Let's talk definitions. Inflation is an EXPANSION of the (substitute) money supply. Deflation is CONTRACTION of the (substitute) money supply. Gold is Money; Silver is Money. Fiat currencies unbacked by gold or silver, and not redeemable for gold and silver, are NOT money. Hence, fiat currencies and other barterable substitutes are not authentic money. We have virtually no money in circulation at this time. What this discussion about is really about price manipulation by Central Banks to advantage one class at the expense of other classes of people.
redefining terms to reach conclusions like “we have no money in circulation” is useless at best. money is a general medium of exchange, not necessarily metals. inflation and deflation refer to the prices of goods and not the money supply.
@@CPubi It is not useless to use the classical definition of money. It is only fitting and proper that we do so, if only so we can properly understand the issues we are discussing. Money, by definition, must be a store of value; it must retain its value. Fiat currencies fail this test; they are NOT money. Price rises or decreases are merely symptoms of inflation or deflation of the (substitute) money supply when we are addressing paper fiat currency units.
Kerriellen Wilder austrian economists have emphasized for over 100 years that it is inappropriate to define money in any other way besides as a general medium of exchange. “store of value” is not a sensible measure to judge what is or isn’t money.
@@CPubi Alan Greenspan: In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. J.P. Morgan: Gold is money; everything else is credit. Peter Schiff also provides the proper definitions of inflation and deflation (as found in any dictionary printed before 1934). One thing further, gold and silver were the first metals mentioned in the Torah. Gold and silver have been recognized as money for 5000 years. Men always have and always will want them as money; every fiat currency ever used has always reverted to its intrinsic value: zero.
The rules of Private Law would (ideally) be defined within encrypted contracts that get fulfilled on anonymous "trustless" platforms (which may be an outdated term by today)... technologically facilitated by some third party validation mechanism(s) -- Government gets scary but order is comforting for the human soul.
You lost me on the autonomous cars. These things are designed to get the normal people out of their private cars. They are driverless taxis that you will have to share with others.
Keeping money supply fixed is stupid idea, even misses understood that, the supply of money should increase and decrease based upon the demand for money.
No, Mises clearly articulated that any quantity of money is sufficient for an economy to function. Money is only a medium of exchange not at means of payment.
@@konradhurren4930 Read his book The theory of money and credit and he has cleraly mentioned that inflation is when money supply is greater than the demand for money.
So just choose and use a currency that increase in supply based on demand for money, suit yourself. But don´t try to force that on me, because then we´re gonna have a problem. And also who are these angels that are going determine what the demand for money is?. There´s no need for increasing the money supply, the prices would be adjusted by the existing amount of money regardless of what Mises may have said or not.
@@stackinglittlesats. monetary disequilibrium theory en.m.wikipedia.org/wiki/Monetary-disequilibrium_theory#:~:text=Monetary-disequilibrium%20theory%20states%20that,change%20in%20the%20money%20supply.&text=If%20the%20demand%20for%20real,as%20seen%20from%20the%20figure.
Very interesting talk but your appraisal of bitcoin is way off base. It is something used by the ignorant on the hope it will be accepted never considering it is a digital means where the wallet is very easily turned off and controlled by the very thing that is trying to be escaped. For the present, bitcoin has a utility to be able to transfer money all over the world very economically but even that is soon to come to an end as the fees are required to support the transactions. With that it calls into question how much of what you offer is thought out and reliable. I definitely do not think deflation is the answer to anything, just another attempt at manipulation. The only fix to today's situation is a total reset, a colapse and recovery from the ashes as capitalism, not crony capitalism, restores the natural balance.
Well, you are the one that seems to be ignorant about bitcoin. First of all, what is that all about "wallet is very easily turned off and controlled by the very thing that is trying to be escaped". How my wallet is easily turn off by someone? How´s that works, who´s gonna turn it off? I am the one in 100% control of my cryptocurrency savings, nobody in this planet but me have access to my digital assets. The wallet doesn´t matter, what matter is my private key. I can access my bitcoin in any wallet and most of them are open source. So what are you talking about? And the thing about fees over and over again. There is the lightning network that already exist and can be used, I use it every day in order to receive in exchange for my labor and buy stuff. I don´t know where are you from, but maybe your are located in US, and you guys are using dollars, so so far you didn´t have the demand for other currency. But I am from brazil and here the government are devaluing our currency like there´s no tomorrow but since all my savings are in bitcoin I didn´t lose my purchasing power, in fact it increased a little bit.
"Government and central banks have no way to stop what's going to unfold, short of destroying their currencies" --Jeff Booth
Do you have an episode on the book "Think and Grow Rich" ?
