Well this is amazing, now I understand money a lot more. Just a ledger of transaction history and drugs is why we are printing so much money! Just brilliant Gary, and thank you MIT for making this for us to watch anywhere in the world
Indeed. Have this funny feeling that Gensler did this to show that crypto+blockchain+bitcoin is here to stay. He's mentioned being a middle position (gold, fiat vs crypto), well that's what a good politician would say.
It is truly awesome. People who remain ignorant these days have no excuse. All the information you could possibly want is right at your fingertips. Too many people waste the awesome power of the internet age with social media and cat videos.
It's pretty interesting watching a guy who is reviled by the crypto industry (because his nonsensical regulations are slowing its progress) TEACHING about crypto. Those who can't do, teach.
I last attended college in 2006. I’m excited to have access to a top tier college classes at MIT! Thank you to all whom have made mitopencourseware a reality for those of us seeking wisdom!
2 considerations: 1) this content Is so much valuable for people that aren't able to attend MIT 2) Students in this class, for my perspective, seems normal people eager to learn..they make mistakes like everyone else, they seems...like us!
I took this class while at MIT and honestly, I mainly took it because I didn't know anything about blockchain. so sitting there, even though I studied machine learning, operations research, etc., in this field, I was a noob so yeah, I think people don't realize but at MIT, academic humility is key. you just cant be the best at everything. seek classes about topics that are strange to you.
It’s great that you want to learn. The pursuit of knowledge is one of the noblest. However, don’t start acting like you’re better than anyone else for your endeavor. Stay humble.
Timestamps 0:00 - 8:00 Introduction, Revision of Last Lecture's survey 8:01 Role of money - Discussion around money ---- (8:32 - 3 classic roles of money | 10:00 Fiat currency backed by Gold?) 15:00 History of money 31:00 History of currency (Salt Bar, Rie stone - scarcity) 37:33 Ledger
This is how classes should be, not just teaching but involvement. Everyone has done ideas not ask are correct just like not ask are wrong. The confluence of ideas is what makes education enriching and entertaining while still remaining relevant to the times. Really love this type of teaching where everyone's learning by participating.
> CPA girl @ 57:30 : "You cannot just issue new notes whenever you need them. You can't just make new money out of thin air." > Money Printers: *_BRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR_* > JPOW: _"What was that?? I can't hear you over all this noise!"_
@@scbenna the national debt is never going to be paid off. All developed nations are in the same boat. We'll simply create a new global currency system and reset, with an implied debt forgiveness (as Prof. Michael Hudson is fond of saying, debts that can't be repaid won't be repaid). It's likely there'll be an even greater crisis than what we're going through - a war perhaps. We could end up with a Renminbi-backed cryptocurrency, just like Bretton Woods ended the British Empire, so the next crisis will probably end the American one.
@@treyquattro Actuuly the crown treasury and US treasury has a bereu of public debt where u r able to reduce debt of the Crown or US debt.. We dont choose this.. Because we r not taught it... Eg: a woman gave her whole house to reduce the crown treasury debt.. She insisted that the Crown allow her to stay for free and pick up the bills of maintennance of property.. Rent free and headache free.. We can do that with out currency.. The US and, or the Crown becomes our tristee and debtor.. Google : surety rights
So this guy is the SEC chairman now? BTW, love all of these free courses. They are simply amazing. Keep up the great work! Edit: he is now actually confirmed as the chairman
Which is great for crypto and US will eventually remove all cash/checks and use stable coin. You should consider investing into crypto... this will all happen next 10 years.
I love this professor. This subject matter is riveting to me. His relaxed demeanor and obvious thirst for learning and caring about others is so nice to see.
The one thing about these video lectures is that you can stop and rewind where you did not catch or understand something is just awesome because irl you would be just smiling with the face that saying you got that part.
@@Randall5005 🤣🤣🤣 Yes... but this is setting the stage for pertinent information in subsequent lectures and discussion points in the remainder of the 24-class course. Covering information deemed banal and painfully elementary to some is the [nominal] price paid for taking graduate level courses without prerequisites (and bless Gary for doing that, BTW! 🙌).
Prof Gary is a great teacher from what i see, very laid back keep the class involved . the classes doesn't seem like an hour. keeps me wanting more. great job Gary gensler .
1:25 this is just an insanely good sign on how exceptional of a teacher this man is. What a luck to be alive at a time where this is available for free
Thank you, MIT for these videos. Mr. Gensler, I'm glad you're chairman now. Your knowledge will be of much importance now that the Gov. wants to start getting dirty regulating cryptos.
