My friend and fellow student of money codenamed "Lester" joins me for a multi-episode conversation exploring the excellent book "The Twilight of Gold" by Melchior Palyi.

Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/

GUEST
Lester's Twitter: https://twitter.com/ProgrammableTx

BOOK
The Twilight of Gold: https://www.abebooks.com/first-edition/Twilight-Gold-1914-1936-Myths-Realities-Palyi/30927065697/bd

PODCAST
Podcast Website: https://whatismoneypodcast.com/
Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400
Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?si=wgVuY16XR0io4NLNo0A11A&nd=1
RSS Feed: https://feeds.simplecast.com/MLdpYXYI
Transcript:

OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 Gold as the Keystone to Social Order
00:04:17 Lester’s Love for Gold…
00:08:52 Staring into the Fog of the Future on a Bitcoin Standard…
00:12:46 The Supreme Conservatism of Bitcoin
00:16:12 When the Rules of Money Become Unbreakable…
00:19:06 Freedom Requires Consequences when Rules are Broken
00:20:35 Money Without Limitation Destroys the World
00:25:06 MMT: A Descriptor for an Unjustifiable System of Theft
00:28:11 The Reason Lester Sold All His Gold…
00:31:41 The Specter of Crushing Poverty in a Post-Inflation World
00:34:26 NYDIG
00:35:34 Submission to Truth is Freedom; Life as Organized Disobedience
00:38:34 Robert’s Response to The Specter of Crushing Poverty…
00:40:59 Bitcoin Mining as a “Safety Net” for Failing Economies
00:46:11 Convertibility as a Vote of “No Confidence”: Contract or Conflict
00:48:02 Big Themes in “The Twilight of Gold”
00:51:46 Central Banks Trapped in the Gravity of Government Debt
00:56:31 Ritualizing Bitcoin as a Bulwark to Intergenerational Drift
00:59:00 The Ineffective Application of the Interest Rate Mechanism
01:10:13 Is Price Stability Natural?
01:13:21 Price Stability Cloaks the Fact that Things Should be Getting Cheaper
01:19:25 High-Integrity Private Property Rights as a Fix for Environmental Harm
01:22:49 Hijacking the Interest Rate Mechanism to Make Government Debt Cheap
01:27:42 Bitcoin is Designed to Work Whether or Not It Has Permission To
01:31:31 Relying on the Enlightened, Long-Range Self-Interest of All Participants in the Game
01:35:31 The Real World is Based on Simulated Ownership, Possession is True Ownership
01:41:46 The US Government’s Excessive Indebtedness…
01:47:05 Building Up a Wall of Bitcoin Conviction
01:51:16 Lester’s Five Conditions for Investing
01:55:00 Bitcoin Can Never Be Fully Understood, so It Will Always Be Undervalued
01:56:34 “Every Order of Magnitude Wealthier We Become, We Add a Zero”

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