@DraakoThe(Game-Breaking)Dragon but they are probably limited to like the last week to prevent catastrophe so it does make sense he will make his own machine to get around that
@@MarkMcDaniel In terms of economics, they had free trade. Obviously, currency and things weren't innovated the way they are now, but then most people were self-employed and self-sustained, so it wasn't as much of a concern. We have anthropological and historical evidence showing crime, particularly homicide, increases significantly with the advent of a state, because the state kills way more people than individual attacks. Like I said before, the lack of innovation meant societies hadn't yet formed things like security and arbitration to the extent that they could easily be done privately today.
Homer: Aw, twenty dollars? I wanted a peanut! Homer's Brain: Twenty dollars can buy many peanuts. Homer: Explain how! Homer's Brain: Money can be exchanged for goods and services. Homer: WOO HOO!!
Money is the tool we use to measure economic value The use of money itself also creates value; not by the value it reflects; but by the service it provides of being a medium of universal exchange. The money's use as a medium of exchange is tied to its economic utility, if that utility is diminished or bolstered then so is its value. The a crucial component in determining a currencies value is its stability. Stability is a reflection of a currencies utility; It is determined by factors involving the currency itself (inflation/deflation) and also the value it represents (labor of those utilizing the currency) When Run Away inflation occurs, meaning inflation that continues even after printing (physical or deliberate inflation) stops it means those who were willing to trade their labor (and all extensions of labor) no longer see that currency as a valuable means of exchange itself but rather only the value of the material it is made of. good videos
Personally, I wouldn't call stability a reflection of a money's utility as much as its _salability._ We could have a super stable monetary good - in the sense of an unchangeable supply of a certain money -, but its _salability_ could be affected just by the act of a government banning its use within the nation's borders. Legal tender laws, for example, are almost entirely used to increase the salability of one specific national currency over others, even though said national currency is likely not of stable value - having consistent inflation every year. But, you got the right idea in your head.
Everything is more expensive than it was 50 years ago. On the other hand, the average consumer can afford items which were luxuries 50 years ago - cars, microwaves, etc. Gotta love capitalism.
@@carissstewart3211 This is the result of private banks being in control of the supply of money. Moreover, since Woodrow Wilson not only gave control of the National Treasury and US Mint, over to the Privately owned Federal Reserve Bank, which is owned by the same people who own the Bank of England, and Chase Bank, the rate of inflation is based upon government spending and deficit *(in this turn, every government payout from welfare checks to politician payroll is a **_loan_** and taxation is the government using its own power to force the public to pay government debt).* Dont get me started on the petrodollar conundrum with OPEC (Saudi Arabia) being the only reason we arent in a spiral of overwhelming inflation. The point being, people here wrongfully believe that the US government is in control of the money supply, which hasnt been true since 1913.
@@kjt7971"Central Banks are often nominally owned by private individuals or, as in the United States, jointly by private banks; but they are always directed by government-appointed officials, and serve as arms of the government." - Murray Rothbard (What Has Government Done to Our Money?) mises.org/library/what-has-government-done-our-money
@@carissstewart3211 why has medicine only gone up in price over the years? you don't need capitalism to invent new things ruclips.net/video/wRCOS-HcFko/видео.html
Yes for Currency but Money has intrinsic value The shells were useful as tools and decoration the furs as warmth and status the Bronze and other metals as tools and status etcetera.
@@Barskor1 i disagree and your point comes off as marxist thinking. nothing has intrinsic value. it's all about situational needs. even if we used goods like gold, or silver for currency, once they become currency their value will mainly come from being currency and not what you can produce with it.
@@blazingkhalif2 I know, right? It's annoys me to no end that people think tying money to a specific commodity, the supply of which will almost never align with economic activity, is somehow a good idea. Commodity monies were subject to severe inflation _and_ deflation, Meanwhile, the CPI in the United states has been more stable over the past 40 years than any period prior.
@@db9944 Bro... _TAKE ME WITH YOU!_ Give me some time to pack some valuables! We'll be stinkin rich once we sell our ancient 21st century stuff to a museum!
To paraphrase something someone else said, printing more money to "get rich" is like making more slices of a pizza and thinking you just made the pizza bigger just because it has more (smaller and smaller) slices.
i read online that there is a gap between productivity and sallaries. in the past the 2 increased equally but now proctuvity increases without an increase in salaries. please do a video about it.
When a person spends the entire balance of their credit card and their salary, only making minimum payments on the card while racking up more, we call them irresponsible. When government's do it, we call them "democratic socialists".
Clarence's episode Clarence Millions funnily enough is one of the best explanations I have found about it, it was a great way to explain my lil's bro question about why can't the government just print more money.
