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Princeton…Einstein …Lyn…hmmm I see the connection 👏🏽 Jersey stand up! Love Lyn.

She is one of the best Econ speakers of our time.

The questions were unbelievably bad by attendees. Shame that Lyn had to waste her time with them.

The First Industrial Revolution started in Great Britain spreading ideas through Europe. After almost 30 years of worldwide internet connection, information is ready available. Internet connection is wireless. Image is more than a marketing tool. It's an identity hackers tried to break. Consequently, moral values weight heavily to preserve family institutions. Utilitarians become an alternative to guide a community to stability when economic crisis is inevitable. Economic health doesn’t depend on one individual when power is manipulated by a group of people. It takes more than insight for an individual circumnavigate a new breakthrough idea. Indeed, it's inherited and nature of wealth that facilitate solution.

Money is not broken. Dow was 18 ounces of gold money in 1929 and still 18 ounces 2017 to 2024. Credit is broken. Credit, IOUs, pixels, digits, dishonest measures are broken, always have been always will be, leading to descent and collapse in wars.

wow how do you fuck up the audio this bad. holy shit. princeton is a joke

It isnt idiot commies

"HeY U DoNt rEAlly NeEd goLD. IZ NoT DoIN AnyThInG" Except that it prevented the CA from counterfeiting you bloody idiots.

This video have largest viewer among all others video ever created on this channel..lol..lol😅😅

Q & A audio went south.

It's wild that the Bank of England and others still use the DICE model to think about climate impacts. Just delusion. Thanks for the great talk.

Does bitcoin solve the "problem(s) of money/currency?" My own view is that too much can go wrong, though so far it has (mostly) stood the test of time, and it is still around. For most people, especially Americans, gold and equities, and in some cases bonds are probably a better approach for store of value, medium of exchange, and divisibility. Some people have become very wealthy when bit coin was pennies to a few hundred dollars, etc. Whether they were lucky or brilliant or both, I don't know.

brilliant from Lyn. Shame about the tyrant sat next to her.

Worthwhile listen.

🎯 Key Takeaways for quick navigation: 02:05 *💰 Evolution of Money* - Money's historical evolution through technological advancements. - From shells to gold: tracing the path of physical money. - Efforts to enhance efficiency in transactions and settlements over time. 04:20 *💱 Challenges of Local Currencies* - Discussion on the challenges faced by local currencies, using Egypt as an example. - Impact of high inflation and currency devaluation on individuals and economies. - Limited utility and lack of salability of many local currencies beyond their borders. 06:10 *🌐 Structural Imbalances in Developed Markets* - Analysis of structural imbalances and long-term sustainability issues in developed market currencies. - Concerns over rising public debt and trade deficits. - Recognition of underlying instability despite the perceived stability of monetary systems. 08:29 *🔄 Centralization of Financial Systems* - Historical trend of solving money-related frictions through centralization. - Evolution of banking and settlement mechanisms towards centralization. - Challenges posed by centralized systems, including leverage and insolvency risks. 17:12 *🔄 Decentralization through Technology* - Exploration of how technologies like Bitcoin offer a credible means to decentralize financial systems. - Discussion on the potential reversal of centuries of centralization. - Role of decentralized ledgers and stablecoins in providing alternatives to traditional centralized systems. 20:54 *💱 Bitcoin and Stable Coins Revolutionizing Currency Exchange* - Bitcoin and stable coins are revolutionizing currency exchange. - Liquidity and market capitalization of stable coins have grown significantly in recent years. - These technologies bypass currency monopolies, enabling easier cross-border transactions and reducing friction in global finance. 26:35 *💡 Rethinking Money's Grassroots Origins* - Money's history reveals grassroots origins often forgotten in centralized financial systems. - Central bankers recognize the importance of questioning who controls the ledger and its impact on citizens' welfare and rights. - The talk stimulates discussion on the flaws of current monetary systems and the potential of decentralization via blockchain technology. 29:02 *💰 Currency Usage and Challenges in Egypt* - Dollarization occurs in countries like Egypt due to currency shortages, leading to challenges in spending dollars. - Physical currency's value may diminish outside its jurisdiction, hindering its use as a medium of exchange. - Bitcoin's primary use remains savings, with early adopters turning to it for transactions due to limitations with traditional payment systems. 31:05 *🛡️ Protecting Financial Freedom with Bitcoin* - Bitcoin empowers financial freedom, particularly in oppressive regimes, by enabling uncensorable transactions. - Organizations like WikiLeaks highlight the importance of monetary freedom in resisting authoritarian control. - Privacy concerns persist with centralized digital currencies, raising questions about the balance between transparency and individual rights. 36:23 *🔒 Privacy Concerns in Digital Currency Evolution* - Central Bank Digital Currencies (CBDCs) represent further centralization in the monetary system, raising privacy concerns. - The shift towards digital currencies risks sacrificing privacy, challenging the balance between transparency and individual rights. - Stable coins and CBDCs share similarities in utilizing digital rails for fiat currency movement, but privacy remains a key differentiator. 42:41 *💰 Bitcoin Concerns and Taxation* - Bitcoin dispersion over 15 years makes centralization challenging. - Taxation on Bitcoin transactions depends on exchange regulations and reporting. - Capital gains tax applies when selling Bitcoin, subject to individual country laws. 47:45 *🛡️ Bitcoin Security and Custodianship* - Bitcoin accounts don't require social security numbers; only regulated exchanges do. - Custodian hacks are the primary risk, not direct Bitcoin blockchain hacks. - Custodians' ability to reimburse holders depends on their assets and insurance. 49:30 *💼 Taxation, Reporting, and Privacy* - Tax reporting relies on self-reporting and exchange data sharing. - Privacy technologies like mixers challenge tax enforcement. - Legal and regulatory battles over privacy tech affect reporting and taxation. 53:27 *💱 Bitcoin's Intrinsic Value and Network Effects* - Bitcoin's value comes from its security and portability attributes. - Network effects and liquidity enhance Bitcoin's desirability as a global store of value. - Bitcoin's long-term viability lies in maintaining decentralization and network strength. 56:13 *🌐 Bitcoin Displacement of Fiat Currencies* - Bitcoin targets currencies with low demand outside their borders initially. - Fiat currencies face competition from Bitcoin's portability and global accessibility. - Bitcoin's simplicity and network effects enhance its longevity compared to complex alternatives. Made with HARPA AI

