The Price of Tomorrow | Jeff Booth + Andrew Yang | Yang Speaks

[@terrillmel]

I've been waiting for this interview. I read The Price of Tomorrow and said to myself "Yang needs to have Jeff Booth on." Excited to catch this one.

[@JetLife413]

Bitcoiners will be the largest single-issue voting block within the next five years. We are persistent, we seek truth, and there are more of us every day. Big opportunity for you, Mr. Yang. Thanks for having Jeff on.

[@tchadcarby8439]

Well said!!!

[@jackfiedler9910]

Indeed.

[@utubedude2842]

Bitcoin sv

[@Mkundera]

I have thought this for awhile as well, Bitcoiners are on the verge of becoming a huge political force and many will be single-issue voters.

[@dustinabc]

I was glad to vote last year for the candidates that were crypto advocates. #libertarian

[@jonp.1084]

Jeff is one of the great visionaries of our time. Take him seriously.

[@joewollhower]

Jeff is so right about our inability to see and appreciate another system while we are in this system. Central planners will build higher walls and deeper moats. This is what I fear.

[@danielm5161]

I don't understand Jeff's position very clearly. Prices are definitely going up on rent and real estate. But on nearly every other commodity prices have gone down and in many cases are free (software, music, food, cars, traveling, beer, baseballs, clothing, etc.). Both Jeff and Andrew acknowledge this. So I don't understand what exactly it is that Jeff thinks will break the camel's back so to speak.

[@sondorp]

I also had a hard time understanding exactly wat Jeff means. And why he does not buy into a UBI. The psychological power of a UBI is enormous in many ways, it would take the sharp edge off of capitalism and enable us to work a job we actually like. I would not mind i that was done through blockchain or bitcoin, as long as the message is that our lives and the land belongs to us and not just to some big corporations. So you d first want to create that income floor before people can see clearly about where we're going next, as most people are just too stuck in their workist jobs to even think about any of this...

[@effexon]

@@sondorp my take is, he doesnt have "silver bullet", but one take on things... so piecing these better solutions, improvements like UBI to system, we may eventually see what it should be. This is my thinking, kinda like iterative software development or painting , where original idea is there , but not sure what result will be.... but fixating on result (beforehand) isnt important but making things better, if mistakes, then correct those, re-evaluate and so on.

[@soberanisfam1323]

@@danielm5161 ppl don’t have money to spend due to unemployment(low labor participation rate) and overwhelmingly low wages. That is deflationary. So who buys the products if no money? That means more stimulus

[@UnderstandingBitcoin]

@@danielm5161 because you are measuring them from zero not from negative (b/c technology provides the ability to produce them cheaper & make them more abundant)

[@Jindu841]

Now this is the content I’m here for . #Yang2024

[@vondoromal7016]

Here here... Andrew Yang has cool friends...

[@Mj-th7md]

I love Andrew Yang but its time to face the facts that the majority of United States citizen does not want Andrew Yang to represent them. 2024 seems like it will be another repeat of 2020

[@vondoromal7016]

@@Mj-th7md I hear you... Do you think being Asian is a contributing factor??

[@Mj-th7md]

@@vondoromal7016 Oh yes. I think at the end of the day ethnicity and race does play a role. People like to have similar people to represent them - its by nature. Not everyone has a open and smart mind like Andrew Yang. There is a narrative that if a Asian man end up in the white house, China wins the 21st century.

[@vondoromal7016]

@@Mj-th7md the narrative you brought out makes sense and is really applicable. If Andrew Yang is relegated to just being a thought leader and a man of cool ideas, will running a political party or just being behind the scene will be more effective and efficient of his energies???

[@markpyne8354]

Love these Bitcoin maxis that perceive the big picture. Like Jeff and Robert Breedlove also. Such an eye opener this one.

[@alexmm01]

This guy gets it. Knowledge is free. Credentials cost money. I know plenty of people including myself who rank low in scholastic achievements but are passionate about acquiring knowledge. On the reverse side, I know plenty of college grads who lack passion about anything and rest solely on their laurels (I mean the fact that they have a degree but have not learned anything new in the last 20 years due to lack of interest).

[@buffteethr]

Exactly. I was programming at 12/13 yrs old and if I had more of an entrepreneurial mindset I would have skipped college and continue learning on my own. In fact, most of what I learnt in college 25 years ago is obsolete.

[@PablitaPicasita]

@@buffteethr same

[@digitalfinanceweekly2931]

THIS is the conversation I needed to see. Andrew, if you go pro bitcoin standard you would change the world and free us from our own destruction. Please help us 🇺🇸

[@alankern9490]

I feel like I finally understand the world economy at a bird’s eye view after this interview.

[@lynnstarr8573]

I appreciate the economic lessons you are providing and possible alternative systems, because obviously this one hasn’t been working for decades! I also find value in references of reading materials.

