The Future of Money: Todd Hirsch at TEDxEdmonton

In May 2007, Todd became Senior Economist at ATB Financial. As the bank's top economic expert, he tracks and analyzes developments in Alberta's and North America's economy. He holds a BA Honours in Economics from the University of Alberta and an MA in Economics from the University of Calgary. For more than 20 years he's worked as an economist at several different companies including Canadian Pacific Railway, the Canada West Foundation, and the Bank of Canada. For almost a decade, Todd taught economics at the University of Calgary.
In February 2012, Todd released his first book titled, The Boiling Frog Dilemma: Saving Canada from Economic Decline.
About TEDx
In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)

[@thetruth3322]

Very deep.

[@thealexgalaxyoriginal]

If this guy was talking about knives he would not mention cutting bread or spreading butter. He would focus on their use for stabbing people.

[@beltranangarita326]

Alex Millar Brilliant comment.

[@eddy-currents]

That is an amazingly good analogy :'D

[@gpnulife]

Alex Millar i noticed the same. he was herd driving. central bank mouthpiece telling us what will and will not be around? as long as the drung dealers continue wearing all that gold around their necks and fingers, the central bank will stay just outside the light of the shiny metal. precious metals are the silver bullets to the werewolf or garlic and wood stake to the vampire.

[@gpnulife]

Alex Millar i noticed the same. he was herd driving. central bank mouthpiece telling us what will and will not be around? as long as the drung dealers continue wearing all that gold around their necks and fingers, the central bank will stay just outside the light of the shiny metal. precious metals are the silver bullets to the werewolf or garlic and wood stake to the vampire.

[@mohdsalmanansari3377]

Thank you sir ok

[@rgaleny]

genius is the capacity to recognize the obvious

[@martinverbeek8862]

Arguement: Fractional reserve backing & compound interest

[@stephenross7663]

9:11 , should be 21 million not billion.

[@bobm404]

21 million, not billion.

[@MrAnibl]

Too little amount. This is why it will never compete with real currencies.

[@secowi2656]

Yeah, too bad computers cannot handle decimals. We should invent something that can do math and thereby handle numbers that MrAnibl can feel comfortable with.

[@MrAnibl]

Secowi.. come again!! you did not made any sense are you a troll??? because it seems like it! decimals? what the hell that has to do with anything??

[@bobm404]

Welcome to this space, space of cryptocurancy. Mr Anibl my face is turned blush with red. Take time and learn on You tube about Bitcoin. You will find lots of information. So, your words tell me I have just made one of the most fantastic investments. Yes, 21 Million is a good thing.

[@khaledbaderuk]

its divisible to 8 decimal places

[@dprsarchambault]

Great talk Todd, so many tidbits of information if people are willing to listen. Let's just hope ABBA did get it wrong.

[@BrendaCCarr]

Local money for local values. Money is TRUST that values can be transmitted from one place to another, from one producer to another.

[@geralddecosta320]

Money is the mathematical relativity of value. It is created in the mind and captured as a record of exchange value going in one direction and actual negotiated value in the other direction. Money is valueless. Its true value lies in facilitating the exchange of of negotiated value. It is split-barter. Read E. C. Riegel and Merrill Jenkins books on money.

[@gregcollins3404]

I am reminded that money has 3 purposes: 1) As Todd talks about here, an exchange of value. 2) A measure of value. 3) A store of value. Unfortunately, our modern money is losing the last two. As the quantity of money is allowed to increase (or inflate) through the growth of the money supply (and the expansion of credit) the value of all things is constantly changed and stable prices are a thing of the past. With money losing 95% of its value over the last 100 years, money is no longer a long term store of value - especially now with the coming negative interest rates. I contend that having stable money, that holds its value is not only honest, it is a powerful advantage for and economy. Politicians and Bankers and Economists that damage the quality of money through monetary expansion and quantitative easing, are laying the seeds of ruined money and are ruining the economy. Bitcoin and other virtual monies are no answer because, while there maybe a limit to one of them, there is no limit to all of them.

[@10XTrading]

Surprised to see that TedX speakers don't know their stuff. Evidently doesn't understand bitcoin mining and also @9:21 'there are 21 billion bitcoins' - nope, it's 21 million that is the maximum that will ever be in circulation. Colossal difference.

[@bearh8928]

no central bank behind bitcoin doesn`t mean no central unelected authority. right?

[@davidgibson7044]

In about 100 years money will not exist in any form.

[@adamski8985]

David Gibson because we will all kill each oder.

[@mmpoiss]

should be 21 million

[@billyjoeallen]

"21 Billion"?? it's 21 Million. Only off by a factor of 1000.

[@nakib5010]

welp, he was wrong about bitcoins lol

[@summondadrummin2868]

Wow what a Visionary! Who does he work for? His talk is misnamed it's could be called~Money Rules and That's Just the Way it Is. Rather then explore future possibilities he links them with Golem and Drug Dealing.

