Can’t believe this only has 14k views. Some very good points here which makes sense of a lot of the craziness going on in the world. Fiat money has a lot to answer for.....
They have made it impossible to save in cash. You must hand all your money to the wall street casino if you even have a hope of a return. It is one big casino.
26:30 - Mr. Hülsmann, discouragement of "hoarding" might be the official reason, but clearly the real reason is just optimization of revenue. As the central money creating authority, you stand to gain the most by creating as much money as is possible w/o (severely) disrupting the economy and the faith in the currency.
I think that is the saddest part the way fiat money has destroyed the culture. How long those values take to build up and how they are being destroyed.
great lecture! If Jörg had a youtube account or twitter, I would send him a small tip via ***** . But I can't find him, so 3000 bits go to misesmedia instead. screw fiat, go sound money!
Fantastic lecture! Hopefully Bernie Sanders and Jerome Powell are listening. @25:40 So true! Here is the longer explanation: Deflation through productivity is not only desirable but it is also the wonderful goal of any economy. Only through productive deflation is there a chance to achieve a collective societal wealth so vast that it manifests a standard of living where the cost of living becomes negligible. Just to prove that this is not some kind of wishful thinking consider that "The period in the US between 1873 and 1879 saw prices drop by nearly 3% per year, yet real national product growth was almost 7% during the same time. Despite the demonstrated economic growth and rise of real wages, historians have taken to calling this period "The Long Depression" because of its dropping price level." These "historians" are bought and paid for by the same FED cronies that have brainwashed most economists and certainly college professors on these matters since 1913. So why all the effort? When the European bankers came over to the United States and witnessed how financially strong and independent most Americans were, while also recognizing that post Napoleonic wars Europe was in a deflationary environment, they got scared. They quickly realized that if left unchecked, this American society could achieve such a high standard of living that it could easily create its own capital formation, having no need for loans or "financial instruments". Banks would only be used for... heaven forbid...storing the ever growing wealth of the citizenry. So what did they do? Throughout the years they (known as the Money Trust at the time) attempted many times to create a central bank but were thwarted each time by an ever vigilant population. But in 1910 this Money Trust got together in a secret meeting on Jekyll Island, Georgia. The main players at this meeting wore disguises and traveled in a private rail car. Nelson Aldrich, A. Piatt Andrew, Henry Davison, Arthur Shelton, Frank Vanderlip and Paul Warburg addressed each other in first name only, all the way to Georgia as the secrecy of all of these financial competitors riding in the same rail car to a meeting would raise all kinds of suspicion and no doubt find its way to the front pages. Needless to say, the agreement reached between these competitors is now the main reason that the currency we use today is debt. They used reverse psychology to get the federal Reserve bill passed by denouncing the bill in the press. And as holders of this currency we are debt slaves in an ever increasing inflationary environment. And to rub salt in the wounds we are told this is a good thing and that the opposite - A deflationary environment - is scary. @34:23 A rush to fill the pockets of bankers and lending institutions. So the only question is why wouldn't you start a bank yourself?
I saw this talk on the bitcoin subreddit and watched the whole thing. It was very eye opening as it explains why the rich are getting richer and the poor are getting poorer and how fiat currency is over leveraging the entire world. Thankfully, we have bitcoin which will be an alternative when the house of cards comes crashing down! peace.
Is your incentive to borrow under a gold standard the same as with fiat money? ie: the interest rate stays the same while the value of your money increases with deflation, rather than the real cost of the loan decreasing with inflation? same outcome different process..??
Under a gold standard the interest rate would be determined by market forces just like any other prices on the market i.e through the supply and demand of total savings in the economy.
Sparta was socialist, no? Without the right of private property, there is nothing extra to be gained by producing commodities which others value in order to trade for commodities which the individual values. Thus, no widespread exchanging of commodities. Thus, no widespread indirect exchange. Thus, no need to overcome the "double coincidence of wants" problem in indirect exchange. Thus, no widespread need for adopting a commodity (gold, silver) which is commonly most salable in order to overcome the double coincidence of wants problem. Thus, no emergence through market exchange of a common medium of exchange, commodity money (gold, silver). Sans private property, government is free to declare anything to be legal tender. In a socialist setting, these are merely claims upon society's general storehouse. Their economic character is wholly different from commercial commodities which are adopted as common media of exchange by market participants dealing in private property.
