WBD Live in Miami - The Money Printing Debate with Jeff Snider and Lyn Alden

[@TheEngineeringHub]

Why does this video only have 85k. Come on guys, these guests together are amazing. Great episode!

[@bobsondugnutt7526]

The constructive discourse on display here is infectious. I hope it keeps happening

[@ChiIeboy]

I think there's a vaccine for that...

[@gregorya326]

Thanks for having Jeff and Lyn on, they are two of my favorite money experts.

[@adiintel1]

no love for Lyn Alden?

[@davidmarilley6060]

Banks create money, not the FED. Read the Bank of England white paper for mathematical proof.

[@JCV123]

Yeah, I really enjoyed the video too! 👍 I have just uploaded a video about inflation and money. The video does not go into how the money supply is actually increased - But it is a video that gives a really good and intuitive image of how prices/inflation, money and the free marked is connected. I have made the video in an easy to understand manner, so it's perfect to recommend for friends and family members thats trapped within the mainstream perspective.

[@lambchoppa3718]

Thanks to Peter, Jeff and Lynn! Very good debate, even though uncomfortable at time and unfortunately some went over my head. But I learn more from two people disagreeing than agreeing and trying to make a debate comfortable. 👏

[@donklee3514]

Wow, this is one of the best debates on this subject that I've seen in years. The economic renaissance is happening right in front of our eyes. The science of economics is asserting itself courtesy of two skilled analysts. No smoke and mirrors of the economic religions clouding the debate with two hundred year old nonsense that has no place in modern public policy debates.

[@jp34604]

If it were not for Danny they would not be there together, extremely under rated!

[@lurkern]

Thank you for getting both these legends in the same room!

[@Rich_7755]

Yes we need more of this

[@95TurboSol]

Jeff is the best to listen to when in conversation with other people

[@maiaheiss2991]

I agree. I have a hard time assimilating his message from his reading voice. It frustrates me because I know it’s not for his lack of knowledge or any deception, it’s just that it’s a somewhat choppy performative delivery.

[@chrisrobson3753]

Has to be the best macro debate on your show, with valid points on both sides. Even better that both allowed one another to speak without dominating their view like (P.Schiff). Can't wait for more! 👊🎤

[@UnderstandingMacro]

This is one of my favourite and most important conversations I've listened to. Not sure who is right or wrong, but it's eye-opening to think no one really understands or can come to a consensus on how the existing monetary system works.

[@rexmundi273]

Jeff is on another level.

[@RougeDeBlah]

Lyn is a charlatan

[@nijagm]

It's magical and served by magicians.

[@bradspitt3896]

​@@rexmundi273When he says the commercial create money, isn't he really saying they create credit? What money are they creating?

[@WeLoveGameMusic]

​@bradspitt3896 well all fiat money is credit, they're two sides of the same coin. Money *is* credit, credit *is* money.

[@eugenewhite164]

Who does not love Lynn :) lots and lots of respect for Lynn and Jeff. Thank you for such great people and content.

[@tcjoyce11]

This is fucking awesome, huge props to WBD for bringing these juggernauts together. These are the debates people NEED to hear because of how insanely corrupt and convoluted the current system is.

[@bencrocker8317]

So great to see these two together. Both have been really important during my catastrophic but liberating frame braking over the last few years.

[@Raventerp01]

Favorite WBD video of all time!! This debate was the fantasy I didn't know I needed to experience. Would love for this to be a yearly thing! Their disagreements really seem to be nuanced and not all that material in the grand scheme of things. The back and forth was scintillating and I could watch it for hours. Brilliant job putting this together!

[@paul_devos]

Having first listened to Jeff Snider on your pod and having listened to Lyn several times -- awesome you finally got this together. That said, as a Scientist/Mathematician I feel like Lyn is speaking Gravity and Jeff is speaking General Relativity. Lyn's arguments and explanations are simpler and are very good explanations for a lot of applied/practical more local applications. Jeff's taking the General Relativity in how the big, big, big biggest landscape is interacting on those component levels. IF the US government somehow fails and we somehow let this debt spiral out of control... we may see a Japan-like QE level from the US but that time as the global reserve currency... and how that unravels everything else out.

