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Bitcoin Q&A: How Could a Hard Money Economy Respond to Crises? - YouTube
Channel: aantonop
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address would appreciate your
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perspective on the topic I've been
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wondering about of late in the Bitcoin
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economy where hard money currency and
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monetary policy defined by code is
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dominant how would or could societies
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address muscle mass unemployment and the
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survival of the workings of Commerce in
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situations such as we are currently
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facing with kovat 19:00 well I can
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appreciate concerns about some limited
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printing of money and the priorities of
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how those funds are expended the the
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hyperinflation that was predicted after
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2008 hasn't come about and I haven't
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seen a compelling or compassionate
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alternative being presented on the
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libertarian Austrian side of the
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argument do Bitcoin errors declare this
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a healthy cleanse retreat to their
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Citadel's and wait for the pandemic to
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burn itself out at the cost of millions
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of lives in massive economic destruction
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a long question but thank you so much
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the bottom line here is that first of
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all I'm not an Austrian economist nor am
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i a strict libertarian or assign those
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kinds of labels to my political views
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but the thing is that the arguments that
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this crisis is being somehow solved by
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this massive injection of money I think
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is fundamentally wrong and I think
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that's mostly the arguments you'd hear
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from libertarians and Austrian
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economists which is that the the
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reallocation of money through the
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Kantian effect is it's called where the
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rich get richer and income inequality
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increases massively because of subsidies
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into the investments markets which are
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mostly concentrated among the wealthy
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the big businesses that have first in
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line access to the big banks that have
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first in line access to capital this
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actually has a very specific effect of
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enriching the rich and impoverishing the
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middle class in the lower class in the
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working class and so as a result what
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exactly is the saving of the economy
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doing it's not a saving of the economy
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it's building gilded lifeboats for the
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super-rich to to bail themselves out we
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scene in fact recently that many of the
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richest people on the planet have
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increased their wealth just in the last
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two months by by some twenty four
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billion dollars just off the stimulus
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and the increase in concentration of
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wealth that is a direct result of this
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pandemic and the stimulus is happening
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also the idea that hyperinflation didn't
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come in 2008 sure it did it came in
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assets it became completely unaffordable
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for anyone to afford student loans
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health care or housing for an entire
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generation of young people while all of
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the wealth got directed to those who
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already had wealth invested in the stock
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market and other assets that got
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massively inflated by stimulus so again
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I think the idea that in a hard money
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society what you would end up with is a
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society without compassion where
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everyone would be on their own I don't
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think is true there's no reason why
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taxation can't work in a hard money
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society there's no reason why you can't
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have representative democracy work I
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don't pay taxes only because I will get
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caught if I don't I actually believe in
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in the fact that the weakest link for
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example in the pandemic is how healthy
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my neighbors are and I think it's
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important that that everybody has a
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basic quality of life and and health
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otherwise the whole of society suffers
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which of course makes me not strict
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libertarian but that's just a political
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opinion so I I'm not sure it's all black
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and white I don't think the stimulus has
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actually saved anything and not made
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things worse and I also don't think that
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in a hard money society we can solve
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social problems and we will be paralyzed
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because our money will be so awesome
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if you enjoyed this video please
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subscribe like and share all my work is
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shared for free so if you want to
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support it join me on patreon
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you
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