The easiest way to understand money is that it is a claim on human labor. It's the only thing that is really and truly valuable. Understanding it in this way allows you to understand why technological advance and automation are such good things. The robots that handle the data that I input into my computer to create this comment have so little human labor in them that it costs me essentially nothing to post this. Very different from a hundred years ago when it would have cost, say, an hour's labor to send via telegraph. As the production and supply lines of various goods and services become more and more automated, the prices for those goods and services will fall until it is no longer worth charging for them, and it is simpler and easier to just show an advertisement, or solicit donations or upsell some small number of people willing to pay for a premium product, etc.
i don't know if anyone here has heard of secular talk hosted by kyle kulisnki but he unironically believes we can do this (although he calls modern monetary theory, which i would love to see you do a video on) and it's kind of scary seeing that he has almost a million subs and he's pushing this onto impressionable people.
@Market Meister The people already decide what to use for money, the backing of the state just gives a currency a high degree of trustworthiness, making state-backed currencies the natural choice. If a state mismanages the currency, trust diminishes, and significant inflation sets in. All money is an exchange of value, ultimately backed by trust. Why do you think the value of cryptos is so unstable and they get traded for a state backed currency so quickly? Who or what would be regulating the supply of the commodity backing this crypto, and how would it keep the supply from either exceeding or falling behind economic activity? The gold supply never aligned with economic activity, and we saw both significant inflation _and_ deflation on the gold standard, yet we have seen a continuous 40 years of the most stable CPI in US history on fully abstract money.
Incorrect. In the US, the money *IS NOT* in government control, and inflation is actually due to the debt cycling of private banks through fiat economics and fractional banking. In reality, if money was in control by the government, the concept of a National Debt of $24 Trillion, would *_NOT_* exist.
The Federal Reserve Chairman is appointed by the President and reports to Congress. It also works extensively with the US Treasury. That's... Pretty clearly under government control.
It’s like Homer Simpson and the peanut all over again. “Twenty dollars? Aw, that’s not a peanut.” *Twenty dollars can buy many peanuts.* “Explain how!” *Money can be exchanged for goods and services.* “WOOHOO!”
What is meant by “infinite money”? It obviously can’t be literal, as one can never have an infinite amount anything. But even in the colloquial sense of “a very large amount” it doesn’t make sense... money represents stored labor, so there can never be more money than labor (when governments try to do that by printing more money the result is hyperinflation) so would “infinite money” mean “control of *all* the money”? Wouldn’t that be despotism?
It references the general attitude of people who have globbed onto Modern Monetary Theory as a means to handwave demands that they explain how the US government can support their desired plans. It's an incredibly dangerous, preposterous concept that thinks it is a good and responsible idea to give the Treasury and Congress virtually unfettered powers to demand the Fed generate/print money as they desire to cover whatever they want to do. Setting aside the high risk of hyperinflation, they also blatantly ignore how even attempting auch a thing would impact the US Dollar's standing in the global economy. Part of the reason it is such a dominant global standard is the government's relative responsibility in managing it. We don't engage in reckless mass printing or attempts to massively manipulate currency value. The moment the faith in that responsibility dissipates, desire to hold and deal in US Dolars and Treasury Bonds - the demand - will collapse. This would have severe ramifications. We have seen it before. Franklin Roosevelt stated an intention to print a lot more money, intending to cause inflation. But the result was even before any new money was printed, inflation kicked in.
Nuvendil yeah, if that’s what is meant by “infinite money” then that would seem to be a bad plan. It’s ok to take *some* future labor and use it today, but for the government to blithely assume that they can create as much wealth as they want today on the hopes that future productivity gains will provide the labor to cover those obligations... *bad plan* for sure!
I was learning stuff in the beginning, but now I feel like I'm in 'Money 101'. Not saying it's bad, but I'm curious as to if the beginning of this series is a good spot to teach all this from. Like the last three episodes were pretty common knowledge, but if someone didn't know it, would the beginning even concern them enough to care. That's all..
@madwtube ignoring my own personal feelings toward reading economic focused texts (and reading as a whole), that doesn't really help address the problem I see with this basically being money 101 in the middle of what was an economic understanding video series. Maybe it would convince others to read more, but does that not feel like the series fell short in explaining, through video, how these systems work?
@@NBC1232014 Money constitutes about half of all transactions (or much more, depending on the specific definition being used) and is *_very_* widely misunderstood (even by most Economists, which is probably why it's rarely taught). Even the slightest misunderstanding of money can have very severe consequences, and a good understanding greatly simplifies understanding all other economic factors.