[@Andrew-ww7qq]

Jeff never seems in the slightest bit phased or caught out. For him, it's not open for debate, he's simply telling you the way it is. I've never seen anyone like him. He's practically an automaton. He never swerves or reverses, he has the map in his head and he's happy to share it with us mere mortals.

[@BubbaShaffer]

@@Andrew-ww7qq that maybe great to watch but he is incorrect. Money is a commodity and certainly does not need to be elastic. Lyn is correct. Study Austrian Economics.

[@cyclingphilosopher8798]

Jeff doesn't consider bank reserves to be money, only M2. Lyn does view bank reserves as a form of money. Only difference between them.

[@omrit2]

​@@astromatheo_pl6782is Jeff a government plant?

[@captainbalding2288]

@@BubbaShafferJeff owned Lyn. If commercial banks won’t lend, QE is irrelevant and it’s not money printing. If it doesn’t go into the system, they are printing money and then lighting it on fire. Lyn is 100% wrong on this. She says you need fiscal, if you need fiscal and commercial banks, QE isn’t money printing

[@theinflationsituation8870]

Brilliant. What a treat to see Lynn & Jeff discuss face-to-face. Thank you!

[@trevordowney6425]

These two show how deep the rabbit hole goes. Excellent to be able to get them both together. Great job.

[@mattd2081]

Awesome interview. Lynn’s comments at around 55min in during the Q&A made me think of Bitcoin effectively being like gravity for money. It doesn’t care about politics. It’s just physics

[@unfretted1]

Thank you for this, great to see two thoughtful and insightful people discussing the elusive concept of money.

[@sunburnfm]

I love this! I woke up, started my computer and have a video with Jeff AND Lyn. I must be dreaming!

[@nacetroy]

Great discussion, of course, but also big thanks to whoever prepped the sound on this - most of these talks at some random venue have terrible audio - not the case with this presentation, I could hear everyone very well.

[@LetsTalkTorah]

Woohoo! What an educational interview! Thank you to the WBD folks and to RS Energy for making this possible! And what an excellent opportunity to hold up two models of understanding and see through each lens. I have listened to these two for several years now, plus a few others who are grappling with the principles they teach. I can truly appreciate both points of view, and the world is so much richer having both of them in the world!

[@TheRealDerekS]

I really love Lyn, but I have been so impressed with Jeff's ability to stick to his positions and perspectives even when hes obviously outgunned in Miami 😂 I love the challenge he brings us

[@RedTTHayo]

Jeff's stuff goes way deeper than the more banale popular beliefs that Lynn and the other BTC adepts subscribe to. Try following Jeff's work. It really hurts your brain. But it's worth it. Ngl, it took me a while before I understood his point of view

[@BitcoinerPhilippines]

Cause he's not listening, just responding to certain keywords that he hears that jives with his next argument, but not responding to the whole argument.

[@supersleepygrumpybear]

Jeff was way, way better when it was him and Emil

[@neekcux]

@@BitcoinerPhilippines I think Jeff is actually mechanically right here. Lyn is easier to understand, so people think she is the correct one.

[@SP-cx2qi]

He's been wrong about inflation. It's here, and we're all feeling it... We'll, I know I certainly am!

[@MikeStillUK]

PS this is the best comments section on KZbin because Danny takes the time to filter out the scammers 🤙🏼

[@GEOPOLITICALANALYSIS]

Excellent! Jeff is the Euro-Dollar system master teacher!

[@mc-kz8zn]

6 months from now, you should have a follow up to this - informal setting - and invite Luke Gromen. As an addition, although it's probably not her style of interview, you might want to consider inviting Danielle DiMartino Booth particularly from a Fed perspective. That would be an unbelievable panel. Great episode, will have to watch this one again - thanks WBD! Awesome work on this!

[@PatrickN.]

