The "What is Money?" Show

Liquidity and Debt Structures | The Twilight of Gold Series | Episode 7 (WiM158)

Episode Notes

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://archive.org/details/twilightofgold190000paly/

PODCAST
Podcast Website: https://whatismoneypodcast.com/
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Transcript:

OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 The Role of Short-Term Capital During the Gold Exchange Standard
00:06:01 The Nature of Self-Liquidating Loan Instruments
00:08:24 “We are Walking the Currency Toward the Graveyard”
00:10:44 The Liquidity Principles of Banking
00:14:19 The Emergence of Elongated Debt Maturation Structures
00:19:06 Debt Restructuring as a Means of Delaying and Exacerbating Volatility
00:20:07 NYDIG
00:21:15 Debt Restructuring Hiding Many Modern Financial Problems
00:24:57 The Political Convenience of Debt Restructuring
00:28:40 “Every Monetary System Will Always Be Under Attack…”
00:32:16 People are Always, Everywhere Looking for Every Loophole to Exploit
00:37:00 Liquidity is the Real Social Safety Net; Bailouts are a Scam
00:41:27 The Two Big Sources of Inflation in the World: Governments and Bank Credit
00:43:39 The “Lender of Last Resort” Model Destroys the Real Social Safety Net
00:46:51 The Self-Defeating Nature of Aiming at Price Stability…
00:47:36 “What is Money?” Outro

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WRITTEN WORK
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