@@JasonParthum so are saying this series should include more about money, or that additional readings is required to completely understand economics and thus too much for a simple animation series, or something else...
@@NBC1232014 What I'm saying is that any economics course that does _not_ cover money pretty extensively is ignoring roughly half of economics. And the reason so much information is most often omitted is because the economic theory being taught is fundamentally flawed and would contradict itself if presented in its entirety. That's not to say that the proponents of these flawed theories are intentionally misleading people -- I think most sincerely believe what they're teaching. I think they believe the contradictions they can't reconcile are minor details when they're actually complete refutations of the theory's entire premise. For example: _"Value was considered as objective, as an intrinsic quality inherent in things and not merely as the expression of various people's eagerness to acquire them. People, it was assumed, first established the magnitude of value proper to goods and services by an act of measurement and then proceeded to barter them against quantities of goods and services of the same amount of value. This fallacy frustrated Aristotle's approach to economic problems and, for almost two thousand years, the reasoning of all those for whom Aristotle's opinions were authoritative. It seriously vitiated the marvelous achievements of the classical economists and rendered the writings of their epigones, especially those of Marx and the Marxian school, entirely futile. The basis of modern economics is the cognition that it is precisely the disparity in the value attached to the objects exchanged that results in their being exchanged. People buy and sell only because they appraise the things given up less than those received."_ - Ludwig von Mises, Human Action
But when there's more supply than demand government creates a false scarcity of said supply to keep the inflation going. Example: " Over abundance of milk equals Government Cheese 🧀."
2:18 imagine a world where the people can print money themself and have a special way to know if that money is legitimate. oh, wait that is literally bitcoin.
Friendly reminder that the federal reserve is actually a private bank and not a government entity. And the federal reserve owns our money. Basically our money is issued by, and owned by, a private bank.
Money just makes you a bigger you, good or bad. Money isn't anymore evil then a screwdriver, hammer, tools, etc. Gov. printing a lot of money is called inflation (Venezuela, Zimbabwe and So. Africa).
If the government doesn't print the money, who does? What's stopping people from doing the same thing government did of printing more? Serious questions, I really want to know.
Bitcoin, for example, increases the supply of money slowly over time based on computational programs' ability to solve increasingly complex math problems. That mimics the way gold-backed currency expands -- as gold has to be mined, and thus has a very steady supply.
Bob is evolving. Also isnt anougher reason we have inflation is so people spend more and keep the econmy flowing. Aldo if inflstion happends slow enough than buisneses and stuff will just adgust peoples wages. In the 16th century your entire life savings would be like 3 pounds and buisnesses payed people in that would now be like a quarter of a penny but because the inflation was slow now we dont pay people in a few pennys every month we pay people like 2 to 3 thousand pounds a month (im not sure on the average wage)
Money is simply a medium of exchange that meets a set of specific criteria (retains value over time, generally accepted by people of a region or culture, portable, etc.), and can be digital in nature. See also: Bitcoin.
@@FEEonline Yes currency is almost universal but it is still making a transition from physical formats to digital.With monies value not solely being based upon inflation but government stability, government economic power, and military power. For this reason it makes sense for government to limit banks ability to create this digital value and make it on their own. Eventually dissolving physical forms of money cash has no actual value its only physical value is in the goods in which it is traded, government reassurance that this money is valuable. So eventually money could be virtually speaking infinite with its own value coming from the trade of those resources with no real way to show how much money exists.Or what money actually is.With money starting as coinage then becoming paper exchangeable by coinage.Then just paper now the transition is to digital.
yankeefederer1994 People will find a common way to exchange things. If tech goes away, then yes money would cease to exist; as it would be tough to get everyone to agree on a fixed exchange. However, tech has made it possible. Crypto is a good example
@@roshansundar6618 Is crypto a reliable substitute? I could see private institutions manipulating currency just as much as a government if given the chance. Is crypto a stable enough entity that it could handle the movements of markets and other things the dollar is more insulated from because it has the backing of the government that is somewhat responsible for facilitating what is currently the largest economy in the world. Consumer confidence in the currency is the only thing keeping it going, which requires some entity guarantee that it will be worth what it should be. I'm not saying governments are always good at that, but it has worked by and large for a lot of capitalist countries over the past few centuries.
@@yankeefederer1994 If by consumer confidence you mean gun to your head we will throw you in a cage and or destroy your nation if you don't use dollars then yes...
@@yankeefederer1994 It does actually. Most crypto is generated by 'mining' which is done by performing complex mathematical calculations. So it helps keep the currency stable and no central authority is necessary. If anything, central banking in the past century has shown exactly why a government controlling money supply isn't a good thing.
