Oxygen, pretty important for human life. There's no price on it. Why? It's not scarce. Something like diamonds, not that important to human existence yet has a huge price because the demand way outstrips the supply.

The unique thing about scarcity and money is that money is always scarce.

I don't want to walk through one thread that all of this is me taking liberally from you. So tell me where I go.

But this was a chain of events that I was like, oh my god, I now actually understand what's going on in this terrifying. So you've got World War II happens.

And you've got people invading countries and raiding their gold stores because why would you invade if you're not going to get something if you can't steal something these are your words.

So you invade a country, you steal their gold. So people like fuck, I don't want to get invaded. So they started, or if I do, I don't want them to be able to steal my gold. So they started sending gold to the US.

US ends up storing all this gold for people has a massive amount of gold. And gold historically basically money as we think of it, the tangible dollars and bills.

You would store gold in a protected warehouse somewhere and they would give you a paper that represented the amount of gold. So people being savvy started trading that because it's as good as gold because you can go and cash it in.

So now the US post World War II has all this gold coming in. And we then after World War II have the Bretton Woods convention. I'm not sure what it was exactly.

But they say, hey, we've got all this gold now. We're going to make the dollar, the central reserve currency global reserve currency. Excuse me. And but it's all backed by all the school that we have. So hey, we're good. But in 1971 for reasons that you will have to explain Nixon decided to take us off of the gold standard.

Previously to that, if you had a dollar, you could actually go redeem it for gold. Yes. Now you couldn't and it was fiat. It was by decree. I say that this dollar has value. And therefore it has value.

The problem is that's married to something that happened at some point in the early 1900s that you'll have to explain the beast from Jekyll Island where we decided to create a central bank, which isn't owned by the government, right? Correct. So I still can't believe it's true. The federal reserve is not the federal.

It's not federal and it has no reserves. It's crazy. Like this one language matters well played. That's a very good way to get me think that this is a government. All right. So we now break with the gold standard. And so it's we can literally print money.

So as me, the ignorant guy that's been his whole life trying to make money knows nothing about investing. I make the money. I think I am safe actually putting it under my bed only to realize that there's actually somebody that has the ability to go.

And they can press a button and it just makes more money. And therefore with more money floating around, you've got more people competing to buy that loaf of bread or whatever. So the cost goes up as one would naturally expect. And so now, even though I theoretically have my assets are going up and yeah, I have more money.

But I either have the same buying power. So it's just an illusion. I actually have less buying power and it's actually devastating. And so now we get into this crazy making loop of it seems like I should be getting ahead. But I'm not getting ahead.

I think of inflation as being a natural act, but really in the background are people making these decisions. And we will grant them that they are being kind. They're trying to do something nice. They're trying to level out volatility if I had to guess is actually their motivation.

But they level out that volatility by creating debt cycles and devalue in currency, which you are saying mechanistically, it just isn't different than theft.

But when people think of redistribution of wealth as a good thing, is that just another crazy making thing or are people right to think that no, this is good. We should be redistributing the wealth.

Well, that's a good long question. I would start with a long question. Yeah. So let's do this. Well, three distribution. First of all, no one ever thinks it's a good thing when they're the target.

No one ever, no one ever wants to be redistributed from no one ever voluntarily gets redistributed from that would be giving up value or wealth or capital for nothing in exchange.

I don't think anyone, I don't say no one ever, but typically no one ever will enter that agreement. Let's say, so maybe we'll track this arc. Well, do what is gold? How did we get gold?

...