What an amazing time to be alive to sit in on a lecture from MIT !!!! Now as he currently sits at the head of the SEC would be amazing to have a converstion with him about some of his views today.
It's so much fun to learn from this class. I feel like I'm actually in this room. Listening to their discussion deepens my understanding so much. Thank you MIT for making it into public for Free ❤️
Yeah but this is not the guy to listen to. He doesn't fully understand what Crypto/Blockchain really is. And what is really scary is he is going to be the new SEC leadership.....the crypto space is going suffer greatly under this man's leadership role at the SEC!
Outstanding course Gary, you understand blockchain better then any one in gvt yet once you become chairman of the SEC the bureaucracy mindset took over. Your zeal to over regulate the industry, stiffle innovation will not succeed. You are squandering your chance to become a transformative leader. With or without you, the industry going to revolutionize the financial & tech industry .
Gary has a great manner of presenting. He's obviously a highly accomplished guy, but comes across as so casual but authoritative at the same time. He's clearly comfortable in his own skin and loves to teach.
Just pointing out that this guy is now leading the Biden-Harris transition agency review team responsible for the Fed, Banking and Securities Regulators group + BTC recently went over $40k but most of this series of lectures has
Gary, Double entry accounting is different in essence. It essentially implies that a transaction shall have equal debit and credit effects. Debit doesn’t essentially imply someone to receive. Nor does a credit imply that someone will be giving. Debit and credit have different meaning depending on whether you are dealing with as an asset or a liability, or an equity.
For example, a payment of wages will cause a debit to an expense account and a credit to cash, an asset account. An expense account will ultimately closed to equity account. In summary, a payment for wage will cause a debit to equity account and a credit to an asset account.
Minute 34: he actually mentioned concept of defi activities in 2018, and defi actually became a huge factor of growth of crypto market in just two years latter.
I'd say that the inherent value of cryptocurrency or "non-fiat" as he mentions around 11:00 is the blockchain &/or smart contracts the technology backing it up & also when it performs a service, as in a crypto like Matic & the Polygon network for example with helps global supply chains of goods, also NFT's just as any art, have at least intrinsic value of what a collector is willing to pay for art,collectibles, etc So it certainly has value that most out of the crypto loop don't know & don't get.
"for homework: read Satoshi's white paper". Interesting point that credit cards went 15 years without regulation... how many years is that in the information age?
What do you think now? Could you rebroadcast the series to the online community with contemporary commentary by the Professor. Digress through the phenomenon of bubbles, solutions or crisis management & comparisons to Blockchain Tech & it's liabilit
The oil industry propagandized nuclear energy so the environmental movement would run a free smear campaign on their largest competitor. Oil companies have still not figured out baseload energy that nuclear solves, which is why Texas is screwed. So Mr. Burns is propaganda.
i don't know if i understand that right but i think a "transaction ledger" is a record of all transactions on a blockchain, while a "balance ledger" is a record of each user's balance on a specific blockchain
Hi thank you for sharing this. I studied architecture but now I am in love with economics. I want to study it without having to go through the degree route. Any advice on what to do and how to go about it?
57:12 have everyone missed the point? liability not to print money out of thin air. YES exactly that what private bank does, 10% secure 90% thin air. READ up how credit/loan works!!!!! BANK does not have that money which it loans, only 1/10th is required. 9/10 is your promise to give back... correct me if I am wrong, with citations
You need to study up on economics, the monetary system and the role of the banking system. Then you would not be making dopey comments... an embarrassment.
@Conrad Sheehan Elon Musk can smell big profits from a huge nest of gullible fools. Crypto / Bitcoin offers no product, no income, no asset backing, no regulations - it is a blatant PONZI scheme.
For us plebians, learning this type of history is valuable. Take this seriously. Think about what he is saying. This means that all you have to do to get rich is think like a banker.
The "liabilty" question near the 50:00 min mark, was the reason I dropped out of accounting, if you keep trying to reason it, it eventually messes the comprehension of very basic principles in accounting, so what people do, is they just take it for a fact and stop questiong it. 15 years later and I still dont understand. The professor did not explained it either (even becoming nervous). My reasoning is that, under the eyes of the capitalistic system, every being is born with an intrinsic debt. Thats the only way I could somewhat explain whats going on there. Money is "someones debt" that you posses. And the only way the liability dissapears is by exchanging it for an asset of real value. So basically: Your existence is less than worthless, a liability. Responsability (saving) is worthless. Recklesness (expenses) is rewarded.
