The Ethics of Money Production | Jörg Guido Hülsmann

[@GreenBoiler]

Watching this in 2020... but hey! its never too late to learn!

[@mightynathaniel5355]

a great discussion backed by clarity of research and logical principles.

[@Sage16226]

great lecture

[@rumco]

@Aryaba The Bernank. No "e" at the end ;)

[@Castle3179]

Fractional reserve banking is not necessarily "forced money" that would depend on how the bank markets its money substitutes. If the agreement is that the bank receives money from you at a 1:1 ratio to its money substitute(money which the bank then OWNs) and the bank gives promise to buy back the money substitute at fixed ratio to actual money, who is being defrauded? There's nothing in the phrase "1 gram of x payable to the bearer on demand" that requires a warehouse arrangement or 100% reserves.

[@reefpirate]

@charronfamilyconnect Again, the laborers wages would buy more under deflation as well. If anything, wages would decline slower than other prices for the reasons you state. But that is good for laborers because they would experience the feeling of becoming wealthier as their paychecks can buy more and more.

[@lucas95usa]

Awesome!

[@doucher337]

@fluff125 Deflation causes debts to be exacerbated as prices decrease over time with the diminished money supply. This means that the result is an economy where debt is less prominent on a whole. Deferred consumption is more profitable. Inflation causes the value of savings to be reduced and eases the burden of debts, encouraging more debt and discouraging saving overall. If one or the other must happen, particularly in an unhealthy economy, deflation is preferable.

[@2b10er]

Interesting, even a large part of the short sightedness that leads to the enormous environmental destruction we observe can be explained by this theory. Lots of left and green voters see at least part of the problem, but get confused when it comes to solving it.

[@alauc]

What is correlation between moral and financial capital?

[@Aryaba]

"the Bernanke" LOL

[@Castle3179]

Sounds like a Dr. Seuss Character! 🤣

[@reefpirate]

@charronfamilyconnect You're assuming they would all strike at once to halt production? If wages were negotiated on an on-going basis then production wouldn't just halt altogether. Remember in a deflationary situation, laborers wages would also buy more. So although wages in absolute terms would go down, so would the price of living in general.

[@freetrailer4poor]

I would like to see the effects of cutting taxes and increased spending on the iraq war and prescription drugs. If you cut taxes, the people get the tax break immediately and the government boondoggles get their money immediately. However, when the budget comes due it will create a bigger deficit and thus lower gdp.

[@alistairproductions]

Guido is my mancrush

[@charronfamilyconnect]

Also if production grinds to a halt cause employees are not getting what they want then prices will rise, due to scarcity of that resource causing inflation. Its a two way street when bargaining for wages between employees and employers. It theory deflation is a good thing, but I just see it difficult to see the practicality of this where a mob of people can't see beyond their nose nor have any ambition to be an entrepreneur. Just my opinion!

[@MrJezagee]

@fluff125 it's amazing how you can be so right and so wrong at the same time. His whole talk is about currency being voluntary and "filling the gaps" lol... your mad... or you fell asleep half way lol... plus i'm sure he said more than once that entrepreneurs could make many in ANY economy

[@malkdk]

"it's stealing a little bit from everyone else who has that currency" yes, you transfer value from everyone else to yourself, but it's not theft. if a person chooses to use a currency that is easy to replicate, that is that person's problem and should definitely not be defended by the state (which I would otherwise expect to defend private property rights). "you are inflating the price fraudulently" agreed. "is that the same as robbing you?" no. it definitely isn't.

[@chrisfofana2732]

Rune K. Svendsen in what solar system 👎🏾

[@charronfamilyconnect]

How many people are capable of being entrepreneurs? Not many that I know. How many people would revolt and go on strike and shut down production if given a choice between taking pay cuts or getting fired. Your ideas about deflation are great but seem to lack practability in this current economic climate where people only look at monetary value IMHO.

[@malkdk]

imagine I create some random currency, like Disney World dollars. should reproduction of these paper slips not authorized by Disney World be punishable? I don't think it should. at least I don't want to pay for Disney World not being able to print a currency that isn't easily reproducible. on the other hand I do think violation of private property rights should be punishable. so I don't think these two things fall in the same category,

[@vivaparenzo]

yes but it would not have any value... ticket for Disneyland has value, WD stock or some financial paper has value, one could argue you can also write 100 dollar on paper but since it doesn't represent gov. force or gov. debt obligation it has no value. If you make exact copy of 100 dollars note, from ethics point it's not a crime unless you claim it represents force or good work of somebody else (the gov.) - by paying with it.

[@vivaparenzo]

and also in theory is not a crime if you pay with perfectly counterfeited 100 dollar, but only if you don't spend real 100 dollars and burn it instead.

[@malkdk]

12:54 - how on earth does counterfeiting violate private property rights? it's obviously dishonest, in that - for example - you're claiming that the coin you have is gold, while it isn't. but how does it violate property rights?

[@robreke]

I suppose it violates property rights in this sense: one man is selling his property (whatever that may be, he's selling land, a car, some device, it doesn't matter for whatever it is, it's his property) for an assumed ounce of gold. He gives up his property and takes the assumed gold as payment. But, the gold is fake, and he has lost his property for fake gold. Therefore, his property rights have been violated.