Bob's gonna start a meat-ripening business with flies as customers, and the whole future will drown in rotten meat... That's how the worl... series will end.
"If money grew on trees, it would be just as valuable as leaves"
-Some dude.
@DraakoThe(Game-Breaking)Dragon -Vsauce
and surprisingly accurate.
If money doesn’t grow on trees then why do banks have branches?
Checkmate atheists.
@@DietrichGarbo lol
-The Federal Reserve
I swear there’s going to be a moment where Bob invents a time machine and goes too far into the past.
Better yet, he could go back to around 3500 BC before any formal governments formed, and see that things worked just as well minus all the innovation.
@@litigioussociety4249 -- Worked just as well? Yeah, right pal.
@DraakoThe(Game-Breaking)Dragon but they are probably limited to like the last week to prevent catastrophe so it does make sense he will make his own machine to get around that
@@MarkMcDaniel In terms of economics, they had free trade. Obviously, currency and things weren't innovated the way they are now, but then most people were self-employed and self-sustained, so it wasn't as much of a concern. We have anthropological and historical evidence showing crime, particularly homicide, increases significantly with the advent of a state, because the state kills way more people than individual attacks. Like I said before, the lack of innovation meant societies hadn't yet formed things like security and arbitration to the extent that they could easily be done privately today.
But what about when Bob accidently introduces the concept of money to the natives... Does he become his own grandpa?
Homer: Aw, twenty dollars? I wanted a peanut!
Homer's Brain: Twenty dollars can buy many peanuts.
Homer: Explain how!
Homer's Brain: Money can be exchanged for goods and services.
Homer: WOO HOO!!
Can we please acknowledge the penguin. Just acknowledge him. He is so cuute
Pengee!
Its the Android of Linus Torvalds' ultimate creation
*No. That is what he wants us do. Ignore him to establish dominance.*
Sires Orb
After all, birds aren’t real.
I acknowledge there is a penguin.
This series should be mandatory in high schools... And sad to say even some colleges...
Considering the Democrat party runs our education system, that seems unlikely.
all colleges.
Not mandatory at all. Even better, let's don't have any official school curriculum.
But would it hurt their feelings
@@reddsaxxmike2865 Feelings should never override truth.
If I was teaching a economics/civics class in high school to explain how trade and stuff works, I would totally use this.
Where do you get the idea you would be allowed to introduce such radical concepts? LOL
@@tenhirankei Singapore.
"$150? Awe, I wanted a tool."
"$150 can be used to buy many tools."
"Explain how."
"Currency can be exchanged for goods and services."
"Yahoo!"
- Bob, 3500 A.D.
- Homer Simpson, 20##
Simpsons did it!
*Money,* Not _currency._
I would've said "200 credits, and it's a deal!"
Yahoo can be used to look up how to download google.
Keep making these Bob to the Future cartoons. We can never have too much Bob.
Counterfeiting is just personal qualitative easing.
*quantitative
BladeOfLight16 thank you.
Money is the tool we use to measure economic value
The use of money itself also creates value; not by the value it reflects; but by the service it provides of being a medium of universal exchange.
The money's use as a medium of exchange is tied to its economic utility, if that utility is diminished or bolstered then so is its value. The a crucial component in determining a currencies value is its stability.
Stability is a reflection of a currencies utility; It is determined by factors involving the currency itself (inflation/deflation) and also the value it represents (labor of those utilizing the currency)
When Run Away inflation occurs, meaning inflation that continues even after printing (physical or deliberate inflation) stops it means those who were willing to trade their labor (and all extensions of labor) no longer see that currency as a valuable means of exchange itself but rather only the value of the material it is made of.
good videos
Money is not currency but otherwise spot on.
Personally, I wouldn't call stability a reflection of a money's utility as much as its _salability._ We could have a super stable monetary good - in the sense of an unchangeable supply of a certain money -, but its _salability_ could be affected just by the act of a government banning its use within the nation's borders.
Legal tender laws, for example, are almost entirely used to increase the salability of one specific national currency over others, even though said national currency is likely not of stable value - having consistent inflation every year.
But, you got the right idea in your head.
Lolberals: Why is every product out there, from cars to Coca-Cola, more expensive than they were 50 years ago?
Me: Points to this video.
The expression you are looking for is "libtards".
Everything is more expensive than it was 50 years ago. On the other hand, the average consumer can afford items which were luxuries 50 years ago - cars, microwaves, etc. Gotta love capitalism.