For somebody like me who would have potentially zero chance to be there physically, finding it on TH-cam is priceless! Thank you
and it did happen in 2018 (& now Gary Gensler is nominated to be a Chair on the SEC)
حح۸ه۰۷
Well this is amazing, now I understand money a lot more. Just a ledger of transaction history and drugs is why we are printing so much money! Just brilliant Gary, and thank you MIT for making this for us to watch anywhere in the world
This is straight jewels do you understand that your taking a course at MIT.
Indeed. Have this funny feeling that Gensler did this to show that crypto+blockchain+bitcoin is here to stay. He's mentioned being a middle position (gold, fiat vs crypto), well that's what a good politician would say.
Damn! Im sitting in middle eastern europe listening lectures from SEC Chairman at one of the best Uni's in the world. What a time to be alive!
It is truly awesome. People who remain ignorant these days have no excuse. All the information you could possibly want is right at your fingertips. Too many people waste the awesome power of the internet age with social media and cat videos.
Who’s watching this in 2024? 😅 I am sure he will still be influential.
Pretty wild right?
me
It's pretty interesting watching a guy who is reviled by the crypto industry (because his nonsensical regulations are slowing its progress) TEACHING about crypto. Those who can't do, teach.
me
Me
I last attended college in 2006. I’m excited to have access to a top tier college classes at MIT! Thank you to all whom have made mitopencourseware a reality for those of us seeking wisdom!
2 considerations: 1) this content Is so much valuable for people that aren't able to attend MIT 2) Students in this class, for my perspective, seems normal people eager to learn..they make mistakes like everyone else, they seems...like us!
They just come from wealthier families
@@ThaEzioAuditore a lot of them might also be there on scholarships, sometimes our brains can take us places, at least we get the course for free
Ofc
I took this class while at MIT and honestly, I mainly took it because I didn't know anything about blockchain. so sitting there, even though I studied machine learning, operations research, etc., in this field, I was a noob so yeah, I think people don't realize but at MIT, academic humility is key. you just cant be the best at everything. seek classes about topics that are strange to you.
@@ThaEzioAuditore they also have perfect grades
This is soooooo awesome. There's nothing better than learning something daily on youtube rather just watching mindless video content.
It’s great that you want to learn. The pursuit of knowledge is one of the noblest. However, don’t start acting like you’re better than anyone else for your endeavor. Stay humble.
Timestamps
0:00 - 8:00 Introduction, Revision of Last Lecture's survey
8:01 Role of money - Discussion around money
---- (8:32 - 3 classic roles of money | 10:00 Fiat currency backed by Gold?)
15:00 History of money
31:00 History of currency (Salt Bar, Rie stone - scarcity)
37:33 Ledger
Well congrats boss
Commenting to boost this.
This is how classes should be, not just teaching but involvement. Everyone has done ideas not ask are correct just like not ask are wrong. The confluence of ideas is what makes education enriching and entertaining while still remaining relevant to the times. Really love this type of teaching where everyone's learning by participating.
> CPA girl @ 57:30 : "You cannot just issue new notes whenever you need them. You can't just make new money out of thin air."
> Money Printers: *_BRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR_*
> JPOW: _"What was that?? I can't hear you over all this noise!"_
BRRRRRRRRRBidenRRRRRRRRRRRR
There comes a time to pay it back! Will it fall on our children and grandchildren or do we the people take our country back?
@@scbenna the national debt is never going to be paid off. All developed nations are in the same boat. We'll simply create a new global currency system and reset, with an implied debt forgiveness (as Prof. Michael Hudson is fond of saying, debts that can't be repaid won't be repaid). It's likely there'll be an even greater crisis than what we're going through - a war perhaps. We could end up with a Renminbi-backed cryptocurrency, just like Bretton Woods ended the British Empire, so the next crisis will probably end the American one.
@@treyquattro
Actuuly the crown treasury and US treasury has a bereu of public debt where u r able to reduce debt of the Crown or US debt..
We dont choose this.. Because we r not taught it...
Eg: a woman gave her whole house to reduce the crown treasury debt..
She insisted that the Crown allow her to stay for free and pick up the bills of maintennance of property..
Rent free and headache free..
We can do that with out currency..
The US and, or the Crown becomes our tristee and debtor..
Google : surety rights
@@treyquattro
Dudnt end it.. It went into hiding
Utube: spiders web : second British empire
So this guy is the SEC chairman now? BTW, love all of these free courses. They are simply amazing. Keep up the great work!
