171 - What Causes Bubbles? with Edward Chancellor - "The Price of Time"
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 15 May 2023
⏱️ 89 minutes
🧾️ Download transcript
Summary
Edward Chancellor is a financial historian, journalist, and author of, "Devil Take the Hindmost: A History of Financial Speculation" and his latest, “The Price of Time: The Real Story of Interest”
The two books link together the history of money and finance, and human culture.
In today’s episode we explore the ways in which money and finance is embedded deeper in our lives than we may have previously thought.
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We’re living in the era of Central Banker Capitalism, low interest rates and everything bubbles. Is this a new era? What does history tell us will happen next?
Edward Chancellor is going to help us answer these questions. And along the way, you’ll learn timeless lessons about interest, debt, and the time value of money.
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TIMESTAMPS:
0:00 Intro
8:24 Edward’s Book Overlap
19:32 Speculative Bubble’s Inevitability
26:27 Interest, Debt, & Loans
31:15 Debt Jubilee & Inflation
35:05 The Necessity of Inflation
41:55 The Natural Rate of Interest
53:35 The Everything Bubble
1:04:10 The Price of Time
1:07:38 Devil’s Take the Hindmost
1:10:40 Have We Learned From Past Bubbles?
1:17:30 Austrian vs. Keynesian Economics
1:21:20 Edward’s Thoughts on Crypto
1:38:50 Predictions: What Happens Next?
1:42:27 Closing & Disclaimers
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RESOURCES:
The Price of Time
https://www.amazon.com/Price-Time-Real-Story-Interest/dp/0802160069
Devil Take the Hinemost https://www.amazon.com/Devil-Take-Hindmost-Financial-Speculation/dp/0452281806
Primitive Money
https://www.elsevier.com/books/primitive-money/einzig/978-0-08-011679-2
Digital Chicago Plan - Column In Breakingviews
https://www.breakingviews.com/columns/digital-chicago-plan-fixes-many-financial-woes/
Irving Fisher 100% money
https://mises.org/library/100-money
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
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Transcript
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| 0:00.0 | Time is money. Once you realize that time has value, then it should start becoming immediately clear |
| 0:08.4 | That taking interest rates the price of time down to zero is highly unnatural |
| 0:15.0 | It would be like depriving an animal of oxygen and taking them to negative |
| 0:21.0 | Becomes almost insane |
| 0:23.8 | Welcome to bankless where we explore the frontier of internet money and internet finance |
| 0:30.8 | This is how to get started how to get better and how to front run the opportunity |
| 0:33.8 | This is Ryan Sean Adams. I'm here with David Hoffman and we're here to help you become more bankless |
| 0:39.8 | We're living in this era of central banker capitalism |
| 0:43.8 | We have low interest rates everything bubbles is this new for humanity? |
| 0:47.8 | What does history tell us might happen next? |
| 0:51.8 | Today we have financial historian Edward Chancellor who's going to help us answer these questions |
| 0:55.8 | And along the way we learn timeless lessons about interest, debt and a time value of money |
| 1:01.8 | A few takeaways for you bankless nation. Number one we talk about what causes bubbles |
| 1:05.8 | Is it low interest rates or the madness of crowds? We've certainly seen a lot of both in our crypto journey |
| 1:10.8 | Number two can we get away from bubbles? Are they just part of our DNA? |
| 1:14.8 | Number three what happens when that natural rate of interest becomes unnatural? |
| 1:19.8 | Number four after decades of studying the history of money and finance |
| 1:23.8 | Who does Edward think is right? The Keynesians or the Austrians? |
| 1:27.8 | Number five what does Edward Chancellor think of crypto? |
| 1:30.8 | How do they relate to central bank digital currencies? |
| 1:33.8 | Really spicy takes near the end and number six what happens next? |
| 1:38.8 | That's what we're all trying to figure out David. What's the significance of this episode? |
... |
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