Hey Peter that was excellent! Thank you for getting these two together and for once I loved how Lynn didn't try to "accommodate " her debater and see it his way too and try to say in affect both ways are right. Only one way and answer is right in these kind of debates and Lynn proved that in this conversation she was very much on the correct side of the topics talked about. I'm glad someone stood up to Jeff and just not assume he must be right because he is so smart and trys to baffle people into believing him by talking over their heads. Well Lynn was right their with him and showed how he was not correct and she was right. Love how she DOESN'T talk over our heads and talks common sense. I always will believe someone who makes sense over someone trying to con me with "non"sense.

[@RealCapitalNotes]

This was great. I love how "in the weeds" it was. This is the high level of very detailed content that I like. Everyone needs to keep pushing the limits of the experts so we can all keep learning and this did it. Thanks for getting them together for the debate.

[@danmunch1267]

Fantastic interview!! Thanks WBD! I'm so glad Lyn pushed back on Jeff's insistence that a good money must be elastic. Gold became money DESPITE being relatively inelastic.

[@zachtimmer1]

and it failed and was replaced by the marketplace because it was inelastic

[@fightclub6777]

And this is why gold is not money today but the Eurodollar is. Gold has been used as money in a bunch of different times and occasions throughout history yet it always failed

[@antoniobergamasco7799]

Gold is elastic, around 2% a year. But I get why you support the arguments or it. It perhaps got way too expansionary.

[@Rich_7755]

@@zachtimmer1 exactly, it was being hoarded and in control of too few governments

[@F_C...]

That's why we left the gold standard. It wasn't elastic enough to allow the dollar to be the world reserve currency.

[@dcfunhouse]

2 of my favorite experts on all things financial/economic--thanks!!!

[@MikeStillUK]

The energy in this show was SO GOOD

[@jimperkins9661]

First time watching WBD on KZbin. Great discussion. Lyn and Jeff pulled the absolute best out of each other. I watch Jeff every day (nearly) but I disagree with elasticity. Sorry, Jeff. Pricing and divisibility solve whatever is bothering you.

[@Zoofactory]

I almost can’t believe you pulled it off! Thx for bringing us all together (with Lynn and Jeff)❤

[@STEV3.147]

Great show. Love Lynn. Amazing intelligence, very balanced insight based on sound reasoning.

[@milkshakeplease4696]

she is clueless lol

[@BubbaShaffer]

I strongly agree

[@BubbaShaffer]

@@milkshakeplease4696 study Austrian Econ

[@jamesbowman1767]

Thank you Lyn. Jeff is smart, but I've been patiently waiting on someone to put him in his place.

[@ggrthemostgodless8713]

Love them both, Batman needs his antagonists or he gets lazy, maybe even loses purpose.

[@Andrew-ww7qq]

The conversation just scratched the surface and was by no means deep enough to determine who's view of the world is the correct one. Dare I say, I doubt its humanly possible to reach that point in any case.

[@boughton89]

I actually thought Lyn kept going off on tangents instead of sticking with the topic at hand, especially about QE. Jeff provides more hard evidence on this topic.

[@bobthebuilder9416]

Can we get more comments discussing the actual points instead of a bunch of glazing for attention

[@otsomiettinen4049]

Jeff blew my mind some time ago with his collection of monetary theory, his ability to reveal the central bureau puppetmasters for what they are, all clown show compared to hidden dimensions and the sheer amounts in question, explaining small systemic details with his academic understanding and his ability to zoom out in unbelivable depths of the Eurodollar system. Lyn ties the system in historical context in a more concrete way, it feels to me, and her arguments connect to my understanding of historical shifts in similar way as many Austrian money theorists, historians and Marxists with their observations on power/capital dynamics. It's great how you brought them on stage together. I've kinda considered them both rock star like figures, for well deserved reasons and it's beautiful how they play out from eachother. Good job with this channel!

[@eddy5476]

This is the show I dreamed of! And apparently I wasn't the only one... Thanks Peter

[@tomcaviar7651]

I wish we had more of these 2 Titans debates. Thank you both for coming and hope to see more

[@peacefulprepper2402]

Outstanding points from both sides. We need to hear these two more often.

