“Inflation is legal counterfeiting, counterfeiting is criminal inflation. The same thing the Fed does by the trillion, you and I go to jail for. So the existence of this coercive legal monopoly is proof that it wasn't emergent from the market.

Fiat is not a market phenomenon. It's an anti-capitalistic, anti-market phenomenon. Yeah, this is right.

If we adhered to the market, like honoring life, liberty and property, then we would never end up with a central bank. So if we honored private property, contract law, the debtor creditor relationship, I don't think we'd ever end up with fiat. So my only quibble there is I wouldn't classify gold.

When gold turns into fiat, that's not a market failure in my book. That's a failure of us to adhere to market principles if that makes sense.

Well, what I'm saying is that the fact that that can occur is an endemic consequence of the inability of markets to maintain their health.

That is true. Yeah. I think it's related to the physicality of gold ultimately, that there is that the violence you described that it can be stolen.

So there's an incentive to abdicate from market principles and go and steal someone's gold basically.

And where the flip is, hey, I noticed that I get a lot of utility if I can communicate with a larger population faster over longer distances by means of my monetary unit. Using commodity gold is a huge pain in the ass. It slows things down.

I mean, on particular, it's turned into a piece of paper. Yeah. Right.”

From The "What is Money?" Show: Our Civilization is Dying...Can Bitcoin Save It? w/ Jordan Hall (WiM584), May 16, 2025

https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400?i=1000708769366&r=2532

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