Let's talk definitions. Inflation is an EXPANSION of the (substitute) money supply. Deflation is CONTRACTION of the (substitute) money supply. Gold is Money; Silver is Money. Fiat currencies unbacked by gold or silver, and not redeemable for gold and silver, are NOT money. Hence, fiat currencies and other barterable substitutes are not authentic money. We have virtually no money in circulation at this time. What this discussion about is really about price manipulation by Central Banks to advantage one class at the expense of other classes of people.
redefining terms to reach conclusions like “we have no money in circulation” is useless at best. money is a general medium of exchange, not necessarily metals. inflation and deflation refer to the prices of goods and not the money supply.
@@CPubi It is not useless to use the classical definition of money. It is only fitting and proper that we do so, if only so we can properly understand the issues we are discussing. Money, by definition, must be a store of value; it must retain its value. Fiat currencies fail this test; they are NOT money. Price rises or decreases are merely symptoms of inflation or deflation of the (substitute) money supply when we are addressing paper fiat currency units.
Kerriellen Wilder austrian economists have emphasized for over 100 years that it is inappropriate to define money in any other way besides as a general medium of exchange. “store of value” is not a sensible measure to judge what is or isn’t money.
@@CPubi Alan Greenspan: In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. J.P. Morgan: Gold is money; everything else is credit. Peter Schiff also provides the proper definitions of inflation and deflation (as found in any dictionary printed before 1934). One thing further, gold and silver were the first metals mentioned in the Torah. Gold and silver have been recognized as money for 5000 years. Men always have and always will want them as money; every fiat currency ever used has always reverted to its intrinsic value: zero.
The rules of Private Law would (ideally) be defined within encrypted contracts that get fulfilled on anonymous "trustless" platforms (which may be an outdated term by today)... technologically facilitated by some third party validation mechanism(s) -- Government gets scary but order is comforting for the human soul.
I dislike how he says deflation to mean lowering prices instead of contraction of the money supply, but yeah, he's right
You can easily have a contraction or expansion of the money supply and have neither inflation or deflation.
Inflation is a transfer from the poor to the rich.
Jeff Booth the former elite level professional surfer?
Don’t we have my much better tools and past knowledge to help fix this?
You lost me on the autonomous cars. These things are designed to get the normal people out of their private cars. They are driverless taxis that you will have to share with others.
Keeping money supply fixed is stupid idea, even misses understood that, the supply of money should increase and decrease based upon the demand for money.
No, Mises clearly articulated that any quantity of money is sufficient for an economy to function. Money is only a medium of exchange not at means of payment.
@@konradhurren4930 Read his book The theory of money and credit and he has cleraly mentioned that inflation is when money supply is greater than the demand for money.
So just choose and use a currency that increase in supply based on demand for money, suit yourself. But don´t try to force that on me, because then we´re gonna have a problem.
And also who are these angels that are going determine what the demand for money is?. There´s no need for increasing the money supply, the prices would be adjusted by the existing amount of money regardless of what Mises may have said or not.
@@ChitranjanBaghiofficial And what the definition that Mises used for inflation has to do with the supposed need for increasing in money supply?
@@stackinglittlesats. monetary disequilibrium theory en.m.wikipedia.org/wiki/Monetary-disequilibrium_theory#:~:text=Monetary-disequilibrium%20theory%20states%20that,change%20in%20the%20money%20supply.&text=If%20the%20demand%20for%20real,as%20seen%20from%20the%20figure.
Very interesting talk but your appraisal of bitcoin is way off base. It is something used by the ignorant on the hope it will be accepted never considering it is a digital means where the wallet is very easily turned off and controlled by the very thing that is trying to be escaped. For the present, bitcoin has a utility to be able to transfer money all over the world very economically but even that is soon to come to an end as the fees are required to support the transactions. With that it calls into question how much of what you offer is thought out and reliable. I definitely do not think deflation is the answer to anything, just another attempt at manipulation. The only fix to today's situation is a total reset, a colapse and recovery from the ashes as capitalism, not crony capitalism, restores the natural balance.
Well, you are the one that seems to be ignorant about bitcoin. First of all, what is that all about "wallet is very easily turned off and controlled by the very thing that is trying to be escaped". How my wallet is easily turn off by someone?
How´s that works, who´s gonna turn it off? I am the one in 100% control of my cryptocurrency savings, nobody in this planet but me have access to my digital assets.
The wallet doesn´t matter, what matter is my private key. I can access my bitcoin in any wallet and most of them are open source. So what are you talking about?
And the thing about fees over and over again. There is the lightning network that already exist and can be used, I use it every day in order to receive in exchange for my labor and buy stuff. I don´t know where are you from, but maybe your are located in US, and you guys are using dollars, so so far you didn´t have the demand for other currency. But I am from brazil and here the government are devaluing our currency like there´s no tomorrow but since all my savings are in bitcoin I didn´t lose my purchasing power, in fact it increased a little bit.