@@carissstewart3211
This is the result of private banks being in control of the supply of money. Moreover, since Woodrow Wilson not only gave control of the National Treasury and US Mint, over to the Privately owned Federal Reserve Bank, which is owned by the same people who own the Bank of England, and Chase Bank, the rate of inflation is based upon government spending and deficit *(in this turn, every government payout from welfare checks to politician payroll is a **_loan_** and taxation is the government using its own power to force the public to pay government debt).* Dont get me started on the petrodollar conundrum with OPEC (Saudi Arabia) being the only reason we arent in a spiral of overwhelming inflation. The point being, people here wrongfully believe that the US government is in control of the money supply, which hasnt been true since 1913.
@@kjt7971"Central Banks are often nominally owned by private individuals or, as in the United States, jointly
by private banks; but they are always directed by government-appointed officials, and serve as arms of the government." - Murray Rothbard (What Has Government Done to Our Money?)
mises.org/library/what-has-government-done-our-money
@@carissstewart3211 why has medicine only gone up in price over the years? you don't need capitalism to invent new things ruclips.net/video/wRCOS-HcFko/видео.html
I would love to see one of these videos taking about the destructive effects of minimum wage laws.
Money, only holds it's value if you don't print it like it's going out of style
Yes for Currency but Money has intrinsic value The shells were useful as tools and decoration the furs as warmth and status the Bronze and other metals as tools and status etcetera.
Barskor1
Printed money has no intrinsic value except for kindling
@@obviouslykaleb7998 I agree and it makes for bad toilet paper.
@@Barskor1 i disagree and your point comes off as marxist thinking. nothing has intrinsic value. it's all about situational needs. even if we used goods like gold, or silver for currency, once they become currency their value will mainly come from being currency and not what you can produce with it.
@@blazingkhalif2 I know, right? It's annoys me to no end that people think tying money to a specific commodity, the supply of which will almost never align with economic activity, is somehow a good idea. Commodity monies were subject to severe inflation _and_ deflation, Meanwhile, the CPI in the United states has been more stable over the past 40 years than any period prior.
2:17 I come from Argentina and yes, we do.
:(
(This show is set in the future)
It's the future, Hermano.
Howdy neighbor!
Good luck with your socialist president
@@FEEonline And they are living it in the present the Nazis really did a number on Argentina.
Hola!
Yo necesito dinero, por favor!
I don't mean anything in particular, I just started learning Spanish recently, that's all.
Adios!
"Last few episodes" . read: this is now a permanent fixture of FEE. THE PEOPLE HAVE SPOKEN TOTALLY-NOT-SEAMUS!
the Fly was well timed! Good job on solving that taco meat problem.
Glad to see Meatwad make an appearance.
The temptation to have the meatwad talk is strong.
How much trouble do you think it would cause if Meatwad just took off with a fast-food shake and fries?
Time has not been kind to Meatwad.
There was a statistician that drowned crossing a river... It was 3 feet deep on average.
2:18 does this imply they got rid of the Fed in the furture?
I sure do hope so
BRB Going ice fishing in hopes I'm thawed out post-Fed
@@db9944
Bro...
_TAKE ME WITH YOU!_ Give me some time to pack some valuables! We'll be stinkin rich once we sell our ancient 21st century stuff to a museum!
These are amazing to watch. Love this series! Keep them coming please!
We as a civilized society never should be at a point where someone has to explain how money works, yet here we are.
You'd be shocked to find out how many times over the last couple years I have had people commenting about how much better life would be without money.
@@FEEonline Do they just want to go back to trades or something?
@@fusionomni305 sometimes, yeah. Pure barter. Gift economies come up as well, here and there.
To paraphrase something someone else said, printing more money to "get rich" is like making more slices of a pizza and thinking you just made the pizza bigger just because it has more (smaller and smaller) slices.
i read online that there is a gap between productivity and sallaries.
in the past the 2 increased equally but now proctuvity increases without an increase in salaries.
please do a video about it.
When a person spends the entire balance of their credit card and their salary, only making minimum payments on the card while racking up more, we call them irresponsible.
When government's do it, we call them "democratic socialists".
or "Repulicans"
The only problem I have with this is the governments not in charge of the money
2:18 "but we don't do that anymore"
FED: money printer go BRRTTTTTT
Clarence's episode Clarence Millions funnily enough is one of the best explanations I have found about it, it was a great way to explain my lil's bro question about why can't the government just print more money.
Paradoxically, something tells me Bob's paycheck for the day wouldn't have come close to $150 credits.
All value is subjective.
