This episode is sponsored by Pique. Go to https://piquetea.com/impact and use code IMPACT for 5% off sitewide + FREE shipping when you purchase a bundle! Ready to experience Christmas like never before? The 25 Days of Giving has begun!! Get in the full Holiday Spirit with daily experiences and all kinds of prizes. To participate pick up your Merry Modz (https://opensea.io/collection/merry-modz) on OpenSea and join in on the festivities today, you never know what surprises await you next! Learn more on our discord: http://ImpactTheory.com/Discord Official rules: https://merrymodz.io/contest The meteoric rise of Bitcoin and other cryptocurrencies over the past years just goes to show that even something as ubiquitous as money is ripe for disruption. And even though crypto is a space that many of us are just beginning to understand, its principles call into question the validity of the existing fiat monetary system. In his latest book, The Fiat Standard: The Debt Slavery Alternative to Human Civilization, Dr. Saifedean Ammous sets out to do just that. Using the first principles thinking that he used to write his bestselling book, The Bitcoin Standard, Dr. Ammous analyzes the history of fiat currency, the shift away from the gold standard, and the economic, social and political fallout that came as a result. Find out more by ordering his book here: https://amzn.to/3DRdLbf SHOW NOTES:
00:00 | Introduction
01:28 | What is Fiat Currency?
05:57 | How Types of Money are Created
14:25 | Fiat, Self-Correction, and Hyperinflation
18:10 | What is Hard Money?
23:48 | The Transition to Universal Debt Slavery
27:54 | Fiat vs. Hard Money
33:10 | Deflation vs. Inflation
43:22 | Why the Wealthy Hold the Most Debt
46:23 | Has Fiat Currency Ruined the University?
1:01:34 | Bitcoin vs. Central Planning
1:05:26 | Why Printing Money is Destructive
1:19:28 | Bitcoin vs. Gold Standard
1:24:18 | How Bitcoin Will Consume the Bond Market
1:28:06 | Transitioning to a Crypto Economy QUOTES:
“As we develop the ability to have stronger, harder money, we’re able to provide for our future more… The more we save, the more capital we have available for investment. The more we invest, the more the productivity goes up, the more our standard of living increases. That's really the process of civilization.” [22:13] “If you're trying to collect zeros next to your house valuation, move to Zimbabwe, Lebanon, Venezuela – go where the hyperinflation is, and you'll have the most valuable house. Obviously, people don't care about how many zeros you attach to their prices of goods. People care about the purchasing power of money.” [36:27] “A lot of parents teach their kids to save, but it's pretty bad advice if you save in the Fiat standard. If you hold on to money you're witnessing it basically lose its value by 5, 10, 15% per year.” [39:22] “Why did Soviet cars suck? Because they were producing the same way that modern research in modern American universities is produced – it's from the top down.” [59:15] “The only reason that [the U.S. government] can get into bonds is because everybody's counting on their ability to inflate their money supply and devalue their people. So the bond market is just… it's evil through and through.” [1:25:58] Follow Dr. Saifedean Ammous:
Order The Fiat Standard: https://amzn.to/3DRdLbf
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