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The John Batchelor Show

2/4: The illusion of monetary policy? 2/4: 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

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4.52.8K Ratings

🗓️ 5 February 2023

⏱️ 8 minutes

🧾️ Download transcript

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2/4: The illusion of monetary policy? 2/4: 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.

Transcript

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0:00.0

Monso Business Banking. It just works. So you can too. Join businesses like Target

0:05.7

to Wishing by opening a Monso Business account.

0:07.8

What I love about Monso Business account is how easy everything is. It can be filtered,

0:13.1

it can be tagged. We thought we'd have to manage our business around our banks, but that's

0:17.3

not the case for Monso.

0:18.4

My name is Shun. I am the Founder of Target Trition.

0:21.6

Apply in minutes at Monso.com slash business. To apply you must be a sole trader or director

0:26.6

of the limited company, UK Business is only terms and conditions apply.

0:30.1

This is CBSI in the world. I'm John Batch. We're John Tamney, the author of the new book,

0:39.6

The Money Confusion. How a literacy about currencies and inflation sets the stage for

0:44.7

the crypto revolution. We've established that money is for the getting of things. Money

0:52.0

is the sole use of money said Adam Smith in the 18th century is to circulate consumable

0:58.5

goods. The goods also require attention to the word credit. John, you use the example

1:06.4

of Elon Musk when he worked in Canada for a bank. He had a vision, a vision of something

1:14.3

online, the internet being used to exchange values to buy things or to bank. That was the

1:23.2

genesis of what we now know as PayPal. The road to PayPal was failure after failure because

1:31.0

he had to invest, he had to attract investors. How did he do it? John, what investors?

1:37.2

Was it the bank of Canada? Was it the bank of the United States? What investors showed

1:42.1

up to continually refund Elon Musk's idea? It's such a great question. It couldn't have

1:51.0

been banks because banks as a rule can't take risks. Banks are lending out money and

2:00.0

they are getting being paid and interest rate for it. Just about every technology company

2:05.6

ever started has failed and so banks can't touch technology. Here Elon Musk was saying

...

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