USA economy is failing because it was based on other countries contribution into dollar and bonds, now less and less want to buy it, so nothing you can do about it, if you keep forcing you can get nuckes to your backyard

Who besides a central bank can give out IOUs denominated in their own IOUs? This is flawed money.

Chinese government debts is about 4.23 trillions USD. It is way lower comparing with the US in terms of percentage of GDP. Not to mention that Chinese government owns a lot of national assets including: state owned companies, railways, highways, and almost all of the land is owned by the Chinese government. If you calculate the net debt/asset, Chinese government is net assets instead of net debts. If you are the owner of a land, you would want to invest huge money to increase the value of the land. That is what Chinese government has been doing in the infrastructures in China such as high speed railways, bridges, highways, 5G communication systems, ports, even schools, hospitals, ... etc. Chinese government invested in those infrastructures to increase the value of the land Chinese government owns and these are all good investments in terms of booming the local economies.

Why it is broken? Because it is too easy to print. As for today, the 10 year federal debt rate is 4.67%, 30 year 4.78%, ... It is easy to calculate how much interest payment will be after all the old debts being replaced by the new ones with those rates. The yearly interest only payment for the federal government with 34 trillions debts will be about 1.56 trillions/y. That is almost double the yearly military spending.

Money requires trust. Without trust it does not work.

It is a perfect interview. Acemoğlu is the best in his sub-field. But what I like more about Acemoğlu is that he is very dynamic researcher. He updates himself immediately when the world is changing crazily.

That the Princeton Center for the Decentralization of Power Through Blockchain Technology (DeCenter) exists at all shows that ther is real hope for humanity going forward

terrible audio, otherwise great

I had to stop watching because I couldn't listen to glasses lady for more than 5 seconds at a time.

Lyn Alden is amazing¡¡¡

Great lecture and excellent book by the way.

This video looks and sounds like it’s 20 years old

Since Biden took office, there seem to have been more unfavorable results in America. These results include effects on the markets, such as price declines and sharp increases in inflation, as well as bank failures. I wonder if the sudden increase in interest rates will help value investors or if it would be wiser to stay away from the stock and financial markets for the time being.

Huge Lyn Alden fan. It gives me great joy to celebrate her continued success. I never miss the chance to hear her views. However, the straight answer to the question asked at (43:22) re: tax reporting is yes, a U.S. citizen is required to provide a social security number in addition to other qualifying personal information per 'KYC' ( Know Your Client) rules. All transactions are subject to taxation and reported to the I.R.S.

Doesn’t know what he’s talking about. He asks who gave GPT permission to use Wikipedia. All Wikipedia content is released under a Creative Commons license.

I'm a bit confused. The moderator is Carolyn Wilkins, the former senior deputy governor of the Bank of Canada. About as much a central banker as they come.

An economy that survives on borrowing and printing money to support private and public consumption cannot be sustainable.

Lyn Alden is a treasure. Much respect to the work and brilliance she's devoted towards her career.