Edit: he is now actually confirmed as the chairman
Which is great for crypto and US will eventually remove all cash/checks and use stable coin.
You should consider investing into crypto... this will all happen next 10 years.
@@XXMemeDadXX oh you know it! I've been trading some this cycle and it's been amazing.
Not yet. He still hasn't been confirmed. But most likely will be. Hopefully he sees XRP as a currency and not a security 😭
Well the senate just approved him! Gary is the man! Just swinging his huge third leg around
It's good to see Someone with sense and sense of humour being appointed as top official governing the fin sector.
I love this professor. This subject matter is riveting to me. His relaxed demeanor and obvious thirst for learning and caring about others is so nice to see.
LMAO
@@FadeStrategy I feel like they don’t know.
He’s the SEC chairman now 😱
he is the SEC chairman or whatever you want to call him 🤣.
proud to have someone that understands the core fundamentals of bitcoin as our head of the SEC.
Head of sec?
@@JeremyB1039 oh yeah. This guy will be the chairman of American SEC which is a big deal. Bullish news for market
Hell yeah the best thing that could've happened to the crypto market. In 10 yrs he will be respected as a crypto god.
@@JeremyB1039 Yes he was appointed by President Biden and approved by the senate to be the next chair of the sec
@@JeremyB1039 4le
The one thing about these video lectures is that you can stop and rewind where you did not catch or understand something is just awesome because irl you would be just smiling with the face that saying you got that part.
My notes after two lectures: "He didn't even know Larry was gonna be here"
Classic Larry
Larry and Gary. Best buds forever
I have to say, I heard this lecture in high school. Fifty years ago. Really? He's covering cowrie shells as money at MIT?
@@Randall5005 🤣🤣🤣 Yes... but this is setting the stage for pertinent information in subsequent lectures and discussion points in the remainder of the 24-class course. Covering information deemed banal and painfully elementary to some is the [nominal] price paid for taking graduate level courses without prerequisites (and bless Gary for doing that, BTW! 🙌).
@@Randall5005 why wouldn't he cover cowrie shells in an introduction to currency?
Prof Gary is a great teacher from what i see, very laid back keep the class involved . the classes doesn't seem like an hour. keeps me wanting more. great job Gary gensler .
1:25 this is just an insanely good sign on how exceptional of a teacher this man is. What a luck to be alive at a time where this is available for free
Gary has an amazing speaking voice and disposition as an instructor. I would gladly sign up for any class he teaches.
totally agree with you. His disposition is spot on. Causual but compelling to listen to.
Bravo, this class knows more about bitcoin than 99.999% of the world! Gensler will bring it!
Thank you, MIT for these videos. Mr. Gensler, I'm glad you're chairman now. Your knowledge will be of much importance now that the Gov. wants to start getting dirty regulating cryptos.
and he just turned out to be another establishment guy. Shame
@@ironjustice3067 What it's all about?
MIT and their integrity shown by not pulling this down at garys request is encouraging
Great thx to MIT and Gensler in putting these YTs!!!
What an amazing time to be alive to sit in on a lecture from MIT !!!! Now as he currently sits at the head of the SEC would be amazing to have a converstion with him about some of his views today.
57:17 When the student says "It's sovereign debt, and it can't just issue new notes"
America in 2020: * Prints $3 Trillion *
Can you update the number :)
@@UgurMahirOzkayaupdate again
OMG, explains the future in an easy to understand way, thank you MIT
Ive been watching these lectures like a movie. Thanks for the awesome work prof!
Nice to come back to this course, watched it all back in the day, but knowing what i know now, it`s far easier to catch up.
2x speed all day :)
2x with subtitles ;)
i need 3x speed. Wish there's a version of just him talking and not have all the class participation stuff.
It's so much fun to learn from this class. I feel like I'm actually in this room. Listening to their discussion deepens my understanding so much. Thank you MIT for making it into public for Free ❤️
Ist my 1st day on MIT Open Courseware. Especially I am keenly interesteed in Blockchain Software building as a professional.
Yeah but this is not the guy to listen to. He doesn't fully understand what Crypto/Blockchain really is. And what is really scary is he is going to be the new SEC leadership.....the crypto space is going suffer greatly under this man's leadership role at the SEC!
Outstanding course Gary, you understand blockchain better then any one in gvt yet once you become chairman of the SEC the bureaucracy mindset took over. Your zeal to over regulate the industry, stiffle innovation will not succeed. You are squandering your chance to become a transformative leader. With or without you, the industry going to revolutionize the financial & tech industry .