[@UnderstandingBitcoin]

Bitcoin is the bridge for everyone to a new economic system that provides abundance.

[@ericwhite1000]

Dang, I am so late to the party here, but read Jeff's book recently and now going back through some history. First I was totally Yang Gang in the last election and I have my MATH hat and a MATH sticker on my computer monitor. This came in a time where I was a total WTF about what happened to the world, and started off on a reading and watching bonanza. Without going into great detail, I still like Andrew a lot because he is smart and open minded, but Jeff has radically changed my world view solidifying a lot of things around a solid concept that given this learning bonanza, is just obvious. Listen to Jeff, he has nailed it. Andrew has to get on board. We are screwed otherwise.

[@xqt39a]

I am totally with you on this.. Booth has basically nailed it. But a remediation plan is yet to be fully understood, I like the work of Tony Seba on disruption. Check it out if you haven't already, I don't like all his stuff but I think he is on the right track. Although the US is moving toward more censorship, it is still pretty easy to find all the best ideas somewhere on the internet if you keep reading and watching as you are doing and so am I.

[@joelhansen7373]

My brain hurts! What an awesome podcast!

[@JetLife413]

Great interview. You should try and get Michael Saylor on next.

[@jeninamillion5297]

Always a pleasure to listen to the people that Andrew finds interesting and relevant.

[@kranston22]

I love Yang. I have voted for him at every opportunity I have had. But he needs to take a second, listen, absorb, and digest what Jeff is saying before jumping in to respond. It doesn't feel like Yang is really engaging with Jeff.

[@xsw882]

Unfortunatenly Andrew, education, housing, and healthcare are no longer the only places where inflation exists.

[@AC-vp4ss]

I’ve learned so much from Jeff!

[@paytwoyaj8332]

Wow Jeff was on point! Good to hear his thoughts and knowledge.

[@harrybath]

Love this! Brilliant important discussion

[@philiptaele4894]

"System change can't come from a system that created the problem." -Jeff Booth 13:50

[@h2jennings]

Exactly!

[@eweseloh]

Killer Mike makes this point to - like a battered GF. You can't expect a system, that you say hates you, to do right by you.

[@dingfeldersmurfalot4560]

Conversations and ideas like these should break the internet more than somebody's butt does.

[@KLXz17]

Please continue to learn about money, the system, bitcoin and inflation/deflation. Our future depends on it as a species!

[@HariOm-dp7um]

A proper diagnosis is essential if we are ever going to improve society.

[@Underfighter73]

Very insightful 👏

[@austinm419]

Great convo!

[@syrupgoblin4920]

Andrew my guy we need you to lead us through this unprecedented transition right now

[@abelincoln7346]

I fought hard for Yang, and for him not to speak out against body subjugation with economic punishment is so wrong.

[@martynparish2294]

Did Andrew just get orange pilled? :)

[@royinafrica]

Dig deeper, Yang!!

[@brucepollock55]

Great Explanations Jeff. In such a Calm, Understanding way.

[@SR-lh4rm]

Very interesting conversation and guest. Going to grab that book. Always thought the principal driver for all the money printing was foreign wars and militarism more generally. We've been in an almost non-stop state of war (both hot and cold) over the period during which all this money was printed.

[@User0resU-1]

Militarism is needed to back up the petrodollar with force. Petrodollar is needed for cheap oil for the USA. Money printing is behind this and many other problems. This isn't my random opinion, it's expert analysis.

[@SR-lh4rm]

@@User0resU-1 Which experts? Not buying it. Money is an instrument of power, not vice versa. Money printing is a consequence not a cause. The cause is militarism, which itself is in some sense necessary to ensure the world plays by one set of rules. I can understand why people dedicated to crypto would put money printing at the root of all evil (since that makes them the "heroes" of the story) but that isn't the way the world works.

[@flyingsnow311]

I saw Jeff Booth talking about the ideas and conclusions of he's already before, which I totally agree with. The question I ask myself is, in case Andrew was voted to be president of the US, how much could he change? I guess not much, bcs the system is so much corrupted. At the end he would be most likely disappointed himself about he's presidency. But we need People like Andrew on another point. First we need to provide a new terrain a new environment which is allowing such a change to the better even happen. So Mr. Yang I highly recommend putting all your effort in a strong movement which fights for this change, we need you as a leader figure for such a movement and change. And who knows might it work next time with another run. Thank you

[@evanstair1547]

Long time Yang gang met you in Dallas. Please keep going down the bitcoin rabbit hole. If someone can change the math/rules in the game at any point while playing it that group will win. What you want is a hard set of rules that can’t be f d with, that are fair.

[@yohan9747]

Props to Andrew ! You seem to be a very honest guy. Whether I agree with you or not on what to change actually does not matter as you seem the kind of guy who will change his mind if he learns new things. And jeff is the boss!

[@RockGlock10]

Great stuff, gentlemen. Thank you.

