99. How Fiat Money Works with Preston Pysh
January 5th 2021.
In this episode investor Preston Pysh and Saifedean do a deep dive in Saifedean’s new book The Fiat Standard. They discuss why analysing the fiat monetary system through the lens of bitcoin can help readers understand the advantages, and numerous disadvantages, of the fiat system. They talk about how fiat partially solved the age-old problem of gold’s lack of saleability across space, and how this eventually led to gold’s capture by governments and its ultimate demonetization. They explain how the fiat monetary system we live under today was created, and how it is controlled by the US and US-controlled institutions such as the IMF: to the detriment of the rest of the world. They talk through the disastrous consequences of the fiat system including its destruction of wealth through inflation, its disruption of economic calculation, the unprecedented power it has provided to governments, and its propensity to lead to conflict. They then move on to discuss the broader societal consequences on areas of life ranging from academia to medicine to diet. Finally, they discuss how a bitcoinized world, absent of inflation, would solve the problems fiat has created.
- Preston Pysh on YouTube
- Preston Pysh on Twitter
- Bitcoin maximalist Giacomo Zucco provides a “defence” of shitcoins.
- Michael Saylor tweet on inflation as a vector.
- Explanation of the Rube Goldberg Machine on Wikipedia.
- Saifedean’s first book, The Bitcoin Standard
- Saifedean’s second book, The Fiat Standard
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