[@jingmu1289]

Really appreciate the debate. It makes things so much more clear.

[@bitmau5]

I Remember your first 6 podcasts. Amazing to see where you have come from, to where you are growing. Big shout-out man, you're awesome. Thanks for putting this event together, and thanks for all your prior work that got you where you are today. It's great to see.

[@postscript5549]

This is a very interesting conversation. I have to pay attention to follow it. The two different understandings of liquidity makes it MORE interesting.

[@LostSoulAscension]

I gotta admit, I literally had no energy for mental capacity to process this debate 2 months ago. But I finally do and I can finally actually hear what theyre saying. The crowd was a bit too distracting to be honest. I prefer silent debates where the crowd either respects the space or not have one. Also the stage mics were not ideal for articulate audio quality. A lot I wished for with this debate like the your original podcast quality. Thanks for the amazing efforts to bring something like this together. It's highly desired by all of us who listen to all the macro heads on youtube.

[@misterbacon4933]

This is one of the most interesting show I ever seen!

[@oneeleven9832]

It’s amazing that two of the most informed people on the subject have different opinions..just shows how complex the monetary system is..that’s before they introduce new rules when there is a ‘glitch’

[@misterbacon4933]

This should be done all over the world! 👍

[@Lights_Darks]

Thanks so much for this. To be honest, most of it went over my head but I couldn’t stop listening. Very interesting.

[@gloriamariadc7757]

This is perhaps your best episode ever ever ever thank you thank you, thank you!🎉👍🏻👍🏻👍🏻

[@PatrickN.]

Loved it Peter when you had Jeff nailed down by asking him how long it took the dollar to become that world wide most accessible currency status and he said many many years. And you replied that he then just needs to be patient when it comes to bitcoin. These things don't happen overnight. Great point Peter!

[@ICreatedU1]

1:01:24 That was the most self-assured, well-spoken and sophisticated question I have ever heard being asked by a member of the audience at a debate. The confidence is dizzying. I'm gonna go out on a limb here and say that she is no stranger to public speaking.

[@ClevelandWhite-c8s]

This was so great. Snyder is my fav macro thinker and Lynn is great. If I could think of other “versus” battles you could host I would think Luke Gromen vs either Brent Johnson or Mike Green. For more tailed arguments on inflation/deflation I would suggest Alex Guerivich vs Michael Howell

[@SP-cx2qi]

Thanks to all. That was fantastic..

[@nielguaman9412]

Top 5 interview. Great work Peter! & Danny!

[@0088Marcel]

broo Lynn is 100% value and Jeff too so this video is 200% of standard value .... GREAT DEBATE...

[@c.p.1090]

Please have both these more and more.

[@Stavros_Steven_Deriziotis]

Great debate! Jeff is correct and has put the time in.

[@b_tang]

I could watch them talk for days. So interesting, learned a lot.

[@georgelien]

In 5 years, this discussion will be very entertaining.

[@codyr2318]

I’m stoked that you got these two people together!

[@nadinemaag5834]

Best format ever!

[@riongull]

One of the best conversations I've heard in my 10+ years in cryptocurrency.

[@Rmadillorc]

Top notch stuff Pedro! Might have to watch it 5 more time to understand everything. 😅 Jeff & Lyn ❤🤝 ❤

[@cyclingphilosopher8798]

Keep in mind the difference between monetary base and M2 money supply and it all starts to make way more sense.

[@eyesWlDEOpen]

Love this. Need more of it, exchange of ideas with different perspectives

[@YourManifoldWorld]

"No, We're talking here..." That slayed me! lol This is the level of education that no University will EVER give to you.

[@simonf7367]

A fantastic discussion. Respectful and informative. Great content here. Thank you.

[@mecedesrob]

Excellent. Lyn finally convinced me to buy Bitcoin.

[@TheHumanMeat]

I love Jeff! Throw out all biases and priors and understand what the data is telling you. Don't fit your ideas into the data!