[@jackstarling2795]

Wow great guest

[@PTracer921]

Great conversation!! I'm reminded of Eric Weinsteins embedded growth obligation (ego). This is really the root cause

[@Ngutech]

I haven’t found anyone who can poke a whole in Jeff’s argument. Anyone else?

[@Life_as_Game]

Partial - I think he is discounting the price we will pay for 'status'. Part of the cost and drive to go to college is the status you gain, and the more scarce and prestigious, the more status. Housing has an additional component of land - deflationary forces can make homes better, but the best land is usually already taken. While this doesn't entirely go against his core thesis, I don' think you can directly map money printed = college and housing costs. There are other factors that play a role.

[@statnerd9263]

very interesting conversation - one of the better episodes. I'll have to check out that book.

[@DueceBandit]

Awesome and thoughtful

[@jasona5806]

So many questions…. When’s the town hall meeting so I can attend?

[@busymikey]

Best interview yet. Followed for more #Bitcoin content

[@emerraldx]

surprised the crypto scammer bots are not all over this comment section 🤪 great conversation guys! still love Yang’s optimism on humanity, it sounds so hokey but I really think he is on to something, put trust back in people and they just might prove their worth again and make UBI work without much inflation

[@beginnersguide4556]

I didn't find him. He found me. I forgot if it was the 2 or 3 speech. We need to get people to stop asking How and start asking ( When? ) If Yang can find an off note in the parade like me he's definitely on to something. LOL...

[@BitcoinerPhilippines]

20:30 Andrew is not letting Booth cook. That's Booth's power. He's not saying down with universities, hes just saying that's what's going to happen.

[@PablitaPicasita]

agreed. but what do you mean by "That's Booth's power."?. thanks!

[@matasuki]

Oh shit I didn't even realize he talked with Yang

[@kristinludlowUX]

"The curious, driven person that is always learning, that is finding their way to learn, I would hire almost a 100X over a 100 over somebody that just thinks I got an education and now I'm done." And so with an internet connection you could learn - you could get to any PHD Professor - you could learn anything on the internet." Amen.

[@fromthepeanutgallery1084]

Everything I ever learned at 'school' does not exist in the way it did back then. eg. "film". "transistors" "vacuum tubes" "tungsten lights". I've had to relearn everything on the "KZbin" and, It's free, quicker and better.

[@xsw882]

Im so upset at how much Yang went from "inflation wont happen because theres no money printing" to "inflation and money printing dont matter"

[@diveej]

Once you dig deeper into Bitcoin, you begin to realize that it is truly a potential solution to the money problem that humans have faced. Bitcoin.... NOT crypto. It's important to not conflate the two.

[@Jindu841]

Could you briefly explain the key difference ? Thanks in advance .

[@diveej]

@@Jindu841bitcoin maximizes for being tamper proof from anyone or any group (important to get base layer money out of the hands of government)…. The world needs a 21m hard capped supply money. Crypto is a bubble built on people trying to find “gains”, marketing with false promises disguised as “innovation”. Any innovation that does happen outside of bitcoin will eventually be built on top of bitcoin. This is what happens when you have a world changing technology that is completely open sourced…. A bunch of people copy it. That’s basically what the crypto industry is. Barely any substance. And where there is substance, it’ll eventually be built on top of bitcoin.

[@beginnersguide4556]

Part of the problem with Bitcoin is our governments don't want to give up the ( foreign exchange rate ) for a flat World WIDE currency. That would mean our country's would have to get along.? When you control the money you control the people.

[@peterbedford2610]

The gov needs rising prices while the consumers want decreasing prices. The end result is more and more people become dependent on the gov. UBI seems like a logical next step. Social security for far more people.

[@austinbyrd1703]

