1/4: The illusion of monetary policy? 1/4: The Money Confusion: How Illiteracy About Currencies and Inflation Sets the Stage for the Crypto Revolution by John Tamny (Author)
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 5 February 2023
⏱️ 12 minutes
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Summary
1928
@Batchelorshow
1/4: The illusion of monetary policy? 1/4: The Money Confusion: How Illiteracy About Currencies and Inflation Sets the Stage for the Crypto Revolution by John Tamny (Author)
https://www.amazon.com/Money-Confusion-Illiteracy-Currencies-Revolution/dp/1958682268/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=&sr=
Money, Tamny argues, is a natural market phenomenon and one that asserts itself even in a world of government-issued paper. While economists and pundits hide behind charts, equations and supercilious commentary about the so-called "money supply," Tamny provides familiar examples from the real-world to expose this mysticism as modern-day phrenology.
He makes plain throughout a book that rejects nearly all conventional wisdom about money that a focus on "money supply" is the surest sign of a thought process hopelessly off course. In truth, trusted money in circulation is a natural consequence of commerce, not the instigator as economists imagine.
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| 0:33.6 | This is CBS I on the world. Here's John Batchler. |
| 0:41.3 | Adam Smith born 1723, died 1790. A Scottish economist, a philosopher. The author of a book |
| 0:49.0 | published simultaneously with the American Revolution 1776, the wealth of nations. In Adam's |
| 0:56.0 | business view, we learn the basis of a new book, the money confusion from my colleague, |
| 1:02.3 | John Tamney, the author. Subtitle how it literacy about currencies and inflation sets |
| 1:07.9 | the stage for the crypto revolution. What is money? What is the use of money? The quote |
| 1:15.1 | from Adam Smith that John Tamney features in the beginning stages of his explication. |
| 1:21.3 | The sole use of money is to circulate consumable goods. John, a very good evening to you. I believe |
| 1:29.1 | we can be specific. Take us to the pin factory and what Adam Smith realized for all of us. |
| 1:35.2 | Good evening to you, John. |
| 1:37.2 | Hey, thanks, John. Yeah. What Adam Smith reported on about capitalism in the opening pages |
| 1:43.2 | of the wealth of nations was essential. It's probably the most important observation |
| 1:48.3 | ever achieved by a reporter, which is he was. He's noticed that a man working alone in |
| 1:55.1 | a pin factory could maybe produce one pin per day, but a man working with several other |
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