[@BubbaShaffer]

Jeff is wrong on many levels. Money is a commodity. Money certainly doses not need to be elastic.

[@jeffinchi]

So nice to watch grown adults engage in a mature debate

[@utpharmboy2006]

somebody get our politicians to watch and take notes

[@chilidem]

Love Lyn's comment about what users of money want to see in money and how that might differ from a "perfect" and elastic money.

[@rachelbinto]

This is a good debate, have to watch it a couple more times. Back in 2007-08, when I heard they were "printing money", being rather naive, I was convinced Gold would appreciate greatly, so put a significant part of my saving into gold mining companies and lost six figures in the process. Since then I had been wondering how the hell all this works. Now I have a better clue thanks to people like Jeff and Lynn and those of you who organize such events. The debate between the extremes of hard money and fiat money seems akin to the debate we have with everything else in our lives -- say freedom vs control OR say being nice Vs selfish. I think the human purpose in life is to constantly bump into these limits and hopefully learn a few things and shape ones Soul in the process. In Christian belief, God upholds the hard law and offers forgiveness at the same time, so not surprised human economics is subject to a similar limitation. I think Jeff mentioned "humility" -- I am thinking along the same lines. That said, it may finally be a good time to buy gold mining shares :) BTW: Why is everyone looking red in the face. Have they been drinking??

[@c.p.1090]

Peter. Your channel will be studied in posterity. High quality discussions. Even hundred years from now.

[@sandymilne224]

Loved this exchange! I’d go with Jeff’s analysis as well as Lyn’s explanations. The difference is in “effect”. But there needs to be enough money for a given population size. If there isn’t enough money to go around, it becomes scarce - meaning expensive. If it’s expensive, then it becomes inaccessible to people.

[@BitcoinerPhilippines]

Bitcoin can't expand the supply of 21 million, but it can definitely increase the the divisibility, even to trillions and trillions of units. It will never be expensive.

[@concept.angkor]

If there's not enough money or if money is scarce, or better, it's supply is "fixed" like hard assets, then it makes the money scarce not the asset you are purchasing. If the scarce money you own is 'expensive' or valuable to you, you'd be more reluctant to spend or use it, less spending results in less demand and hence lower prices.

[@supersleepygrumpybear]

@@BitcoinerPhilippines But it's slow. That's why there's layers. And the layers can be divided into further increments. And are you sure it's 21 million? I thought it was 184 billion 🙃😂

[@Rich_7755]

@@BitcoinerPhilippines What does being able to subdivide a currency unit matter to the price of a full unit? That doesn’t change the fact that people can outbid each other and raise prices. Nobody has been able to prove whether or not an economy can grow to its full potential with limited amounts of current units that can be subdivided.

[@io_421]

@@Rich_7755 What does the "price of a full unit" of money matter? Is there something a "full unit" can do that a bunch of smaller units can't?

[@aaronnorton2006]

After listening to the first 10 minutes it became clear to me that the issue isn't QE/QT, it's there isn't enough money in the system to pay down all the debt, plus interest. The trouble is usury and the leverage it must have to keep [the system] going. Economy has less and less to do with ecology in that respect, which is precisely opposite of how it is in the real world. Thanks!

[@CurtisNew1]

What was refreshing about this debate was that neither person was coming from a disingenuous point of view. Debating is not an easy (cognitive dissonance is a B, ;) ) and this went from a somewhat uncomfortable start to a settled foundational debate thanks to a good moderator's subtle feedback/interaction. Perspectives on an obscured economic system with political inputs is always fun and interesting. Thanks all.

[@HankyHanky12345]

Interesting discussion but not managed well. If 99% of those there and thus who'll be viewing online can't understand or aren't following, it's the moderators job to redirect the discussion. This had a lot more potential honestly. Still thankful it took place, of course.

[@giszTube]

Thank you for setting this up.