The main claim of mmt is that "the only thing to worry about is _inflation_ when offering cheap credit" Which is simply not true. Cheap credit misallocates resources to undemanded/lesser demanded ventures, & at the same time as higher order production (thereby distorting our time preference/the structure of production). Monetary expansion also creates a dependency on continuous overvaluations. Not to mention distorts price signals, because of relative price stickiness, unequal velocity within different sectors, circular demand within scarce demanded goods (assets), & the cantillon effect (which outpaces wages). Speculation also increases as lesser educated consumers spend & borrow, thereby exacerbating volatility & the misallocation of resources. When these ever-growing malinvestments inevitably must end, & the spigots of cheap credit are cut, a _'deflationary death spiral'_ must ensue. You *have to* allow resources to be freed up, consumption to be detered, & then properly allocate them to where they're demanded. If not, you're only exacerbating the inevitable. Market set interest rates & a scarce divisible currency naturally fix this. Lenders & borrowers must compete for *scarce* savings. Through sound credit standards, based on proper price signals, these funds are allocated to demanded ventures. In direct proportion to how demanded they are & how much consumption is detered through saving. Since there's no inflationary effects, our time preference of consumption & production is balanced, thereby allowing projects to reach their full potential. Artificially cheap inflationary credit interferes with needed corrections & exacerbates structural issues. We need to raise rates (default if need be) & let the market properly restructure. Building up our productive capacity is the only way to viably get demanded goods & services. *There's no shortcut.* Mmters also define 'inflation' differently, which leads to a lot of confusion in the debate over their stupid policies. They define it as the *cpi,* & a *terrible* measure of it at that. There's obvious problems with this, as different (numerical) prices can be affected differently by monetary expansion. Prices could drop, rise, or stay in various sectors. What you're not factoring in is *opportunity cost & foreign investment.* Prices would've been lower had we not intervened. Foreigners finance our reckless spending. We get most of our produce from imports & don't produce much of anything, especially that the world demands. Nor do we have any plan to in the future. Our trade & budget deficit is only going up. In other words, our entire economy is a bubble built on inflationary credit, at the world's expense, & we have no surplus coming anytime soon. The world would abandon us...if their job markets weren't built on fueling consumption. Plus they have a huge amount of public & private dollar-denominated debt, & will get sanctioned out of the global economy if they don't comply with the US's wishes. That or we pull Bush & invade in the name of _'fweedom'._ It's a global monetary order that should break down. Since it's conception real wages have relatively stagnated, productivity has worsened, & the only way out of further global deterioration is to swallow the painful medicine of a credit crunch & freer markets. The longer we wait, the harder it will be to correct these malinvestments & put us on a better path.

[@DinSea19]

Question, how is it ethical to tax people in higher income brackets more and at the same time hit them again with higher priced health insurance costs without subsidies, while people that are taxed less receive the same coverage at a lower rate with subsidies? What's the solution? It almost seems like a disincentive to work harder and earn more when more is taken from you and redistributed in ways like this that don't seem equal.

[@UnderstandingBitcoin]

Inflation is redistribution of wealth

[@devinshaw3814]

This is great

[@austinbyrd1703]

Prices falling isn't bad. In a free market, under a scarce currency, they only fall from increased productivity. Expenses fall unorder for prices to. Businesses earn money on the margin. It doesn't matter if they sell at a cheaper price when their expenses also fall. Allowing deflation merely encourages saving. Saving is good. It frees up land, labor, & capital for lending/investment.

[@kam2775]

Dollar bad, bit coin good. Remember, bit coin is priced in dollars. Can't print silver & gold.

[@xqt39a]

Very cute.. but many people such as myself started in gold and switched to bitcoin as my primary investment. Like gold, bitcoin has scarcity allowing for its use as a currency. Unlike gold, it is easy to move and it cannot be manipulated as Goldman Sachs did with the gold market. There is no counter party risk with transactions. No nation state can disable it. You can destroy the entire network except for one node, and it will quickly rebuild itself . It is a freak'n miracle. Indeed, all you have to know is dollar bad bitcoin good !

[@PablitaPicasita]

Bitcoin is priced in rupees.

[@polyannamoonbeam]

Very enlightening.. but I just can't take my eyes of the pot plant. If I could just move it off the book .3-4 inches toAndres left .it's cornered against the ceiling. Bad feng shui 🙄🤔😬

[@kathryntate6809]

We ned a system grounded in the common good before going forward with more technologies.

[@teakaymania]

Ok, I'm 8 min in and Jeff Booth having a smile and a laugh, followed by sincerely complementing Andrew Yang on him being really thoughtful about the future and the topic of this interview, brings back my passion for Yang Gang and Pres you know who - - it's Drew for you, boo. Really sad how Andrew got so beat up by the DNC. Did everything right. Integrity while trying to practically play the rules of politics. I hope Andrew, you don't just run on "free $$" next time. I think that underestimates the intelligence of the average voter. Treat Joe Shmo as though Shmo was a prestigious French word. Joe and Ms. Shmo may not know how to describe their incredible intellectual abilities, but their gut is often as accurate as the mind of a scientist. The Shmo's will vote for you if you treat them as equals. They'll tell you if they want you to "dumb things down" for them. Like you, they're humble and self-aware.

[@AmericanJobsFactory]

"The Red Hearing Effect" book, has a solution I like.

[@bulletproofmofo]

Interestingly, BTC does nothing to restore trust. It simply gives us a viable platform for communication and trade that is trustless. We humans still need to figure out the trust thing.

[@danileis8015]

Yeah, I'd hang out in the woods and pursue creative interests. With automation and fewer jobs in the future...UBI is actually a good option for some people to leave the workforce willingly.

[@simonAdeWeerdt]

Could we have a system displacement on the level of money? IE a better value exchange.

[@charlesmiller6281]

Bitcoin is the answer, and the only answer, to liberty and prosperity for all mankind.

[@PablitaPicasita]

Did Yang edit out Booth's criticisms?