The easiest way to understand money is that it is a claim on human labor. It's the only thing that is really and truly valuable. Understanding it in this way allows you to understand why technological advance and automation are such good things. The robots that handle the data that I input into my computer to create this comment have so little human labor in them that it costs me essentially nothing to post this. Very different from a hundred years ago when it would have cost, say, an hour's labor to send via telegraph. As the production and supply lines of various goods and services become more and more automated, the prices for those goods and services will fall until it is no longer worth charging for them, and it is simpler and easier to just show an advertisement, or solicit donations or upsell some small number of people willing to pay for a premium product, etc.
intelligent humanoid fly saves the day
Pure GMO baby!
At a flea market no less.
"Gvt can print as much money as they want ...but we don't do that anymore."
LOL, you wish 🤷♀️
Well, this is supposed to be a utopian future... sooo...
in the immortal words of Gene Roddenberry
"because it's the future"
i don't know if anyone here has heard of secular talk hosted by kyle kulisnki but he unironically believes we can do this (although he calls modern monetary theory, which i would love to see you do a video on) and it's kind of scary seeing that he has almost a million subs and he's pushing this onto impressionable people.
🅱🅾🅱 in the future but there's not even a single recognizable nod to the glorious 🅰yy LMAO's 👽 (except that Ceo/Boss)
Question: if the governments don't control the money supply in the future, who does? What system is the alternative?
_Ripened meat..._ I need to use that next time my wife throws leftovers away....
I get this is fiction
but she is so nice to help him adjust to the future even with all his stubbornness
She explained money much quicker than Francisco Domingo Carlos Andres Sebastian d'Anconia.
:)
I must have missed how this utopia stopped over printing money.
@Market Meister The people already decide what to use for money, the backing of the state just gives a currency a high degree of trustworthiness, making state-backed currencies the natural choice. If a state mismanages the currency, trust diminishes, and significant inflation sets in. All money is an exchange of value, ultimately backed by trust. Why do you think the value of cryptos is so unstable and they get traded for a state backed currency so quickly?
Who or what would be regulating the supply of the commodity backing this crypto, and how would it keep the supply from either exceeding or falling behind economic activity? The gold supply never aligned with economic activity, and we saw both significant inflation _and_ deflation on the gold standard, yet we have seen a continuous 40 years of the most stable CPI in US history on fully abstract money.
Germans when they become a billionaire: :)
Germans in 1930s when they become a billionaire: :(
they didn't have any production rate high
Zimbabwe be like: *hyperinflation PTSD intensifies*
*Laughs in Venezuela*
Crazy watching these from the post coof world of 2023. How naïve we were in Feb 2020 Inflation is killing us
Does Seamus still do freedom toons? Does anyone know why he didn't upload Thursday?
I was wondering that myself. Maybe just took a week off?
I like complete free market, with money, and an optional bartering system.
Explain how.
Money can be exchanged for goods and services.
Incorrect. In the US, the money *IS NOT* in government control, and inflation is actually due to the debt cycling of private banks through fiat economics and fractional banking. In reality, if money was in control by the government, the concept of a National Debt of $24 Trillion, would *_NOT_* exist.
The Federal Reserve Chairman is appointed by the President and reports to Congress. It also works extensively with the US Treasury. That's... Pretty clearly under government control.
Wait how do you have time for this AND Freedomtoons?
Seamus is dying getting all the things done. Throw our boy's Patreon some love :)
It’s like Homer Simpson and the peanut all over again.
“Twenty dollars? Aw, that’s not a peanut.”
*Twenty dollars can buy many peanuts.*
“Explain how!”
*Money can be exchanged for goods and services.*
“WOOHOO!”
Come for the Out of Frame Synopsies; Stay for the FreedomToons
What is meant by “infinite money”?
It obviously can’t be literal, as one can never have an infinite amount anything. But even in the colloquial sense of “a very large amount” it doesn’t make sense... money represents stored labor, so there can never be more money than labor (when governments try to do that by printing more money the result is hyperinflation) so would “infinite money” mean “control of *all* the money”? Wouldn’t that be despotism?
It references the general attitude of people who have globbed onto Modern Monetary Theory as a means to handwave demands that they explain how the US government can support their desired plans. It's an incredibly dangerous, preposterous concept that thinks it is a good and responsible idea to give the Treasury and Congress virtually unfettered powers to demand the Fed generate/print money as they desire to cover whatever they want to do.
Setting aside the high risk of hyperinflation, they also blatantly ignore how even attempting auch a thing would impact the US Dollar's standing in the global economy. Part of the reason it is such a dominant global standard is the government's relative responsibility in managing it. We don't engage in reckless mass printing or attempts to massively manipulate currency value. The moment the faith in that responsibility dissipates, desire to hold and deal in US Dolars and Treasury Bonds - the demand - will collapse. This would have severe ramifications. We have seen it before. Franklin Roosevelt stated an intention to print a lot more money, intending to cause inflation. But the result was even before any new money was printed, inflation kicked in.