[@JimJamJuicy]

Hmmmm, some interesting disagreements, Thankyou for giving me topics to research further

[@Kingramze]

The problem is that debt IS money - regardless of the system. It creates a ledger where the lender is legally owed their money plus interest back and the borrower is able to use the money lent at the same time and circulate it throughout the economy. So, the same money is both sitting earning money and being spent at the same time, thus inflating the supply. AND, that debt note is essentially an asset that can be sold to a new owner for money, proving it effectively is money. Since the dollar is defined as debt, is created by loans and destroyed by paying off loans, it has a very unique elasticity -- in that if demand for money goes up, new loans (supply) can be created to match the demand while also creating MORE demand (to pay off the principle and interest on that loan), but it's in a proportion such that inflation doesn't get out of hand as would be the case if one was just printing money. Even if we move to another system, people will still find a way to create loans, the funds from the loans and the contracts for those loans will be exchanged, and then you're effectively right back to where we are. Let's say we use bitcoin. Now, I want to buy a house, so I need a mortgage. I go to the tokenomics bank and sign a promissory note (mortgage contract), and they give me bitcoin to buy a house. I give that bitcoin to the former owner in exchange for the deed to the property. Now, I have to earn bitcoin to pay my mortgage... but, the tokenomics bank has that mortgage which it can sell - and that mortgage is a promissory note - not that different than a reserve note only it's backed up by my promise instead of the federal government. You can get notes from buying a car, too... and any other debt. All these notes are just a different form of currency outside the currency you choose with various backers and risks -- not too different from the fiat notes of various governments. If Bitcoin isn't elastic enough to where everyone who wants a loan can get a loan in that currency, they're going to create a secondary currency of IOUs, and then you're eventually back to paying for everything in reserve notes like the dollar as not everyone who wants a mortgage will be able to find a bank to approve a loan as the tokens need to exist and be in an account at the bank in order to loan them out - unlike USD which is created out of thin air on a ledger at the bank as it's needed. And, if the bank doesn't have the bitcoin to lend and instead creates an IOU for bitcoin that people who want to transact in bitcoin can pass between each other instead of the real thing, well then you're back to a fiat system as well - as that IOU is only as good as one's faith in the lender.

[@713daehkcarc]

Gotta hand it to Lyn for the majority of this one, as much as I love Jeff for Eurodollar analysis. Hope he sees the light some day.

[@garymccraner1129]

I think Lyn is great. I love listening to her talk macro. But I do believe Jeff dives a little deeper on the subject of QE.

[@wagashimanju]

It's about time someone ran circles around Snider in a debate! Best part was the jab at 25:00 from Alden "Bond bulls have been devastated". Perhaps that is why Snider and his partner in crime Van Metre lost 32% in their "Portfolio Shield" last year.

[@cas343]

Bitcoin got wrecked and the altcoins got even more wrecked. "Store of value" lol

[@MrMutantlast]

Lyn Alden is amazing.. Just came here to listen to her.

[@FantasticNozzles]

Two superstars on the same stage... great job!

[@atif8614]

Jeff's view of money, as informative as it is, is very archaic. People like him are still stuck on paper money being the end be all, even if its access is limited to many around the world

[@matthewhammond859]

You know Jeff is backing a crypto stable coin project? Bot sure how you got the interpretation.

[@jcantonelli1]

​@@matthewhammond859 Perhaps he was referring to the idea of Jeff's support for monetary elasticity?

[@theillestinmanila]

​@@matthewhammond859backing a stable coin project does not seem to be a counterpoint here lol what? Of course he wants a stable coin

[@Joe-vx3jj]

❤Love Jeff. Thank you all

[@boldbaatardashdorj9389]

Awesome show❤

[@derek.seaborn]

Just a suggestion, but when you’re having opposing views like you do here, it’s best to first establish first where they agree on, which can be done by the moderator or each person can steel man the other’s view. Then, determine the precise point in their reasoning in which their views differ. From there it’s much easier for the audience to follow the distinctions between their arguments.