[@beginnersguide4556]

UBI. So i can say. Computer, I'll have a order of ( Klingon - Kick Ass ) with a side of ( I Told you So...) ;D

[@kevintse2870]

Jeff Booth seems to be talking about tragedy of the commons with the "rational actor."

[@alvanmidema6092]

Jup

[@PaparazziParadise]

Jeff never considers Black Swans, "We've had a successful electric grid for 150 years now .... of course its always going to be there". Survival will transact in gold, silver and barter when computers can't perform.

[@UnderstandingBitcoin]

LOL yes let’s go back to the stone ages. Bullets & cattle will be more valuable. Gold and silver were previously used as money b/c of the work needed to produce them & their scarcity. It has a monetary premium. Bitcoin is demonetizing them.

[@tristanmoller9498]

I have trouble agreeing with his premises. Firstly, technology does not only have a deflationary effect on goods. For example, cars have become a lot more expensive due to technological innovations (so there is both, a deflationary and an inflationary effect on the economy. The claim that the deflationary effect is larger requires a quantitative study imo). It is true, that technology, that is expensive right now, will become cheaper in the future (deflationary effect). Nevertheless, it is equally rational to assume, that newer technology will be as expensive in the future, as new technology is today (compensates the previous deflationary effect). It might be true, that solar power and wind energy are becoming cheaper over time but those commodities do not have nearly enough weight to presume an unrecognized, non-negligible deflationary effect on the economy, that would increase wage deflation by any tenth of a percentage point in comparison to the measured inflation. Especially, since it is not even all forms of energy necessarily becoming cheaper as a whole. Honestly, I expect at least a study (maybe from an institute) cited as source for such a claim. Simply put, the claim that the wage decrease is actually larger than the measured inflation requires more sources for me. It seems to me, that the real problem is not inflation but the fact that wages are not keeping up with inflation. Inflation is widely accepted because it keeps this economy running. The main problem with deflation: If a system is based on deflation, any rational actor would postpone investment or consumption until a later day, since he can reasonably expect the price of that consumption or investment to go down in the future. That would put a halt to economic activity besides the most necessary transactions. This shrinks demand, resulting in less revenue for companies and job losses. How will this be addressed? On top of that, it is very difficult to achieve no inflation or deflation whatsoever. The value of any currency is going to fluctuate relative to the goods and services in the economy. The effects of inflation are more easily compensated (through wage increases) than the effects of deflation can be compensated. That is why we strive for cushion of 2% of inflation. Please let me know, what I am missing.

[@Morristown337]

Why is food going up and up and up? This is a lot more then the big 3 this time. It is not just healthcare, education, and housing; it is almost everything around me. Without a UBI (which will drive up inflation another 10% at 1k per adult); How do we stop this trend from destroying the dollar and breaking the economy? Is it going to stop? Did the 13 trillion influx to the economy with no resource to back that up going to destroy the system? Or will it just cause inflation to double 2019 basically cutting everyone's wage in half? If it is the latter then a 10% inflated UBI at 1k per adult would really help us. If it is not going to stop and is a runaway train then a UBI would bring the collapse quicker, right?

[@UnderstandingBitcoin]

Price these things in bitcoin and you will see the deflation

[@User0resU-1]

Andrew, interview Andreas Antonopoulos on bitcoin and you will be orange peeled. He is head and shoulders over the rest as the best communicator and educator on this, with real integrity.

[@alvanmidema6092]

I would not bet on inflation as the biggest argument for crypto, at least not an inflation from developed markets rather than those from underdeveloped markets. Liberal Arts economics is being replaced by postkeynesianism

[@beginnersguide4556]

A little something to make you smile. Finding Joy and Happiness. Jul 1. 5:59. There is no such thing as to cute with the Dalai Lama.

[@UnderstandingBitcoin]

Jeff is great macro mind. Bitcoin is not a political solution. It’s a technological solution.

[@guamae]

Near as I can tell, the "purpose" of an Economy, is to incentivize people to make the things that need to be made. And to distribute that limited quantity of things to the people who need them. So people get paid for making things, and use that money to buy the things they need. The "value" of a currency is based on what you can use it for. Gold and silver was valuable for much of history because of its intrinsic value. But now we have Fiat currencies, and historically, something that gave those value, was that the government/king wanted taxes paid in that currency, so it was useful for barter. Doesn't matter if it's pieces of paper, or wooden sticks. Right now... Cryptocurrencies are commodities with no use case. Their value is erratic and unpredictable... Who, why, and for what reason, would someone give me a pizza for some cryptocurrency? There are countries who have had SERIOUS ISSUES with unstable currency values... and they had to pull some serious shenanigans to stop that... I can't imagine the pursuit of that to be a good thing... or to "solve" any issue...?