35:30 this guy is a prophet for DEFI
That’s right man !!
Gary has a great manner of presenting. He's obviously a highly accomplished guy, but comes across as so casual but authoritative at the same time. He's clearly comfortable in his own skin and loves to teach.
"You can't just print more notes out of thin air" 🤣🤣 what a great joke! Needed a laugh!
She's right
Am learning so much, even in 2018 this is still fundamental knowledge to internalize for future use, thank you MIT!!
Priceless, Thanks MIT and CryptGary
I love the this message that he is teaching on. It is a good insight and eyeopener.
Love how he talks to persons, refers to them by their names (classic businessman tactic). Makes people feel important!
Classic human being
@@minichanz Hahahahahaha!
@@QW3RTYUU 👍
Thank you very much to the MIT. It is yime to search those lectures before the next class.
thank you for publishing this prof. gensler. you make us a part of your thinking process. thank you for this generosity.
This Man is head of the sec, wow just wow I'm going thru these MIT lectures fast
Thanks Gary and MIT for these courses!
Question at 52:22 and it’s conversation is gold.
Now is late but better late than never. Luckily I got into crypto back 2017...
Great lecture. Thank you very much Prof. Gary Gensler. Thank you very much MIT.
@35:30 - Absolutely nails what's happening now with all the chaos in crypto today (Luna, etc)
Just pointing out that this guy is now leading the Biden-Harris transition agency review team responsible for the Fed, Banking and Securities Regulators group + BTC recently went over $40k but most of this series of lectures has
its getting more attention, i got recommended this series of lecture recently. I believe many others too have similar recomd. to this vids.
@@wackles123 Yup.
That's awesome, he seems like such an intelligent guy I'm so glad this content is freely available :)
Watching this all the way through has become my goal...Mr Gary knows!
Ahhhh I see we are on the same journey brothers. Welcome.
Let us not forget the penalization function of money: the court-imposed fine; payment for guilt. And in the markets for the guilt of greed.
This is an excellent course Mr Gensler
I am so grateful for this opportunity. I'm dedicated because it will open so many doors and improve my life and those I can touch
this lecture is so awesome. i'm learning more here than my years in state school.
Thank you for recording and sharing this knowledge to millions of people’s in the 🌎.
My brain just expanded. Thank you.
Gary, Double entry accounting is different in essence. It essentially implies that a transaction shall have equal debit and credit effects. Debit doesn’t essentially imply someone to receive. Nor does a credit imply that someone will be giving. Debit and credit have different meaning depending on whether you are dealing with as an asset or a liability, or an equity.
For example, a payment of wages will cause a debit to an expense account and a credit to cash, an asset account. An expense account will ultimately closed to equity account. In summary, a payment for wage will cause a debit to equity account and a credit to an asset account.
I would love to see this course today. After the pandemic and the rise of Bitcoin.
Leverage is ON now!! Thanks for the precious content!
Minute 34: he actually mentioned concept of defi activities in 2018, and defi actually became a huge factor of growth of crypto market in just two years latter.
This is such an incredible resource!!
That's correct Mr. Gensler! There is no law against creating your own money!
what i nice lecturer..he is good at teaching of the course. great person, great lecturer, great energy
And ladies and gentlemen this man will pump our bags from the whitehouse
Professor Pumperino
😂 prof. Gary pamp pamp
hes the bull as fuck yeah xD
Oweeee
🤑
From Kenya 😅nice to be in class mr SEC
This is worth more than the entire financial system thank you so much ❤️
I'd say that the inherent value of cryptocurrency or "non-fiat" as he mentions around 11:00 is the blockchain &/or smart contracts the technology backing it up & also when it performs a service, as in a crypto like Matic & the Polygon network for example with helps global supply chains of goods, also NFT's just as any art, have at least intrinsic value of what a collector is willing to pay for art,collectibles, etc So it certainly has value that most out of the crypto loop don't know & don't get.
I enjoyed listening to the students gradually realize what a sham fiat currency is as they tried to define its qualities.
thank you
9:15 "what is fiat"
a "xerox" of value
21:03 "what is ledger"
spreadsheet
26:42 cash works
45:36 "what is ledger"
infinite cells
"for homework: read Satoshi's white paper". Interesting point that credit cards went 15 years without regulation... how many years is that in the information age?
About 150
Credit Card 💳 % rates definitely need “regulated”,.... they use-to-be, in my Commonwealth of Pennsylvania i think.
