WAITING FOR CRYPTO: 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
🗓️ 24 September 2023
⏱️ 15 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.
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| 0:00.0 | When you can't quite get the angle, take hands-free selfies with the Samsung Galaxy Z Flip 5, |
| 0:05.2 | stand it up, step back, and your photos are also synced to your Chromebook, ready to edit. |
| 0:10.8 | The new Samsung Galaxy Z Flip 5 and Chromebook, available on Vodafone. |
| 0:19.8 | This is CBSI in the world. I'm John Batch with John Tamney, the author of the new book The |
| 0:24.4 | Money Confusion. However, a literacy about currencies and inflation sets the stage for the crypto |
| 0:31.3 | revolution. We're headed to crypto, but we're going to stop at the way station called inflation. |
| 0:36.7 | John right now, inflation is a headline story around the world. All economies, the European, |
| 0:42.0 | Asian, African, everybody's pointing to inflation as a threat to their prosperity, to their sovereignty, |
| 0:49.2 | to stability. Easy money is the blame, easy money of the central bankers for these years. |
| 0:56.4 | You disagree, John. You say the source of inflation is what, John? What is the source of inflation? |
| 1:03.5 | The source of inflation is the lockdowns. And how we know that is we can go back to first principles. |
| 1:10.2 | We can go back to Adam Smith's pin factory. What happened when one man |
| 1:15.2 | producing one pin per day divided up work with several on the way to tens of thousands of |
| 1:19.6 | pins per day, work divided as the path toward explosions of production. The iPhone is a consequence |
| 1:26.9 | of global cooperation among workers. In 2020, workers around the world who had built up sophisticated |
| 1:36.8 | working relationships with one another over one another over decades were suddenly barred from |
| 1:42.7 | going to work, suddenly barred from operating their business. That prices are higher |
| 1:49.2 | today is to me a statement of the obvious when you eviscerate that the cooperation, |
| 1:56.4 | production of everything's going to be more expensive after the fact. But command and control |
| 2:02.4 | is not inflation. Inflation is a devaluation of the currency. We are suffering the bitter fruits |
| 2:08.8 | of command and control. And it staggers me that so many would mistake this for something entirely |
| 2:14.9 | different, which is inflation. You write that devaluation is a policy choice. Translate that, John. |
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