Time, Capital, and Civilization | The Song Series | Episode 1 (WiM080)

11/29/21 • 80 min

2 Listeners

Jimmy Song joins me for a multi-episode conversation covering the masterful anti-state treatise “Democracy: The God that Failed” written by Hans-Hermann Hoppe.

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

GUEST
Jimmy's twitter: https://twitter.com/jimmysong
Jimmy's podcast: https://podcasts.apple.com/us/podcast/bitcoin-fixes-this/id1523910866
Jimmy's writing: https://jimmysong.substack.com/

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 Empiricism vs. Rationalism
00:07:11 Isolation of Variables is a Prerequisite to Empiricism
00:09:12 Keynesian Economics is Empiricism; Austrian Economics is Rationalism
00:13:23 The Relationship Between Civilization and Time Preference
00:19:32 The Moral Component of Time Preference
00:21:40 Time Preference as a Relationship Abstract Others
00:25:02 The Metaphysics of Savings and Being Saved
00:29:47 Natural Interest Rate: The Quantification of Time Preference
00:33:27 Time Preference as the Source Waters of Virtue
00:35:52 The Thomastic Conception of Usury
00:40:59 NYDIG
00:42:06 Capital is Frozen Time
00:47:27 Civilization as Multi-Layered Capital Accumulation
00:50:10 Capital Accumulation Catalyzes a Self-Reinforcing Cycle of Civilization
00:50:59 External Factors Influencing Time Preference
00:56:56 Biological Factors Influencing Time Preference
01:03:41 Savings Even Lowers Time Preferences of Non-Savers!
01:08:22 Keynesianism Destroys Accountability and Savings
01:10:46 State Interference in Free Markets is Decivilizing
01:15:31 The Costs of Securing Property is Inverse to Civilization
01:18:21 State Action is an Unmitigable Risk to Entrepreneurship

SOCIAL
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LinkedIn: https://www.linkedin.com/in/breedlove22/
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WRITTEN WORK
Medium: https://breedlove22.medium.com/
Substack: https://breedlove22.substack.com/

WAYS TO CONTRIBUTE
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RECOMMENDED BUSINESSES
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Home Delivered Organic Grass-Fed Beef (Spend $159+ for 4 lbs. fr...

Jimmy Song joins me for a multi-episode conversation covering the masterful anti-state treatise “Democracy: The God that Failed” written by Hans-Hermann Hoppe.

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

GUEST
Jimmy's twitter: https://twitter.com/jimmysong
Jimmy's podcast: https://podcasts.apple.com/us/podcast/bitcoin-fixes-this/id1523910866
Jimmy's writing: https://jimmysong.substack.com/

WRITTEN WORK
Medium: https://breedlove22.medium.com/
Substack: https://breedlove22.substack.com/

Previous Episode

Gauge Theory, Gold, and Bitcoin | The Weinstein Series | Episode 1 (WiM079)

1 Recommendations

Eric Weinstein joins me for a multi-episode conversation covering mathematics, physics, history, politics, economics, and money.

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

GUEST
Eric's twitter: https://twitter.com/EricRWeinstein
Eric's YouTube: https://www.youtube.com/ericweinsteinphd
Eric's Podcast: https://ericweinstein.org/

OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 Introduction to Gauge Theory
00:06:06 Wittgenstein’s Ruler, Invariance, and Co-Variance
00:08:36 General Relativity, Prices, and Inflation
00:10:58 Gauge Theory Says There is No “Universal Level”
00:13:27 Marginal Revolution Using the Wrong Differential Calculus?
00:16:48 Utility Theory: Ordinal vs. Cardinal
00:19:37 The St. Petersburg Paradox
00:23:06 Cardinal Utility Exhibits the Structure of a Principal Bundle
00:24:41 NYDIG
00:25:48 Economics as the Geometry of Markets
00:28:54 Competition is Critical for Scientific Progression
00:32:51 How Framing Changes What We See
00:37:26 Exploring Gold as a Gauge Theory
00:41:01 Transactional Anonymity as a Consequence of Gauge Theory
00:42:50 Conservation Laws and the Double-Spend Problem
00:44:42 Satoshi as the Originator of “Logical Physics”
00:46:07 The Big Problem of Bitcoin?

WRITTEN WORK
Medium: https://breedlove22.medium.com/
Substack: https://breedlove22.substack.com/

Next Episode

The Century of Central Banking | The Snider Series | Episode 1 (WiM081)

Jeff Snider joins me for a multi-episode conversation exploring the evolution of money and central banking throughout the 20th and 21st centuries.

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

GUEST
Jeff's twitter: https://twitter.com/JeffSnider_AIP
Jeff's writing: https://alhambrapartners.com/author/jsnider/

OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 The Obfuscation of the Eurodollar System
00:01:49 “Money Is Not Wealth”
00:04:21 Money as a “Call Option” on Wealth
00:08:00 The Infinite Elasticity of Fiat Currency
00:15:00 Capitalism's Great Secret
00:19:20 Stock to Flow: The Fed Edition
00:25:20 Inherent Flaws of Humanity
00:32:09 The Elasticity of the Money Supply
00:34:04 Banks: The Great Intermediary of Money & Commerce
00:36:25 NYDIG
00:37:31 The Creature from Jekyll Island
00:39:45 Fractional Reserve Leverage of 1917
00:42:50 The Pre-Greenspan Put
00:47:17 Every Generation Thinks they Invented Sex
00:52:17 What do you do once you're Captured by Inflation?
00:59:32 Gravitation towards Authoritarianism in Trying Times
01:04:26 The Influence of the Flow of Gold
01:08:08 Bretton Woods & the U.S. Dollar Standard
01:14:05 Triffin Paradox, Bretton Woods Default & the Eurodollar Derivative
01:23:47 Benign Neglect