Bitcoin, Money Printing, and the Economic Problems of Today
Junseth joins Brad Mills for a discussion about economics and finance. Some think that many of the world’s problems can be traced back to the federal reserve, and the printing of money. Junseth makes a cogent argument throughout that things are a bit more nuanced than this perspective would lead you to believe. Many financial concepts are discussed in this episode, making it an ideal listen for those of you wishing to gain a broader understanding of market dynamics and macro economics. Savings, derivatives, Doge, DeFi, and of course, Bitcoin are all discussed within!
Timestamps
00:00:00 - Intro
00:01:22 - Junseth introduction and Bitcoin Conference
00:03:12 - Bitcoin Maximalism vs Crypto
00:05:40 - Junseth’s History with Bitcoin Uncensored Podcast
00:08:00 - How to be a good trader
00:09:36 - Elon Musk to take over Dogecoin
00:11:05 - No Oracles in Bitcoin
00:11:55 - The Mission of Junseth
00:14:58 - DeFi is a lot like a ponzi scheme
00:17:38 - Money and the Federal Reserve
00:19:50 - Junseth says we might be in a deflationary period
00:21:32 - Bitcoin is the thing itself that is valuable
00:23:20 - Applying politics to Bitcoin and modern monetary theory
00:25:40 - Will the government collapse? Or just the dollar?
00:26:42 - Civil war between Conservatives and Liberals
00:28:40 - Bitcoin as an end of the world hedge
00:29:38 - El Salvador experiment conversation about the USD
00:32:20 - Bitcoin reinvents the entire monetary infrastructure
00:35:40 - Making more sense to take on as much debt as possible
00:37:00 - Is inflation real? Is there actually inflation around? Where can we find inflation
00:41:26 - Are salaries rising at the same pace as inflation?
00:43:02 - Quality of life going up over time, easier to buy a good computer for cheaper today
00:45:40 - Where is inflation showing up in the economy?
00:48:50 - Collectibles and Investments in the economy. The power of index funds, and diversification.
00:52:40 - Story of FedEx employee who saved and indexed for 50 years
00:55:25 - Did the federal reserve unwind the quantitative easing that they did?
00:57:00 - Why does the federal reserve target inflation at 2%?
01:00:30 - Managing a portfolio to always be in the asset that is likely to go up
01:02:00 - Who benefits from inflation? Inflation is a tax on foreign companies holding USD.
01:04:40 - People 50 years ago were much more entrepreneurial
01:05:30 - Millennials have more savings than any other generation that has come before
01:06:50 - Renting vs Owning. Can millennials own houses with their current income/wealth level?
01:09:55 - Government Policy is the cause for irresponsible loans
01:11:41 - Putting money in Bitcoin vs stock market in 2011. How much risk would each be?
01:13:20 - Bitcoin is an asymmetric risk. Good opportunity for young people.
01:14:35 - Bitcoin is digital gold, and Brad was buying silver, gold, and also Bitcoin.
01:16:50 - Why does Junseth think Bitcoin is going up?
01:19:00 - How to buy a house with 3% down in Canada vs the USA. Index Funds vs House.
01:27:30 - Brad’s case for why things are not going to continue in the “business as usual” fashion.
01:31:30 - What does it look like for the stock market or economy to take a turn?
01:33:30 - Is there a lot of suffering nowadays?
01:43:01 - Would people care about the economy if they knew how it worked?
01:47:30 - Discussion on Libertarianism, UBI, and Milton Freedman
01:53:22 - Do people hold dollars? Junseth says most people don’t hold dollars
01:58:20 - Discussion on whether or not money printing causes all bad things?
02:04:00 - The morality of how money is made
02:07:03 - Buffet getting a call from the fed when the 2008 crash occurred
02:10:33 - Rich people suffer more during a market downturn
02:14:44 - Kids and graduating college kids are roped into credit card debt
02:17:30 - In depth discussion on brads upbringing, and his experience with debt
02:24:55 - Credit card debt is not collateralized, so you never need to pay it back
02:29:02 - Fractionalization of money within the banking infrastructure
02:33:50 - Do bank executives make too much money for their position?
02:39:22 - Discussion as whether or not you can own volatility
02:49:50 - What are derivatives? How did derivatives play into the 2008 crash? What are inside collateralized debt obligations?
03:00:00 - The five things to fix society!
03:03:45 - Discussion on COVID-19 and its causes, elaboration on crisis
03:12:55 - Brad brings things back to the central bank printing money
03:20:00 - Wrapping up, Closing Thoughts
Links to Mentions in the Show
Find Junseth
Find Brad Mills
Magic Internet Money Instagram
Produced by Brad Mills - Twitter, Jason Sanderson - Podcast Tech. Art by Daniel Huddlestone, Show Notes by Go Full Crypto.
Other Credits: bitconnect theme by schmoyoho, graphics by CryptoScamHub, Magic Internet Money inspired by u/mavensbot, invention of Bitcoin & all cryptocurrencies by Satoshi Nakamoto.