I think it might be like dog years, multiply by 7. =)
'bout three fiddy
1:02:30 1.7 trillion in circulation 2 years ago. Now doubling year over year. Going parabolic.
What do you think now? Could you rebroadcast the series to the online community with contemporary commentary by the Professor. Digress through the phenomenon of bubbles, solutions or crisis management & comparisons to Blockchain Tech & it's liabilit
This man is the new sec chairman.....pretty nice to get someone who really understands the game as the new sec chairman.
Bought 10 bitcoins in 2013, best investment ever!! Problem is to sell or keep!
Trade it with trusted platform
@@millardlogan7183 like which one?
XRP
How have people disliked this. Thanks MITOpenCourseWare, and Gary Gensler!
I see Monty Burns from Simpsons in him. He looks a sweet and kind person, even though he was a goldman partner :p
The oil industry propagandized nuclear energy so the environmental movement would run a free smear campaign on their largest competitor. Oil companies have still not figured out baseload energy that nuclear solves, which is why Texas is screwed. So Mr. Burns is propaganda.
He definitely seems like Monty burns though lmao
Excccelent
I knew he looked familiar 😂
🤣🤣🤣🤣🤣🤣🤣
i don't know if i understand that right but i think a "transaction ledger" is a record of all transactions on a blockchain, while a "balance ledger" is a record of each user's balance on a specific blockchain
Thank you MIT and Gary for this amazing series. I'm so glad i didnt pay for college. :)
Awesome content here👌👌
The world is actually better when great knowledge is sharing to public.
I'm excited studied economics undergrad and fell in love. So many of my friends are invested I want to learn more to understand the complete picture
Hi thank you for sharing this. I studied architecture but now I am in love with economics. I want to study it without having to go through the degree route. Any advice on what to do and how to go about it?
Thank you MIT & prof. Gary Gensler.
”You can’t just make money out of thin air”
*2020 and FED printing money*: Hello boi
Why are people not realizing this?
am from kenya and i think we should adopt this style of learning its the best
More focused on this lecture than I ever was in college lol
I think this lecture would include UPI in India for payments and CBDCs if done in 2024! Thanks for sharing this course!
Wonderful lecture/er...
I'd forgotten that cheques even exist in some parts of the world
So cool thank you Tim berners lee and mit prob GG aswell ;-) great time to study in history
Does anybody know if Larry is attending the class?
This is awesome intro to my dive into Blockchain Tech. Thanks Prof
Great course, Keep up the good work
Loving these lectures. Thank you MIT.
@35:00 he called it.... lending and defi
Prof. Gary Gensler seems like an amazing human being
57:12 have everyone missed the point?
liability not to print money out of thin air.
YES exactly that what private bank does, 10% secure 90% thin air.
READ up how credit/loan works!!!!!
BANK does not have that money which it loans, only 1/10th is required. 9/10 is your promise to give back...
correct me if I am wrong, with citations
You need to study up on economics, the monetary system and the role of the banking system.
Then you would not be making dopey comments... an embarrassment.
@Conrad Sheehan Elon Musk can smell big profits from a huge nest of gullible fools. Crypto / Bitcoin offers no product, no income, no asset backing, no regulations - it is a blatant PONZI scheme.
For us plebians, learning this type of history is valuable. Take this seriously. Think about what he is saying. This means that all you have to do to get rich is think like a banker.
priceless content
Regardless of how XRP supporters and crypto supporters feel towards him. I really enjoyed and must say he's a really good lecturer.
Confirm the man already !
This guy’s like the godfather of finance
When she said you can’t just print money out of thin air...
Federal reserve 2020-2021: hold my beer...
can believe the chair of SEC is such a good teacher!
great video, great class
First of all thank you for uploading the course videos.
I think if I just get the chance, I could compete with them!
The "liabilty" question near the 50:00 min mark, was the reason I dropped out of accounting, if you keep trying to reason it, it eventually messes the comprehension of very basic principles in accounting, so what people do, is they just take it for a fact and stop questiong it.
15 years later and I still dont understand.
The professor did not explained it either (even becoming nervous).
My reasoning is that, under the eyes of the capitalistic system, every being is born with an intrinsic debt. Thats the only way I could somewhat explain whats going on there.
Money is "someones debt" that you posses. And the only way the liability dissapears is by exchanging it for an asset of real value.
So basically:
Your existence is less than worthless, a liability.
Responsability (saving) is worthless.
Recklesness (expenses) is rewarded.
I wish I was there in the discussion. Sure have a lot of take away. But I take it if it is only video record. It's still very enrich. Thank You !