The natural state of the free market is deflation.

A foundational episode that sets up one of the show's load-bearing claims: that prices falling, not rising, is what human coordination naturally produces. The conversation traces why a debt-based monetary system cannot tolerate that natural state, and why a neutral form of money is the precondition for the abundance that technology keeps trying to deliver. The register is durable and first-principles, building a frame the listener can carry into later episodes rather than offering a thesis to trade on.

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This episode is 1 hour and 4 minutes long.

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This episode was published on May 22, 2026.

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