What is Money? | Robert Breedlove and Lex Fridman

[@llianehunter]

This was an incredible revelation to be privy to 💫

[@ddteevee]

Hi Lex, thank you for the clip. 🤍

[@mihirgadre]

Best podcast I have ever seen on 'Lex. Rather the best podcast I have ever seen. Rather the best video about Bitcoin that I have ever seen. Rather the best video on economics I have ever seen. Rather the best video on KZbin I have ever seen. Rather the best video I have ever seen. I mean it. Even as a student of India's best Macroeconomics professor Dr. Harkant Mankad, the clarity with which Mr. Breedlove explained the genesis of Central Banks blew my mind. Heartfelt thanks Lex 🙏

[@5millman]

Rather the best comment on this clip...

[@johnathanfannon6602]

@@ast453000 how so lol

[@MagicJoshua]

Money is the ability to exert one’s will across time.

[@mike.monaco]

As well as across space, easily

[@karimnoun6970]

incredible explanation.

[@nmp3401]

Incredible segment. Kudos to you both. One correction though...Evil is the force which believes its knowledge is complete was incorrectly attributed.... not Milton Friedman, but the othe Milton and author of Paradise Lost. Keep up the great work.

[@bam-b-nodenaro1269]

Very precise speech 🥷

[@FluxNomad678]

I this kind of narrow view that's getting dated when we exist in a world of Credit Cards, Bank Loans, or Stocks? We tend to focus these discussions on the cash we carry or the balance in our bank accounts, though we also have access to Credit or some of us own stock that changes value regardlys of it's 'scarcity'. Also, money has traditionally been a storage of 'Human' labor value, but as we move into the future of increasing automation does this idea of money seem almost archaic?

[@randomz8065]

This is money from first principles, money will always have those characteristics which he mentioned.

[@chibuzorifediorah5045]

Money is more of a store of value rather than human labour. If you labour on something that's invaluable , nobody will buy it. Automation will only replicate the value quicker, and eliminate labour making it cheaper. Some parts of the economy will be automated, reducing cost of goods and freeing up time for other pursuit. With automation, living expenses will be reduced because things are cheaper, think Amazon and it's warehouses. Over production will be of no use because demand and supply and human nature wanting more . Other sectors will sprout which will create jobs. Humans and machine working together will always be better than humans or machines alone

[@konradzawadzki2616]

Great video. One remark only. I know this is a little off topic, but I just can't help commenting on this: 12:50 this Netflix documentary is not so good. In one part (4:52) they show the map of pre-WW2 Europe with western Poland borders correctly marked, but eastern Poland borders as they are today! (with today's Lithuanian borders, and even Belarus and Ukraine, these last 2 states didn't even exist at that time!) Come on! How hard is it to take a pre-WW2 map of Europe and put it in the movie??? Then they continue showing off ignorance about Poland in WW2 by saying that: "The Polish army on their horses are no match for German panzers". This statement was literally part of communist anti-Polish propaganda. The facts are these: Polish cavalry never attacked tanks directly, it was used against German infantry, and it was very effective (Germans themselves admitted that). Poland's tanks were a match for German tanks, both in terms of quantity as quality. What gave the Germans the upper hand was their aviation. As they dominated the sky, they could easily target supply lines, fuel storage etc. I am not defending the Polish pre-WW-2 government here: they played their cards horribly by blindly trusting the French and Brits. Geopolitics was a dead subject for them : (

[@konradzawadzki2616]

Oh and one more thing, the Netflix narrator says that "true to their words" the allies declare war on Germany (after Germany invaded Poland). Yes did declare war and then they... did NOT fire a single shot until 1940 (Germany invaded Poland in September 1939). The narrator has some nerve to highlight how the French and the Brits were "true to their words"! If you have an alliance signed on paper with someone and you wait until next year for any actual military actions then you are infringing a pact that demanded immediate reaction! I mean sorry for the rant. But this documentary is just one mistake after another when it comes to what happened in the east, and not only because had the allies helped Poland immediately in 1939 that would be the end of Hitler! No WW2!

