WAITING FOR CRYPTO: 4/4: 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
⏱️ 7 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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Transcript
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| 0:00.0 | This is CBS I In The World. I'm John Batchewa. John Tamney, his new book is The Money Confusion. |
| 0:10.7 | How a literacy about currencies and inflation sets the stage for the crypto revolution. |
| 0:16.6 | Crypto much in the news because of what right now are questionable activities by crypto |
| 0:22.7 | exchanges. There are many of them around the world. They seem to be doing business with |
| 0:28.1 | each other. Bitcoin is the best known cryptocurrency. Ethereum is also, but there are many more that |
| 0:35.7 | have been invented in these last years or created and said to have value. And that's all in |
| 0:41.9 | play right now. However, Mr. Tamney has a vision of the future that doesn't involve questions |
| 0:48.2 | about fraud and mixing funds together, exchange funds together with speculation. John |
| 0:55.3 | you right or you quote a wonderful irony. The fall of crypto will no crypto is for real |
| 1:02.9 | when it collapses. Have we got the proof, John? Yes. I first wrote that in 2021 when crypto |
| 1:10.9 | is at highs. I said, this is not a science for real when coins collapse. We'll know |
| 1:15.7 | it's for real because that's a sign of a more serious, more mature market. Crypto is |
| 1:21.3 | the future. Private money is the future. And evidence supporting it is all the carnage. |
| 1:28.6 | Let's not forget that in the 20th century, 2000 over 2000 car makers were funded just about |
| 1:35.6 | every single one of them failed. The end of cars? No. A sign of markets pushing out to |
| 1:41.8 | pasture the bad and focusing their wealth on the good. In the early part of the 21st century |
| 1:47.5 | internet companies failed on mass. The end of the internet. No, I think most would agree |
| 1:51.4 | that it defines life today. Again, mature markets pushing out what doesn't make sense. I think |
| 1:57.5 | we're seeing a necessary shake up right now. And on cue, people like Paul Krugman are saying |
| 2:03.7 | it never served a purpose. Why did we ever take it seriously? That's the sure sign that some |
| 2:09.4 | very powerful innovators are going to emerge from this who transform our lives and probably make |
| 2:14.4 | it safer for us to store our wealth in money. Elon Musk again. Elon Musk is everywhere in this |
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