Myths of the Gold Standard | The Twilight of Gold Series | Episode 13 (WiM361)

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. Twitter: https://twitter.com/ProgrammableTx Book: https://www.amazon.com/dp/B0006C31O4 // SPONSORS // In Wolf's Clothing: https://wolfnyc.com/iCoin Hardware Wallet (use discount code BITCOIN23): https://www.icointechnology.com/ Wasabi Wallet: https://wasabiwallet.io/ Bitcoin Apparel (use discount code BREEDLOVE): https://thebitcoinclothingcompany.com/ Feel Free Tonics (use discount code BREEDLOVE): https://botanictonics.com Carnivore Bar (use discount code BREEDLOVE): https://carnivorebar.com/ // OUTLINE // 00:00:00 - Coming up 00:00:21 - Intro 00:01:54 - Helping Lightning Startups with In Wolf's Clothing 00:02:40 - Introducing "The Twilight of Gold" Series 00:04:05 - The Twilight of Gold: Myths and Realities 00:09:07 - A Shift in the Currency Standard 00:10:55 - Debt Monetization Leading to Currency Graveyard 00:13:52 - Monetary Prism: From Gold to Bitcoin 00:15:35 - Interest Coverage Ratio of the Government 00:19:15 - Calculating the Federal Debt 00:21:01 - Inflationary Forces and Deflationary Forces 00:26:50 - Negative Real Yields 00:27:50 - Money is the Mirror Reflection of the Economy it Serves 00:29:46 - Political Influence on Money 00:33:35 - Civilization Inherits the Attributes of the Money 00:36:08 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet 00:37:05 - Bitcoin Wouldn't Work in a Perfect World 00:40:52 - Money is Essential to Human Rationality 00:43:23 - Myths of the Gold Standard 00:44:47 - First Myth: Britain's Shift to Gold Standard in 1925 00:46:00 - Second Myth: Capitalism Led to the Great Depression 00:47:17 - Third Myth: Gold's Shortage Caused the Great Depression 00:49:31 - Probability of Hyperinflation 00:50:55 - Lester's Updated View on Gold 00:56:20 - China's Capital Account 00:58:24 - Post Bretton Woods Mistakes by the US 01:00:46 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet 01:01:38 - Contemplating Drivechains of BIP 300 01:06:32 - Problems of Pegging Fiat Money to Gold 01:09:12 - Shanghai Gold Exchange 01:13:53 - Political Role of Gold 01:16:53 - Using Gold Revaluation Account to Cover Losses 01:22:19 - Estimating the True Size of China's Gold Reserve// PODCAST // Podcast Website: https://whatismoneypodcast.com/ Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE? RSS Feed: https://feeds.simplecast.com/MLdpYXYI// SUPPORT THIS CHANNEL // Bitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7 Sats via Strike: https://strike.me/breedlove22 Sats via Tippin.me: https://tippin.me/@Breedlove22 Dollars via Paypal: https://www.paypal.com/paypalme/RBreedlove// WRITTEN WORK // Medium: https://breedlove22.medium.com/ Substack: https://breedlove22.substack.com/// SOCIAL // Breedlove Twitter: https://twitter.com/Breedlove22 WiM? Twitter: https://twitter.com/WhatisMoneyShow LinkedIn: https://www.linkedin.com/in/breedlove22Instagram: https://www.instagram.com/breedlove_22 TikTok: https://www.tiktok.com/@breedlove22 All My Current Work: https://vida.page/breedlove22