I'll shorten this for him. Since the federal reserve banks are about the only thing (and it is grammatically correct, technically one big bank) that is more or less decentralized geographically, depending on the decisions of their respective printers/bankers, you get a semi-decentralized flow of money that carefully elavates wealth to the top. For example, the consequence of what most people would expect to be a more efficient economy, the city of St. Lous, NOT being as efficiently run as other certain big cities like New York, is due to the non-proportianate flow of fiat that runs through it's economy and therefore effects those who need it the most (minorities/those *ethnically more diverse than others-- regardless of pigment color) are often times hurt the most. *Ethnicity being a combination of both racial origin (financially and economically speaking) AND relatively current financial choices in the area of physical health, and it is MY theory that most people would probably understand that this is nothing more than basic nutrition. The obvious solution to the homeless/traveling question, I would propose a freer market in regard to both real estate and charity.
wow he literally packed a century of complex information into an hour, amazing. Much respect for Guido von Hulsmann
This is the message we have to spread.
Jörg Guido Hülsmann's lecture is a very significant. Excellent clarity. Essential viewing.
Thank you.
This is one of the best lectures I've ever heard regarding fiat money. Thank you sir.
This is a big bullshitter. You can have Inflation without increase in money supply and you can have no inflation in spite of increasing money supply.
@@artjomaltenhof9691
Do you know the Definition of "inflation"?
Lethe yes, this is when the prices increase. And this is not necessarily explained by change in money supply.
@@artjomaltenhof9691
False. When price-level increases without increase of supply of money, it is price-inflation.
@@lethe3939 So what is the opposite of price-inflation? And how can this happen?
Excellent. One of the simplest explanations that encompasses pretty much everything that is at odds because of our current monetary/fiat system.
Brilliant and succinct lecture! Thank you very much Professor Hulsman!
Can’t believe this only has 14k views. Some very good points here which makes sense of a lot of the craziness going on in the world. Fiat money has a lot to answer for.....
Andrew Dickson White "Fiat Money Inflation in France" also wrote on the social impact of fiat inflation 100 years ago
Wow. Awesome lecture. One of the best i ever heard. Blew my mind.
They have made it impossible to save in cash. You must hand all your money to the wall street casino if you even have a hope of a return. It is one big casino.
This was an excellent lecture, clear and well explained. Well done!
this is an incredible lecture
Hulsman is a great lecturer as well, thanks for uploading
He is a big bullshiter.
great listen, ty for upload
Love the video. Learned so much!
Bitcoin fixes this mess.....
Link: www.coindesk.com/microstrategy-ceo-michael-saylor-bitcoin
Link: medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12
I really enjoyed the clear reasoning - Thank you.
Excellent and very insightful lecture to understand the totaly out of control situation of today in 2021
excellent presentation thank you very much
An excellent talk.
26:30 - Mr. Hülsmann, discouragement of "hoarding" might be the official reason, but clearly the real reason is just optimization of revenue. As the central money creating authority, you stand to gain the most by creating as much money as is possible w/o (severely) disrupting the economy and the faith in the currency.
This talk is so good on so many levels. Do you have an outline online somewhere with the main points consolidated?
I think that is the saddest part the way fiat money has destroyed the culture. How long those values take to build up and how they are being destroyed.
Debasement of metal currencies did the same thing.
Evicerates default Keynesian thought like a laser!
great lecture!
If Jörg had a youtube account or twitter, I would send him a small tip via ***** . But I can't find him, so 3000 bits go to misesmedia instead.
screw fiat, go sound money!
Fantastic lecture!
Hopefully Bernie Sanders and Jerome Powell are listening.
@25:40 So true! Here is the longer explanation:
Deflation through productivity is not only desirable but it is also the wonderful goal of any economy. Only through productive deflation is there a chance to achieve a collective societal wealth so vast that it manifests a standard of living where the cost of living becomes negligible. Just to prove that this is not some kind of wishful thinking consider that "The period in the US between 1873 and 1879 saw prices drop by nearly 3% per year, yet real national product growth was almost 7% during the same time. Despite the demonstrated economic growth and rise of real wages, historians have taken to calling this period "The Long Depression" because of its dropping price level." These "historians" are bought and paid for by the same FED cronies that have brainwashed most economists and certainly college professors on these matters since 1913. So why all the effort?
