NOW THAT CRYOTO MAKES MILLIONAIRES: 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
🗓️ 7 April 2024
⏱️ 11 minutes
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Summary
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.
That a free market for money has formed in a world of government currencies is what sets the stage for private money as the eventual replacement for government mediums of exchange. Precisely because money facilitates global cooperation on the way to staggering advances in productivity, it's essential that money be trusted as a measure in the same way that the mile, degree and tablespoon are trusted today.
Although academia and policymakers misunderstand money and inflation to a frightening degree, the thinkers, innovators, and risk-takers have forged a better way. The future is here for money; and that future, Tamny explains, is blindingly bright.
1872 JULES VERNE THE BLOCKADE RUNNERS
Transcript
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| 0:00.0 | This is |
| 0:05.3 | This is CBS Eye on the World. Here's John Bachelor |
| 0:10.6 | Adam Smith born 1723, died 1790, a Scottish economist, a philosopher, the author of a book |
| 0:18.7 | published simultaneously with the American Revolution, 1776, The Wealth of Nations. In Adam Smith's view, we learn |
| 0:28.0 | the basis of a new book, The Money Confusion from my colleague John Tamney, the author, |
| 0:34.2 | subtitle how literacy about currencies in inflation, |
| 0:37.4 | sets the stage for the crypto revolution. |
| 0:40.5 | What is money? |
| 0:42.0 | What is the use of money? The quote from Adam Smith that John Tamney features in the beginning stages of his explication. |
| 0:50.0 | The sole use of money is to circulate consumable goods. |
| 0:57.0 | John, a very good evening to you. I believe we can be specific. |
| 1:00.0 | The take us to the pin factory and what Adam Smith realized for all of us. |
| 1:04.8 | Good evening to you, John. |
| 1:06.7 | Hey, thanks, John. |
| 1:07.7 | Yeah, what Adam Smith reported on about capitalism in the opening pages of the wealth nations was essential and it's probably |
| 1:16.4 | the most important observation ever achieved by a reporter which is he was. |
| 1:22.1 | He's noticed that a man working alone in a pin factory could maybe, |
| 1:27.2 | maybe produce one pin per day. |
| 1:30.6 | But a man working with several other men in that pen factory in specialized fashion, this collection of men could produce tens of thousands. |
| 1:41.0 | And it was this observation that transformed much to the world. |
| 1:47.6 | If when we divide up work our capacity to produce abundance grows and grows and money is the natural consequence of |
| 1:58.8 | production it is wherever production is there are mediums of exchange that enable the exchange of what |
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