Nuvendil yeah, if that’s what is meant by “infinite money” then that would seem to be a bad plan. It’s ok to take *some* future labor and use it today, but for the government to blithely assume that they can create as much wealth as they want today on the hopes that future productivity gains will provide the labor to cover those obligations... *bad plan* for sure!
Next please make a video about the Big Mac index
Nice a clear example of inflation!
Please tell the MMT crowd this!
What about the TMNT crowd? Can we tell them too?
Prime example: Gaia Online
More money in circulation doesn't mean more money overall, it means less money overall.
And some people will let you essentially buy money in exchange for even more money.
Could you please do a video abt natural inflation?
He's growing up so fast 💚
I was learning stuff in the beginning, but now I feel like I'm in 'Money 101'. Not saying it's bad, but I'm curious as to if the beginning of this series is a good spot to teach all this from. Like the last three episodes were pretty common knowledge, but if someone didn't know it, would the beginning even concern them enough to care. That's all..
@madwtube ignoring my own personal feelings toward reading economic focused texts (and reading as a whole), that doesn't really help address the problem I see with this basically being money 101 in the middle of what was an economic understanding video series. Maybe it would convince others to read more, but does that not feel like the series fell short in explaining, through video, how these systems work?
@@NBC1232014 Money constitutes about half of all transactions (or much more, depending on the specific definition being used) and is *_very_* widely misunderstood (even by most Economists, which is probably why it's rarely taught). Even the slightest misunderstanding of money can have very severe consequences, and a good understanding greatly simplifies understanding all other economic factors.
@@JasonParthum so are saying this series should include more about money, or that additional readings is required to completely understand economics and thus too much for a simple animation series, or something else...
@@NBC1232014 What I'm saying is that any economics course that does _not_ cover money pretty extensively is ignoring roughly half of economics. And the reason so much information is most often omitted is because the economic theory being taught is fundamentally flawed and would contradict itself if presented in its entirety. That's not to say that the proponents of these flawed theories are intentionally misleading people -- I think most sincerely believe what they're teaching. I think they believe the contradictions they can't reconcile are minor details when they're actually complete refutations of the theory's entire premise. For example:
_"Value was considered as objective, as an intrinsic quality inherent in things and not merely as the expression of various people's eagerness to acquire them. People, it was assumed, first established the magnitude of value proper to goods and services by an act of measurement and then proceeded to barter them against quantities of goods and services of the same amount of value. This fallacy frustrated Aristotle's approach to economic problems and, for almost two thousand years, the reasoning of all those for whom Aristotle's opinions were authoritative. It seriously vitiated the marvelous achievements of the classical economists and rendered the writings of their epigones, especially those of Marx and the Marxian school, entirely futile. The basis of modern economics is the cognition that it is precisely the disparity in the value attached to the objects exchanged that results in their being exchanged. People buy and sell only because they appraise the things given up less than those received."_
- Ludwig von Mises, Human Action
He's going to invent a time machine.
Mildly interesting: check out rai stones as a currency from Yap.
Loss of money means loss of value of interest... Wonder why Hollywood thinks doubling down on certain products will improve it then.
How are shells and skins, when used as money, not a "commodity money"? Maybe you meant, "the first metal money, made of bronze"?
"Last few episodes..."
Me: Hol up
But when there's more supply than demand government creates a false scarcity of said supply to keep the inflation going. Example: " Over abundance of milk equals Government Cheese 🧀."
GOT it, Seamus: "Inflation, is BAD, m'kay? DON'T DO INFLATION."
So how do we ACCOMPLISH this?
(crickets)
Libertarians: belling the cat since 1971.
Pay off debt and stop making aforementioned debt
2:18 imagine a world where the people can print money themself and have a special way to know if that money is legitimate. oh, wait that is literally bitcoin.
So if the goverments in charge of printing money we’re forced to give that power to whomever they wouldn’t do the same thing?
As Venezuelan we have ALWAYS the Venezuelan Bob that RUINS EVERYTHING OF
GREETING TO MY FRIENDS OF FEE
this channel should talk about the federal reserve
and on the next episode we MAY .. or may not .. find out if the penguin finaly will be able to access his business management course!
Why can't we just share everything, then we don't need money anymore...
That's what we're doing at home with our families and friends...
The last few episodes?
THE END IS NIGH !
THE END IS NIGH !