When the European bankers came over to the United States and witnessed how financially strong and independent most Americans were, while also recognizing that post Napoleonic wars Europe was in a deflationary environment, they got scared. They quickly realized that if left unchecked, this American society could achieve such a high standard of living that it could easily create its own capital formation, having no need for loans or "financial instruments". Banks would only be used for... heaven forbid...storing the ever growing wealth of the citizenry. So what did they do? Throughout the years they (known as the Money Trust at the time) attempted many times to create a central bank but were thwarted each time by an ever vigilant population. But in 1910 this Money Trust got together in a secret meeting on Jekyll Island, Georgia. The main players at this meeting wore disguises and traveled in a private rail car. Nelson Aldrich, A. Piatt Andrew, Henry Davison, Arthur Shelton, Frank Vanderlip and Paul Warburg addressed each other in first name only, all the way to Georgia as the secrecy of all of these financial competitors riding in the same rail car to a meeting would raise all kinds of suspicion and no doubt find its way to the front pages. Needless to say, the agreement reached between these competitors is now the main reason that the currency we use today is debt. They used reverse psychology to get the federal Reserve bill passed by denouncing the bill in the press. And as holders of this currency we are debt slaves in an ever increasing inflationary environment. And to rub salt in the wounds we are told this is a good thing and that the opposite - A deflationary environment - is scary.
@34:23 A rush to fill the pockets of bankers and lending institutions. So the only question is why wouldn't you start a bank yourself?
We did. We created Bitcoin.
I saw this talk on the bitcoin subreddit and watched the whole thing. It was very eye opening as it explains why the rich are getting richer and the poor are getting poorer and how fiat currency is over leveraging the entire world. Thankfully, we have bitcoin which will be an alternative when the house of cards comes crashing down! peace.
Selector Sam you are an idiot.
Will do... private wallets everyone
Is your incentive to borrow under a gold standard the same as with fiat money? ie: the interest rate stays the same while the value of your money increases with deflation, rather than the real cost of the loan decreasing with inflation? same outcome different process..??
Under a gold standard the interest rate would be determined by market forces just like any other prices on the market i.e through the supply and demand of total savings in the economy.
24k views in 9 years. What a shame.
He uses the term "natural economy" a couple of times. This should be defined more profoundly.
Is someone pumping sneezing powder into the vents?
Lol
40:00
*currency, money stays the same value no matter what
Fiat system could be the result of rather than the cause of the "bad" cultures.
I don't believe so, you don't see how access to theoretically endless cash-flow would alter behaviour ?
aha, i see thanks for that.
money systems are created by legislation not culture
Bitcoin is the only way out of this mess!
Bitcoin (BTC) fixes this.
The entire audience has coronavirus.
Including the camera guy.
All "money" is 'fiat" currency.
The Spartans minted theirs from iron, not gold or silver.
Sparta was socialist, no? Without the right of private property, there is nothing extra to be gained by producing commodities which others value in order to trade for commodities which the individual values. Thus, no widespread exchanging of commodities. Thus, no widespread indirect exchange. Thus, no need to overcome the "double coincidence of wants" problem in indirect exchange. Thus, no widespread need for adopting a commodity (gold, silver) which is commonly most salable in order to overcome the double coincidence of wants problem. Thus, no emergence through market exchange of a common medium of exchange, commodity money (gold, silver).
Sans private property, government is free to declare anything to be legal tender. In a socialist setting, these are merely claims upon society's general storehouse. Their economic character is wholly different from commercial commodities which are adopted as common media of exchange by market participants dealing in private property.
Your point? Iron is a commodity.
A socialist police state, no less. The main purpose of the army was to terrorize the helots....
nothing new
General Grievous maybe not but 99% of the population still needs to hear this
beatsNstrings like i just did, i never heard any of this
I'll shorten this for him. Since the federal reserve banks are about the only thing (and it is grammatically correct, technically one big bank) that is more or less decentralized geographically, depending on the decisions of their respective printers/bankers, you get a semi-decentralized flow of money that carefully elavates wealth to the top. For example, the consequence of what most people would expect to be a more efficient economy, the city of St. Lous, NOT being as efficiently run as other certain big cities like New York, is due to the non-proportianate flow of fiat that runs through it's economy and therefore effects those who need it the most (minorities/those *ethnically more diverse than others-- regardless of pigment color) are often times hurt the most.
*Ethnicity being a combination of both racial origin (financially and economically speaking) AND relatively current financial choices in the area of physical health, and it is MY theory that most people would probably understand that this is nothing more than basic nutrition. The obvious solution to the homeless/traveling question, I would propose a freer market in regard to both real estate and charity.
in ten years my revenue completely diminished you plonker.
Bitcoin fixes this.
certainly not
They cant inflate Bitcoin