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The "What is Money?" Show

The Fatal Conceit: The Errors of Socialism with Aneesh Karve (WiM520)

The "What is Money?" Show

Robert Breedlove

Bitcoin, Breedlove, What Is Money, Investing, Rabbit Hole, Cryptocurrency, Money, Finance, Education, Robert Breedlove, History

4.8710 Ratings

🗓️ 8 October 2024

⏱️ 158 minutes

🧾️ Download transcript

Summary

Aneesh Karve joins me to discuss Friedrich Hayek’s “The Fatal Conceit: The Errors of Socialism,” why order and knowledge are not centrally planned, the state and the “greater good,” money as the life-blood of order, the dangers of demonizing profit, the magic of consensual trade, and Bitcoin’s role in creating prosperity for humanity. Aneesh Karve is the co-founder and CTO of Quilt well-versed in data visualization, entrepreneurship, and Bitcoin.

Transcript

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0:00.0

Fiat politics are rampant and people are very heavily identified with their favorite politician

0:04.4

with their favorite party and they think, well, Kamala needs this. And Trump man is like, why?

0:08.4

Why do we need one ape to rule 330 million apes? Like, it just doesn't make any sense.

0:14.1

People will come and say, look at how much poverty there is under capitalism. And this is a nominal

0:19.0

error because those people would simply be dead

0:21.4

under socialism. They would not exist in the first place. It's an observational error.

0:26.7

The idea of income redistribution is absurd because income was never distributed in the first

0:32.3

place. Therefore, how could you redistribute it? I know you've got some good individual rights and some nice accumulation of savings over here,

0:39.9

but we're going to need to take some of that to serve this fictitious greater good.

0:44.1

I think it's just the most sophisticated form of gang violence that humans know of,

0:50.9

and we're still stuck under its spell.

0:53.7

And what is fascinating is that capitalism, although at the hands of modern socialists,

0:58.4

attained a bad name, capitalism is the only philosophy that allows you to care about people

1:02.3

you've never met.

1:04.4

The most important thing that we can do is to create a fair set of rules for everyone to play by.

1:11.1

If I wish to profit and survive, I have one way forward,

1:15.0

and that is to be of benefit to my fellow human beings.

1:23.4

The fatal conceit, the errors Socialism by Friedrich Hayek.

1:31.5

You introduced me to this book, and like I was telling you offline, I think the title way undersells it.

1:38.4

I had only been exposed to Hayek previously through his essay, The Use of Knowledge in Society,

1:43.8

and then his book,

1:45.0

Road to, Road from Serfdom? The Road to Surfdom. Yep. To Surfdom. Yep. Road to Surfdom.

...

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