[@timetobenotdo]

It is a symbolic or representative unit of energy.

[@SoB_626]

Money is a technology which allows the elites to extract the very essence of life from the masses. In this sense, money is the quintessence of life.

[@angryquim7836]

This guy looks like a crypto Chael Sonnen...

[@OffTheBeatenPath_]

Undefeated Chael you mean

[@mattnewth8651]

Hahaha 😂

[@randomz8065]

THANKYOU now it makes sense

[@PepeFuego369]

Love the content

[@IbnFarteen]

Should have asked him about deflationary effect of money supply not keeping up with economic growth. The guest is naive to velocity of exchange. If there's not enough money then prices relative to money collapse as consumers hoard whatever money they have. Ultimately unemployment increase and depression can occur .

[@juanfelipe8484]

We are not at that point anymore. Maybe a country like China during its tremendous growth would have needed an expanded monetary supply. But the USA at this juncture should not be printing 20% of its total monetary supply in the last year.

[@hyunjinlimb4089]

@@juanfelipe8484 40%*

[@juanfelipe8484]

@@hyunjinlimb4089 oof

[@cambodianriverpig7613]

Peter Schiff's company now have gold backed debit cards accepted everywhere. They solved a major problem.

[@mustang607]

"Is money the root of all evil?" Nope.

[@chibuzorifediorah5045]

Love is missing from that statement

[@mikefigurny]

What do you think about xrp

[@dorincucos2197]

I think his view of Gold as inherently valuable (through its recognised properties) is way out of touch with modern studies. Just a few basic red flags: - go to any shop and try to buy something with gold (it's not money anymore, but just another commodity) - written forms of IOUs that were exchanged (clay tablests or papyruses) far predate gold or silver coins - precius metal mining and coin minting were always state activities, not private market endevours - to tie it all up, there is no mention of how taxation creates "money" by demanding the people pay it in whatever the state decides that to be Regarding El Salvador's recent plan to recognise Bitcoin as "legal tender", what that means is accepting it for direct tax payments (mainly aimed at remitances).

[@dorincucos2197]

I wish Lex and Joe Rogan had invited David Graeber on their shows when they still had the chance :/

[@yardsale09]

Its almost as if he didnt read anything modern. Barter is a myth. Money was credit first. Jesus he didn't even quoate Graeber...who's like one of the leading authorities on what is money.

[@hofzichtlaan28]

If we still used gold as money; we would continue to fight wars over it, you would be unable to borrow any to build your house (because it is too scarce, and interest rates would be too high), it would be concentrated in a few hands, and we would go back to a modern feudalistic society. This guy is just cherry-picking his arguments. Yes, central banks has a political agenda, luckily it is mostly to make the economy grow. Money is not value, it is just fuel for the economy. The fear of inflation goes away as soon as you realize you should not invest in money, you should invest in assets. Gold nowadays is purely a speculative asset.

[@cocohotheatclips8264]

Money is my god , i worship money

[@alexbrass4823]

Yallllhave my mind on another rhelm

[@ericocccams5865]

Money or in a broader sense, currency, exists within the cultural phenomenon of work for prize, labor for reward. So here's a far more interesting question to ask. Why, where and when in human history did this coupling of labor for reward come to be ?

[@1519kyle]

The Market itself could lose Marketability.

[@markeden767]

👍

[@drzecelectric4302]

Still struggling with economics 101 eh?

[@JohnnyDunn]

Omi , ecomi, veve

[@Czr71tt]

Money shouldn’t exist everything should be for free you can’t put value on air food land water it’s there so we can use it and cherish but not abuse and most certainly not to make certain individuals rich and powerful

[@coney2010grads]

Gold is way overbought now. Gold costs something like $300 per ounce to mine, why is it selling for $1900+ per ounce? Also go and try to buy anything with Gold now. Good luck. You'll lose 50% easily.

[@yardsale09]

Fucking citation?

[@bowdownandobey]

Thanks for the clip. Bitcoin is garbage and can't replsce gold but good clip.

[@pinch254]

I had to unlike in order to keep the likes at 420