[@تسلق.النخيل]

Mentioning Bitcoin is conflict of interest with the idea of this book, also wealth is not an issue is confusing too. What did Bitcoins made or benefited the normal people and how you could the auther promotes one specific coin and not the others? What is wrong with gold as a fortune for your kids but may be it is not allowed and can be confiscated here. Do you know about the government created BITO? Could this be a LONG leash on Bitcoin?

[@yuniwakamatsu2376]

Deflation is bad in this economic situation because you have zero income if you don't have a job. But when more and more works are automated away,deflation isn't bad with UBI.

[@heinzyketchupy4175]

This is why I laugh when people are quitting their jobs to rely in gov printed money. This is bad for business

[@tristanmoller9498]

I have trouble understanding his justification for the need of such a radical, new economic philosophy. If his problem with inflation is that people lose money, wouldn't the easier step be to advocate for higher wages, that adjust to inflation? Or lower taxes for the middle and lower class or a redistribution of wealth from people, who own capital to people, who don't? The main problem with deflation: If a system is based on deflation, any rational actor would postpone investment or consumption until a later day, since he can reasonably expect the price of that consumption or investment to go down in the future. That would put a halt to economic activity besides the most necessary transactions. This shrinks demand, resulting in less revenue for companies and job losses. How will this be addressed?

[@z120p]

I don’t know about you, but the fact that next year’s iPhone will almost certainly come with more features for the same price (or the fact that this year’s iPhone will be cheaper next year) doesn’t stop me from purchasing the phone now if I believe it will confer value to me in the present. A deflationary economic system does not stop consumption of goods I deem valuable. An inflationary economic system does not inherently increase the productive capacity of an economy, which is where true growth lies. In fact what it does do, is skew the direction of capital into largely non-productive assets (like real estate) as people scramble to find a means of earning a ROI that outperforms the rate of currency debasement, with the expectation that real estate should continue going up forever. The ultimate effect of this, of course, is a widening of social inequality as existing indebted asset holders find it easier to accumulate more debt to purchase more real estate (the function of which is further currency debasement), while those who don’t own real estate see prices soaring to levels that preclude entry. You can reallocate capital from the rich to the poor, sure. The societal implications of that can be enormous however. The issue lies largely with mechanism of an inflationary fiat monetary system that benefits leveraged asset holders and allows them to accumulate more assets through additional leverage, while simultaneously destroying the purchasing power of the lower and middle classes.

[@tristanmoller9498]

"A deflationary economic system does not stop consumption of goods I deem valuable." A deflationary system will change, what you deem as valuable though. Example: If I can expect the cost of a renovation on my house to cost me 2% less next year and that renovation is not urgent, than it would only be rational to put off that renovation until next year. If I am rich enough, I don't care but there are enough people, who will put off unnecessary spending until a later time. As a result, we do decrease consumption in many cases. Not in all cases, as you might still buy the iPhone, but in enough cases, that it will have a noticeable effect on the economy. "skew the direction of capital". Please elaborate on what you mean with the "direction of capital". Thanks. "An inflationary economic system does not inherently increase the productive capacity of an economy, which is where true growth lies." I agree, true growth comes from increasing productivity, often but not only through technological and process innovations, mostly attributed to competition and through upscaling company operations. But no one claimed that growth is the reason we want to have an inflationary economic system. We want to have one because the negative effects of it are easier to mitigate than the negative effects of the deflationary system. All we need is that wages should be increasing. But for some reason older Americans didn't appreciate their unions. Feel free to let me know, why inflation is the problem in and of itself.

[@jakemeadows3478]

@@tristanmoller9498 Its not some idealogical battle between deflation and inflation. The point here is that whether we like it or not, the economy has transitioned into a state where it is naturally deflationary, and yet our system is set up for a previous economic landscape that was inherently inflationary. Thus all the problems with wealth inequality and our inability to modulate our consumption while managing debt levels and keeping people employed. Not to mention making no progress dealing with the environment. These are all symptoms of a mismatch of economic policy and economic reality. Monetary deflation is bad when the population is exploding, and monetary inflation is bad when the population stabilizes and technological deflation is exploding. We need congruency between reality and monetary policy. That's Jeff's point.

[@tristanmoller9498]