[@m111ark]

This is the most important debate we're facing today... and Lyn wins. For anyone in doubt, spend some time with John Titus at Best Evidence. His videos rely on facts as found in documents from commercial banks and the FED. Jeff is right that the fed only prints reserves however, when the FED buys treasuries from non-banks, like Blackrock, banks act as intermediator and credit Blackrock with deposits equal to the reserves from the FED. And John provides the proof.

[@hill2750]

Props to Jeff for coming out to this.

[@BluegrassStoic]

I'm as giddy as a kid at Christmas seeing this group talking together

[@ScrotieHongKong]

Great informative discussion. Thanks

[@pscileppi]

Jeff is the clear master. Lyn kept switching the topic as Jeff seemed to provide too detailed of an answer that was beyond Lyn and the moderators. Jeff’s kindness and patience here is phenomenal.

[@jcgoogle1808]

Yep. Jeff is correct that QE is not printing money. While Lyn kind of said what printing money was,.. ie sending checks directly to consumers as opposed to the Fed buying treasuries and MBS'es from the dealers and issuing reserves so they can lend money. The creation of money through lending has associated with it an asset and a debt to be paid back,..where upon the reserves disspapear. Which is not inflationary necessarily. Sending checks to consumers has no obligation to pay it bac and therefore is inflationary. Along these lines,... and banks creating money,.. as Jeff said,.. you need a monetary system that is elastic. That is,.. a money supply that can expand when economic growth requires it,.. to avoid deflation,... and contracts when not needed to avoid inflation.

[@jcantonelli1]

Don't sleep on Lyn - they simply didn't agree on certain things. No disrespect to Jeff - I'm a fan - but his defense of monetary elasticity continues to leave me unsatisfied. It reminds me of the "people won't ever be comfortable with the idea of nominally decreasing salaries" argument, which has always struck me as convenient, overblown, and even a bit condescending. There's no techincal reason that a predictable issuance policy can't work, especially when divisibility isn't an issue thanks to the arbitrary precision that digital money affords.

[@durrer9038]

At least he was pretty wrong on his forecast about inflation. He still doesn't call it inflation what pretty much everyone has been experiencing for over a year now.

[@mm-zw1zc]

I disagree. Lyn is easier to follow, but also more thoughtful, consistent and logical. Jeff makes interesting points, but never answers key questions like why there is a need for monetary elasticity in the first place (he just takes this for granted, but IMO this need is only an artifact of the bad practice of fractional reserve lending). I think he is mostly right on the Eurodollar credit being primarily backed by banks with zero fractional reserve, but he ignores the distinction between credit and money. IMO his analysis doesn't help you decide what you should do given the situation.

[@LeloRetsam]

Jeff is an expert of the present world. Jeff knows so much that he disregards future, outlandish possibilities. He is like a master of chess that knows that A then B then C. He doesn’t even consider A, then B then V, because that’s highly unlikely. Lyn is an expert of the world we will have in the future. I think, maybe both are correct

[@MikeStillUK]

Well put.

[@zachtimmer1]

how can you be an expert in the world we will have in the future?

[@cyclingphilosopher8798]

They are indeed both correct. The only difference between Lyn and Jeff is a semantic one. Jeff doesn't consider bank reserves to be money as they aren't included in M2. Lyn does consider bank reserves to be a form of money (she called it whole sale money, I believe).

[@andid8515]

great show

[@xrpcryptonaire6712]

Best debate ever!

[@dmytrosoroka7335]

Many thanks from Ukraine! Concerning ideal money system: it should preserve the purchasing power of a saver, who can be confident in the future of his earnings, imho.

[@waynerichardson1051]

Excellent episode today!! Lyn and Jeff were awesome!!

[@Dandy852]

these two are brilliant. i am trying to keep up.

[@cyclingphilosopher8798]

Keep in mind the difference between monetary base and M2 money supply. It makes it way easier to keep up with them.

[@dinsilkhannaz7696]

both are great... thanks for the upload, I learnt plenty of new info today

[@HoisinCrispyOwl]

Worth it just to hear Lyn swear

[@PiriyaSambandaraksa]

This is an epic session.

[@NastyDevil137]

Two of the best