The US national debt is more than $34 trillion, with 22% of it held by foreign entities. The US also has $40 trillion in unfunded Medicare liabilities and $26 trillion in unfunded Social Security liabilities. The US dollar is the dominant reserve currency, backed by its perceived strength, allowing the US to print unlimited dollars as long as the world maintains trust in it. The US dollar is the backbone of US power, and any actions that undermine confidence in the currency threaten to destabilize its position of dominance. Each unilateral sanction imposed by the US risks damaging the stability and credibility of the US dollar, leading to dire consequences for the nation's power and influence. The US is the only country actively undermining the strength of the US dollar. The freezing of Russia's $300 billion currency reserve by Western governments may lead countries to reconsider investing their funds in US Treasury bonds and finding ways to reduce their use of the US dollar. A significant portion of US dollars is held outside the US, estimated at 60-70% of all US dollars in circulation, due to its status as the dominant reserve currency and wide use in international trade and finance. The one trillion dollar trade deficit of the US is a consequence of being the reserve currency, as a strong dollar makes it difficult for US businesses to export goods and services while simultaneously making it easier for other countries to sell to the US. Countries are expending resources and labor making goods and shipping them to the US in exchange for green pieces of paper. The US is sending back mostly empty containers. The US budget deficit is $1.7 trillion in 2023 which must be paid for by selling more Treasury bonds. The interest on this debt is greater than the military budget. To pay the interest on its debt, the government sells more Treasury bonds, leading to a cycle of increasing debt. The US printing of dollars has been exporting inflation in other countries for decades, but will eventually increase US inflation. Raising interest rates to fight inflation decreases consumer and business spending, increases the trade deficit, and higher interest payments on government debt. Other countries will respond to the US raising of interest rate by raising their interest rate, risking global recession. The Plaza Accord addressed this issue in the past, but it will be challenging to implement such measures now. A well-run country collects taxes to fund essential services and infrastructure. In the US political system, wealthy corporations and individuals can lobby for tax breaks. The shortfall in funding for the US government has reached $34 trillion. Instead of collecting taxes from wealthy corporations and individuals, the government pays interest to them. Banks hold Treasury bonds for their safety, liquidity, regulatory compliance, and potential profitability. When interest rates on Treasury bonds rise sharply, the decrease in bond values reduces liquidity and makes it harder for banks to raise cash quickly. This causes depositors to lose confidence, triggering a bank run. In response to the current bank run, the government is issuing Treasury bonds to raise funds to compensate depositors for any lost funds. There are $19 trillion in deposits in US banks. The estimated unrealized loss on US banks' financial assets is $1.94 trillion, while the total size of their equity is $2.1 trillion. SVB had taken a $15 billion loss, while their capital is $16 billion. Around 2,315 of the 4,800 banks are currently sitting on assets worth less than their liabilities. It's a systemic issue. A similar issue is being played out with risker Mortgage-Backed Securities (MBS) valued at $12 trillion. The new Bank Term Funding Program (BTFP) helps prevent discounted bondholders from taking losses when they have to sell them urgently. The BTFP accepts discounted bonds at face value to be used as pledges for loans to inject more money into the economy. Risking more inflation. It's a Ponzi scheme. Ponzi schemes cannot taper. We reached the can and there is no more road.

Lyn is awesome! #Bitcoin for the world

Celo token uses phones and people's phone numbers -- it has USD as stable coin. People in countries with inflation problems can use Celo to get USD and pay for things in USD.

Reposting to r/ShytoshiWorld

I don’t even need to watch this. Buy Bitcoin.

ty lyn and congrats

~50:00 - capital gains on bit coin value, being liquid, are quite possible (even though they stated that capital gains needed to be ‘realised’). Asset taxes are also possible, especially if the asset itself isn't portable (see UK, Abramovitch (Russian Oligarch), Chelsea football club and GarysEconomics)

the interviewer's microphone is on a slow internet connection :D

I turn off anything I’m listening to when I see Lynn pop up TH-cam

58:28. Why did they stop Lyn from answering this question?? Anyway, here's the answer: It doesn't matter whether some small group owns a bunch of BTC or not, as that doesn't stop economic activity. Bitcoin is a deflationary currency, which means over time, all things become less expensive in terms of Bitcoin. Because there is a limited amount of Bitcoin and unlimited amount of stuff and services, which means the trend is toward more and more things maps to less and less BTC. So if some group controlled a large segment of the ledger, that would just reduce the amount of BTC in circulation, and it would mean the remaining BTC bought that much more stuff. Since BTC is infinitely divisible, you can run the entire world's economy on a fraction or a fraction of a fraction of a single coin. That means there is no way to "hold the economy hostage," prices will simply adjust, and the economy will soldier on.

Bitcoin will make global labour all the same price. Are you ready to compete with billions of other humans for your livelihood? Are you ready to give up cheap holiday destinations as they become too expensive. Be careful what you wish for.

The lady at the end needs to put her mouth near to the microphone when speaking.

He is very smart.

Bitcoin > gold. PEPE > DOGE 🐸🐸🐸

Why didnt anyone tell the interviewer to use the microphone properly? Hard to listen too.

I sort of feel bad for the guy at 56:49 . the dude's demonstrably unnerved by how sophisticated these money systems (& corresponding enforcement) become. but just because one fears what one doesn't comprehend, doesn't mean one shouldn't be asking more questions (even if they're erroneously leading).

Broken money was a fantastic read. Im jelous of everyone who got to see her talk live.