@@jakemeadows3478Ok, so let me know, if I got the thesis right: Until recently, we had an inflationary economic reality. The population was growing, so it was necessary. Since (when exactly?) new technology came along, the economic reality shifted from inflation to deflation. Adding to this trend is the fact, that our population is growing slower and slower. Therefore, we should stop striving for inflation but rather for deflation. My questions: Since when exactly did technology change our economic system from inflationary to deflationary? If a rise in productivity or in availability of goods through technology is now defined as deflationary, has technology not always have a deflationary effect on the economy, since the industrial revolution? What was the turning point? I also do not want to compare ideologies but find the best solution, so how are we going to deal with the negative effect of deflation, that I stated in an earlier comment? Wouldn't a population increase be deflationary? In that case, a slower population increase would create less deflation. The population growth has been the slowest since the 1930's (www.washingtonpost.com/dc-md-va/interactive/2021/2020-census-us-population-results/ ). My thesis: What Jeff Booth is describing of a driver of deflation (for example: free songs, free pictures, free social media) is not actually a driver of deflation. If songs became cheaper and people spent less money on them, those people would spend that extra money on other goods. Making the prices of these other goods rise. Since these goods are all different for every person, we don't notice the price increase on any one of these other goods as much. As a result, these people actually owned more goods than before. We simply got richer. This is a good thing. It makes it so, that someone, who is poor today is still a lot richer than someone, who was poor in the 1950's. New technology and cheaper prices, driven by competition and the individual's passion or wish to become rich, simply elevated everyone's wealth. And as I said, when the prices dropped a lot for one good, they rose a little bit for many other goods. Furthermore, new technology can make prices of certain goods fall but also rise. Cars are the best example of something, that has gotten more expensive with new (now often necessary) technology. And the fact that the TV from two years ago became a lot cheaper is also counteracted by the fact, that there is a new TV-model today, that will be as expensive as the old one was, when it was new. In conclusion: There is no inherent deflationary effect in the economy. Jeff Booth is simply describing capitalism, when it reaches its goal: Making everyone better off than before.

[@austinbyrd1703]

The healthcare industry is the most regulated market in the US, second only to the financial industry. Crazy how those industries have huge problems... Massive booms & busts and a misallocation of resources from low rates, and high as hell prices with healthcare from various interventions. Take occupational licensing as an example. This creates massive scarcity amongst doctors, increasing the cost of their labor, and in the end having said cost pushed onto prices. Not to mention public industries such as medicare, medicaid, and obamacare. They divert resources away from private sector jobs and offer huge pensions, encouraging labor away from private sector jobs as well. They then get into a bidding war over said labor, with the government ultimately winning. They can literally steal endless amounts of money, not to mention print it. Intellectual property is another huge issue. Government grants to own arbitrary ideas in other's heads. Yes, this does encourage innovation to acquire said monopoly, but it also monopolizes them lol. So that not only halts innovation within said ideas, but jacks up the price to the creator's whims. People have to beg the creator of penicillin unorder to legally make penicillin. This 'innovation' is just a weird subsidy for the rest of the world. A world where they stupidly agree not to copy our IPs. Healthcare in scandinavian countries is only 'good' relative to our corporatist system. Even there it doesn't compare on quality/wait times. Their cost of living is through the roof from the taxation & deficit spending needed to fund it. The only issue with US healthcare is the *price.* And people wonder why. The interference in insurance has led to an immense moral hazard. Community ratings & guaranteed care for the old subsidize risk, unhealthy behaviors, & reduce the demand for individual savings & preparation. People no longer want/have to individually work harder through life & prepare ahead of time. Each individual is naturally more or less susceptible to certain diseases. If cancer runs in your family, you are going to have to save more than others. You shouldn't be reckless in your youth, rest assured that you'll be bailed out in your later years. This wastes scarce resources. Reckless wastefulness should be disincentivized. The old, who have more savings in a free market, can absorb the higher costs of care. The youth can't. The youth should be encouraged to save for when they're old, as the elderly are a larger liability. The productive, healthier, less risky youth should be able to pay less. This'll help them save for when they're older & have to pay more. Yes, those with uncontrollable conditions will have to pay more. And? They've accumulated a lifelong supply of appreciating savings, & have countless charities, friends, & family to help. All of which are now *more able to help.* The productive youth live with a cheaper cost of living, don't have to go into debt as much, can now use their funds to earn even more through productive ventures, & (in the end) build their savings. With more disposable funds, they're more able to help those with a higher cost of care. Community ratings in insurance & guaranteed care have made things terrible. It's brought up the cost of insurance & care drastically. We shouldn't subsidize the elderly who didn't prepare ahead of time. Those who can't control their costly conditions will receive help from willing able people. We just shouldn't collectivize the risk & cost.

[@LarsOutzen]

21:40 inflation is exactly the same thing as wage deflation it's the opposite side of the coin so in other words to try to create more jobs you're paying people less in real terms and their income and their savings are going down in real-time in real terms and you one and we wonder why we have conflict growing, conflict all over the world it's caused by that exact same thing

[@tommyhutchinson6482]

"The essence of all slavery consists in taking the product of another's labor by force. It is immaterial whether this force be founded upon ownership of the slave or ownership of the money that he must get to live." - Leo Tolstoy

[@Lorofol]

Dafuq is with the random intermissions lol, this is youtube.

[@Ducotevision]

Entertainment has gone wayyyyyy up… only cheap electronics have somewhat gotten cheaper…

[@LEDit0ut]

2 years later and Yang is still talking about UBI. Does he not understand that UBI will lead to more inflation?