> We don't do that any more.
_Eyes Venezuela ...._
So the Debunkers finally left their Bunker, huh?
Money makes the world go round. Governments are just trying to make it go round faster ;)
Bob: "I am once again deciding to become an entrepeneur."
Federal reserve should watch this
Why can't we just print infinite money?
We're about to find out.
infinite money = no production of goods
Friendly reminder that the federal reserve is actually a private bank and not a government entity. And the federal reserve owns our money.
Basically our money is issued by, and owned by, a private bank.
Money just makes you a bigger you, good or bad. Money isn't anymore evil then a screwdriver, hammer, tools, etc.
Gov. printing a lot of money is called inflation (Venezuela, Zimbabwe and So. Africa).
If the government doesn't print the money, who does? What's stopping people from doing the same thing government did of printing more? Serious questions, I really want to know.
Bitcoin, for example, increases the supply of money slowly over time based on computational programs' ability to solve increasingly complex math problems.
That mimics the way gold-backed currency expands -- as gold has to be mined, and thus has a very steady supply.
Good for Bob.
Got a love these Austrians, pretending like the Chicago school, and the Keynesians don’t exist.
quit with the apple text dingggg in the left channel pls.
And that's why we need to balance the budget
Never going to happen each new set of politicians has to offer something more to bribe votes with.
"But muh pet projects!"
-pretty much everyone in congress on both sides of the aisle
Are we just going to ignore with flies typically do with meat.
I'm pretty sure I've seen children's cartoons explain why the barter system is convoluted
This season is inspired by Futurama...prove me wrong :-D
-"We don't do that anymore"
Qe
-...
Nooooooooo it's ending :(
You get post WW1 Germany. And then WW2 Germany. Because bricks of cash are cheaper than wooden blocks.
Arguing stawmen must be fun...
Bob is evolving.
Also isnt anougher reason we have inflation is so people spend more and keep the econmy flowing. Aldo if inflstion happends slow enough than buisneses and stuff will just adgust peoples wages.
In the 16th century your entire life savings would be like 3 pounds and buisnesses payed people in that would now be like a quarter of a penny but because the inflation was slow now we dont pay people in a few pennys every month we pay people like 2 to 3 thousand pounds a month (im not sure on the average wage)
No ones going to mention the elephant in the room how most purchases arent done with actual money but digital numbers and fictional debt
Money is simply a medium of exchange that meets a set of specific criteria (retains value over time, generally accepted by people of a region or culture, portable, etc.), and can be digital in nature.
See also: Bitcoin.
@@FEEonline Yes currency is almost universal but it is still making a transition from physical formats to digital.With monies value not solely being based upon inflation but government stability, government economic power, and military power. For this reason it makes sense for government to limit banks ability to create this digital value and make it on their own. Eventually dissolving physical forms of money cash has no actual value its only physical value is in the goods in which it is traded, government reassurance that this money is valuable. So eventually money could be virtually speaking infinite with its own value coming from the trade of those resources with no real way to show how much money exists.Or what money actually is.With money starting as coinage then becoming paper exchangeable by coinage.Then just paper now the transition is to digital.
The one honest question this creates is who and how will money be managed/created if governments are not apart of the equation?
yankeefederer1994
People will find a common way to exchange things. If tech goes away, then yes money would cease to exist; as it would be tough to get everyone to agree on a fixed exchange.
However, tech has made it possible. Crypto is a good example
@@roshansundar6618 Is crypto a reliable substitute? I could see private institutions manipulating currency just as much as a government if given the chance. Is crypto a stable enough entity that it could handle the movements of markets and other things the dollar is more insulated from because it has the backing of the government that is somewhat responsible for facilitating what is currently the largest economy in the world. Consumer confidence in the currency is the only thing keeping it going, which requires some entity guarantee that it will be worth what it should be. I'm not saying governments are always good at that, but it has worked by and large for a lot of capitalist countries over the past few centuries.
@@yankeefederer1994 If by consumer confidence you mean gun to your head we will throw you in a cage and or destroy your nation if you don't use dollars then yes...
@@yankeefederer1994
It does actually. Most crypto is generated by 'mining' which is done by performing complex mathematical calculations. So it helps keep the currency stable and no central authority is necessary.
If anything, central banking in the past century has shown exactly why a government controlling money supply isn't a good thing.
Have you ever thought about doing an Out of Frame about Watch_Dogs?
I love the penguin
Bob's gonna start a meat-ripening business with flies as customers, and the whole future will drown in rotten meat... That's how the worl... series will end.
Money can be exchanged for goods and services
MOAR SEAMUS!!!!
few last episodes :(