3/4: The illusion of monetary policy? 3/4: 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
⏱️ 14 minutes
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Summary
1932
@Batchelorshow
3/4: The illusion of monetary policy? 3/4: 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 | This is CBS I In The World. |
| 0:07.0 | I'm John Batch. |
| 0:08.0 | With John Tamney, the author of the new book The Money Confusion, how it will be a literacy |
| 0:12.8 | about currencies and inflation sets the stage for the crypto revolution. |
| 0:17.0 | We're headed to crypto, but we're going to stop at the way station called inflation. |
| 0:22.0 | John right now inflation is a headline story around the world. |
| 0:26.0 | The whole economy is the European Asian, African, everybody's pointing to inflation as a threat |
| 0:32.0 | to their prosperity, to their sovereignty, to stability. |
| 0:36.0 | Easy money is the blame. |
| 0:39.0 | Easy money of the central bankers for these years. |
| 0:42.0 | You disagree John. |
| 0:44.0 | You say the source of inflation is what John? |
| 0:47.0 | What is the source of inflation? |
| 0:49.0 | The source of inflation is the lockdowns. |
| 0:52.0 | And how we know that is we can go back to first principles. |
| 0:56.0 | We can go back to Adam Smith's pin factory. |
| 0:58.0 | What happened when one man produced one pin per day divided up work with several on the way to tens of thousands of pins per day. |
| 1:06.0 | Work divided is the path toward explosions of production. |
| 1:11.0 | The iPhone is a consequence of global cooperation among workers. |
| 1:16.0 | In 2020, workers around the world who had built up sophisticated working relationships |
| 1:24.0 | from one and over over one another over decades were suddenly barred from going to work, |
| 1:29.0 | suddenly barred from operating their business. |
... |
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