[@buffteethr]

I DISAGREE with Andrew's take on college. All those things he outlined are GOOD but it is matter of risk reward. The tuitions some of these colleges are charging are NOT worth it. Would you buy your kid a Ferrari for his job delivering pizza? If you going for Engineering, Medicine and other STEM then college is worth it but ONLY at the right price. You have kids graduating with $100k in student loans with degrees for jobs pay $40-50k a year. if you have to go to higher learning go to a Community College and get work experience.

[@heinzyketchupy4175]

If u look at liberal schools, they’re keeping kids for a year and a half more to take “requirement” classes that is useless to the degree they want to achieve. Liberals want this though, more money

[@leofrancovich3892]

Yang gang and Bitcoin were always destined to merge

[@ppha0244]

"Get off zero"

[@UnderstandingBitcoin]

Get on zero fiat

[@n1mbusmusic606]

Space based solar power. piston fusion reactors being developed in canada. mining the moon. outer space heavy industry and bio/pharmacuetical manufacturing. and bitcoin.

[@kathryntate6809]

What about the Bank for International Settlements in Switzerland? It makes all its money on the debts incurred by countries, and it gives money back for emergencies like Germany after WWI. All countries are covered yet Yang and company perpetuate the horrible myths.

[@K_Woudenberg]

Will UBI only for people who are pro Big Pharma?

[@Nphen]

You guys are too "inside your own system" to see that inflation isn't occuring simply due to increase in money supply. It is due to (in the mid & long term) lack of investment in productive capacity and (recently) labor shortages combined with spot supply chain disruptions. It's true that crypto, equities & bonds are affected by monetary expansion, as well as *some* of the underlying general inflation. But for solely monetary policy to be driving these cycles, money velocity would have to increase. Instead, velocity has been at all time lows for decades now as money accumulates in offshore bank accounts. The USA needs a national resource extraction & recycling policy as well as a system of building colleges. Backed up with a Federal Jobs Guarantee. There is *so much* work to get done which is not being addressed. Millions of Americans must be trained to build and maintain millions of new homes. Parks & trails need upkeep. Billions of trees must be planted to reduce heat in cities. The oligarchy itself is creating inflation to line their own pockets. Break up the monopoly banks, utilities, and resource extraction cartels and erase trillions in bad debt such as student loans. America needs a Post Office Bank to issue low-interest mortgages. No more Fed juicing the money supply to "try and lower interest rates for consumers." No more giving free 💰 to the rich. Time to deliver better services to the 99%

[@terrillmel]

Nah.

[@heinzyketchupy4175]

Gov printing money is a VERY BIG FACTOR 🤣😂🤣😂🤣😂

[@Kakerate2]

12:00 wow this guy actually has an insane amount of insane 16:00 education is free, credentials are not

[@jamessalazar6702]

If yang is open minded enough to get out of the fiat mentality of just papering over all issues with printed money because it’s just common sense how unsustainable that is. Than maybe we have a chance. Bitcoin is truth bitcoin is key it’s the only life raft capable of transitioning us from the collapse of fiat safely

[@n1mbusmusic606]

"certificatoin: will become acessible or free once cryptographically secured databases(BTC sidechains) combine to validate online educational milestones. essentially a college degree, what you are paying for, is your entry into a database.

[@tristanmoller9498]

This man claims, that all of economic theory has a huge fatal flaw in it. According to him, we should strive for deflation instead of inflation. I enjoy the openness that Andrew Yang has for such new ideas but such a large claim should be met with more critical questions. If he was correct and every economics professor in the world was wrong, his idea would have the weight of a nobel prize... There are many problems in a deflationary system, none of them were addressed here.

[@jakemeadows3478]

Jeff's point is not that we SHOULD live in a deflationary world, but that it so happens that we DO live in a deflationary world. People have stopped having kids in developed countries, and technology is deflationary and growing exponentially. It doesn't matter what we want, we need to adapt to a changing economic order. That's his point, its not about some fancy idea of what could be, but what is.

[@crystalparker100]

Relying on old men who don't know how to use a smartphone is not going to get us out of this mess. Boomers voting like it's 1980 are destroying the future of the country. Time to retire the gray hairs.

[@BitcoinerPhilippines]

36:37 Listen to this Andrew. I voted for you before cause of your envisioned solution given theres no other else, but this one is a lot better and more feasible. Deflation is the default system of humanity, and current system is fighting it so hard even demonizing it.

[@gabriels335]

36:45 You make no sense... prices keep going down, SO DO THE WAGES AND SCARCITY OF EMPLOYMENT

[@xqt39a]

I don’t quite understand why Yang laughs about the world burning, he may have adopted an elitist mind set

[@helloktl]

If he doesn't need to sell more books, why doesn't he offer it for free?

[@sandcastles23]

Nothing in life is free

[@UnderstandingBitcoin]

Because he put forth human energy to produce them. You don’t have to buy his book. You can find the audio book for free.

[@gzsg1]

Andrew interrupts too often.