engagement-based algorithms on social media are biased in favor of fake news and extreme views, as it is the easiest and dumbest way to sell ads.
2:23:37 - 2:30:39 (07:02)
Summary
The engagement-based algorithms on social media are biased in favor of fake news and extreme views, as it is the easiest and dumbest way to sell ads. Instead, companies should prioritize helping people grow and become the best version of themselves.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The speaker discusses their love for their spouse and the importance of being careful with the drug of love.
2:30:39 - 2:37:07 (06:28)
Summary
The speaker discusses their love for their spouse and the importance of being careful with the drug of love. They also discuss the idea of borrowing wisdom from other worlds and the impact Tolstoy had on their career path to become a historian.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
The purpose of history is to learn from past successes and failures in order to make informed decisions for a fulfilling life.
2:37:07 - 2:47:41 (10:33)
Summary
The purpose of history is to learn from past successes and failures in order to make informed decisions for a fulfilling life. By reconstituting past thought and comparing it to our current situation, we can achieve a sense of happiness in a world full of anxiety.
Episode#239 – Niall Ferguson: History of Money, Power, War, and Truth
PodcastLex Fridman Podcast
Host Lex Fridman speaks with historian Niall Ferguson about the history and possible futures of virtual reality and the metaverse.
2:47:41 - 2:48:40 (00:58)
Summary
Host Lex Fridman speaks with historian Niall Ferguson about the history and possible futures of virtual reality and the metaverse.