[@ultimabass101]

money is an idea blown out of proportions, but its too late so... People should really stop supporting big food companies and help support the local farmers (and local farming)... atleast then you know what you are eating. The more power a company has, the less they care about you, and the less you should care. Treat others like you want to be treated you know... People forgot that somewhere along the way.

[@alexandersmithers7392]

If your going to leave a comment like that, cite a source or two? It would be more convincing and productive than adjectives and superlatives.

[@hugobugsy]

He said 21 billion. It's 21 million. With an M.

[@ZokcoPokco]

Boring. I was waiting for a heavier point. Did not get it. lost 20 min.

[@HillbillyHippyOG]

Just his way of discouraging bitcoin use while convincing the listener that the oligarchs will continue to be on top... but “that’s ok” because we will think poorly of them and that will teach them.

[@RedWinePlease]

US Treasury creates the currency (cash), not the Central Bank.

[@electrodacus]

The future of money!!! They have no future. As strange an implausible as it may look the money can not have a future in a technological world. When everything is automated and there will be no need for jobs they can not work. You can only have money if they are needed and can be exchanged for something else than money. I have no idea how to solve this problem but there is sure a solution. One thing seems sure for me and that is that money have no place in the future.

[@shinseiki2015]

i share the same view dear friend, no more money within 7 years, thanks to 3d printing and asimo:D

[@alexpeek8760]

here's the leading paper on job automation. apparently 47% of jobs today are at high risk of automation within the next decade or two. the graph on page 37 is the best part. www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf

[@electrodacus]

Alex Peek Thanks, it seems like an interesting paper. I do not see any job that can not be affected by automation, even those less likely to be automated will b affected by the rest. Something will need to change drastically well before 47% for humans are lost. I now build a low volume electronic device and I'm forced to do manual pick an place of components something that even a simple automated machine will do much better and faster than me at lower cost. I can just not afford right now to invest in one but I will do so quite soon. In just a bit larger volume that machine can work a few order of magnitude lower than any employ in any undeveloped country. I can place about 300 components/hour at best while that $5000 machine can do 7000 so 20x faster wile using under 100Wh of electricity at a cost of about 1cent or less/hour The amortization cost is a bit higher with 15000 to 30000h of operation is 15 to 30cent/hour still way less than any people will accept as wage. Not to mention you need 20 people to work as fast as that machine and they will need more training that the machine needs and they will make way more mistakes.

[@alexpeek8760]

yeah i agree with all that. I think the 'Green New Deal' that the Green Party is suggesting is the answer before 47% of jobs are lost. They want to dramatically reduce unemployment by creating tons of government environmental jobs.

[@BitcoinMotorist]

Nice talk but Mr. Hirsch is a little ignorant of Bitcoin. 21 million BTC not billion like he said will be created. Bitcoin's creator is no longer involved with the development of the project but there is no evidence that he has shunned the project. Bitcoin's appeal is that it is a disruptive technology and will do fine no M

[@marquezj286]

21 million.

[@None12445]

....and when we get to;”end of work...” then what? end of money?

[@vidmaroutside7090]

all feds (and revenue) are dominated by private banksters. central tool to drive this game is BIS organisation in basel. its per definition and agreement with the swiss government (bundesrat) - see webpage of this organisation - a special kind of legal entity , without control, diplomatic status to people this organisation tell themslelves (they name the persons which are related to them) it in all belongings (taxfree, fraudfree, no arrest, buid an special currency...even no entrance to the exteritorial building). This has to be cut off first to make your ideas to work. How to do this, you work out. good luck.

[@roseagain2]

Great speech! Central banking Epic Fail

[@filippajak8431]

get rid of money period. We need to become a resource based economy. It is very realistic and possible. By no means is it communism though, not if everyone has access to everything and anything at any time.

[@geisty]

Filip Pajak there is a difference between demurrage and interest (scarcity) based currencies. I'm all about RBE too, but first we have to decentralize food systems and production in our cities. Currency and money is not going to be what it is today, in the future. In the future it will be simply a measuring tool for how we are living in balance with earthly regeneration, likely a suite of algorithms that help us guide the planet into peak trophic cascades. :)

[@IGONODave]

21 billion bitcoin????

[@elefski]

Why I didn't hear this a few years ago? F*** google.

[@paulsmith6176]

21 billion are you sure ?

[@Scandoboy1000]

I too expected some heavier point, and was waiting to reject socialist ideas, or ideas of guaranteed minimum incomes, but it all just stayed fluff with no heavy ideas at all. oh look pretty little clam shells were once used as money.

[@BitcoinMotorist]

matter what regulators think of it.

[@johnnyherbert5970]

Time waster, pure opinion piece

[@52darcey]

Wow...move on folks absolutely nothing to see here...go listen to ABBA - you'll learn more!

[@SuperRoycethe59]

How do you not use Tedmonton. Wasted opportunity.

[@foxy19681904]

Money is a dead end. Its time to adapt or die. You can either evolve past money and survive or you can keep the death grip on the money and go the way of the dodo. Its time. Machines and computers are going to be doing the majority of the work. Governments will no longer have any revenue to provide money for the unemployed. So get over it. Its been 2000 years give or take and you have only become more obsessed with it. I fear you will not give it up. I would like to say one thing though. The Amish have been doing it for hundreds of years and they didn't fall apart so it can be done.

[@rgaleny]

see karen hudes on yt

[@abz998]

Who cares. Banks are needed in society anyways.

[@2serveand2protect]

I KNOW WHAT YOU GOTTA DO! - GO ON STRIKE! yeah! CANADA ON STRIKE!!...for MONEY!...MORE money!... :)

[@HillbillyHippyOG]

All you gotta know about the rich is that they “let their money work for them.” All you gotta know about money is that money doesn’t work, people do. When you understand that, you’ll understand the scam that has kept most people working for a tiny oligarchy.

[@BuzzZu]

i thought the story was that the sons were lazy and not doing their work on then the father told them there was treasure and basically tricked them in tilling the soil

[@brandoYT]

Just what is a Central Bank? In the US the Federal Reserve [Orwellian word as it is a cartel of bankers and this corporation was started in 1913 and finding out who are the "owners/members of the Federal Reserve system] You can check out their website and if you still can't figure out just who/what this Central Bank is, well just maybe you are not supposed to know. It may not be because you are stupid/uneducated, but perhaps it is meant to be a secret/mystery. BitCoin? Just how is this thing different from any other commodity? Even Goldman Sachs is speculating in BitCoin. Seems just another rigged financial game to me. Oh well. People can use anything they want as money, even sea shells or numbers on a computer screen or written on a statement.

[@geralddecosta320]

Bitcoin is a discredited monetary theory (using gold as money) riding on 21st technology. It is rigged and speculative. It does not meet the criteria for a means of liberating exchange. There must be a separation of "money" and State among a few other attributes.

[@thetruth3322]

This is what Jesus Christ was talking about. The Kingdom of GOD.

[@sylwesterbogusiak2334]

Let's create electronically, free of debt money for everyone. That much as someone need. Central bank could muliplies bank reserves in his main computer. Then commercial banks could add new money on customers account. Hyperinflation of electronic money is not the same phenomenon that occurs in the case of hyper-inflation resulting from the printing of banknotes. First of all, no state in the history of this world has yet experienced it. Does anyone want to be first? Full financed freedom for everyone is possible, since money started travelling with speed of light. (Fibreoptics). Debt money system is a new slavery. Wake Up. Do something for better future of your kids. Free of debt money for everyone, a solution to repay the debt. World debt is massive, let's start to repay this, and destroy this money. Repaying the debt to the bank destroys money. So really we need free of debt money in economy, otherwise debt crisis may happen again.

[@geralddecosta320]

Good explanation, especially distinguishing b/w EM and Banknotes of Government and Commercial bank connection. However, money should only be "created" by those who actively participate in the economy where they redeem the "exchange value" they create, free of debt, only reciprocity to the system or clearing ledger. It's only a matter of double-entry accounting / bookkeeping.

[@beetoo20]

great ! let's hope he is wrong only when he says we will still be greedy

[@Violet._.PhoeniX]

What a complete misrepresentation of bitcoin

[@geisty]

Silly-head.... This guy totally doesn't understand the frameworks of decentralized networks and why bitcoin is a miracle... Totally trying to disparage cryptocurrency with empty rhetoric... What a bojangler

[@geralddecosta320]

He doesn't know monetary theory or monetary history. Also, crypto is artificially created and its speculative relative value is artificially sustained by unnecessary and unwise waste of energy via computing power. There are better and more elegant ways...you will read about them in the next few years 2023 / 2024 (seemingly out of the blue).

[@balamstudios]

Purely opinions and way too long. No real data here

[@mequable]

The guy is too opinionated, but not very informed. Mentioning for a tenth time drug dealers and bad libertarians isn't really convincing your audience. If there's a need for an unregulated currency in the World, it won't go away just because you don't like government not having full control on people's assets.

[@SufixJami]

This guys full of shit when it comes to Bit Coins. He supports the system and anyone can tell he is completely biased, the bankers are corrupt and we all know it. Change needs to happen in the future and with Technology it will, PS. Creator of Bit Coin Satoshi Yamamoto has not "Backed Away" from BC, he just does not want to be known. Which for private reasons is very understandable, he pissed a lot of bankers off with BC.

[@Archimondeoo]

Spends 21 minutes comparing market libertarians to drug dealers, makes no actual point.