Podcast Notes Playlist: Latest Episodes

• Mimetic desire: whatever the people you surround yourself with want, you end up wanting as well, i.e. being subconsciously driven to achieve external validation rather than intrinsic validation 
• The constant desire to want to improve parts of your life or business turns your weaknesses into strengths
• “Most successful people are just an anxiety disorder harnessed for productivity” – Andrew Wilkinson 
• Andrew focuses on building businesses that do not compete with venture capital and whose success can be predicted with reasonable certainty 
• Andrew applies the “80/20 rule” to learning about health; spend an hour a month reading all of the scientific summaries and then don’t think about it again
• On raising kids with wealth: “At the end of the day, your kids just need to know that you’re there and you love them, and I hope that’s enough.” – Andrew Wilkinson
• The Concept of Self-Binding: create an environment where you can’t do the things you don’t want to do, such as eating ice cream, by removing the stimulus from your environment completely
• The unconscious mind is far more powerful than the conscious mind 

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• Money and currency are two different things
  • Money is economic energy, while a currency is a method of moving economic energy across time and space that is typically designated by a government 
• Fiat currencies are a method of moving economic energy, but they dissipate energy over time
  • For example, the US dollar dissipates energy at a rate of about 15% per year, and the Turkish Lira dissipates about 70% of its energy per year
• Bitcoin could become a $250 trillion ecosystem without threatening any nation state by demonetizing gold, then real estate, then corporate bonds, equities, etc.
  • It doesn’t have to “replace” anything; it can partner with people, companies, and nations and improve them 
• “If you want to watch how Bitcoin Hyperization happens, watch how dollarization happens … and does it happen with bloodshot or without bloodshed.” –  Michael Saylor
  • He doesn’t think it’s practical for the world to collectively adopt a Bitcoin standard anytime in the next few decades
• As Bitcoin grows and becomes more understood, rational nations will embrace Bitcoin holders, miners, and companies, which will result in more favorable policies toward Bitcoin
• “Sound money in the 19th century was gold. Sound money in the 21st century is bitcoin.” – Michael Saylor
  • Bitcoin is just the introduction of a better technology; it is not “coming to get” anyone or anything
• There don’t have to be losers if Bitcoin adoption continues; everyone can win
  • Instead of “Bitcoin fixes this”, the more appropriate meme is “Bitcoin improves this”

Michael Saylor (@Saylor) and Aleks Svetski (@GhostofSvetski) have a long-form conversation about the implications of Bitcoin and its effects on the world we live in today.

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“I think this decade is going to be transformative, but we’re still too early to say exactly where this ends up or how quickly this goes.”

— Lyn Alden

SHOW DESCRIPTION

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the rise and role of Central Banks: their intermittent role in the US’s history, the piecemeal erosion of a gold standard, the new era of easy money, and whether Bitcoin could replace Central Banking.

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Central Banks have played such a dominant role in our societies it’s easy to assume that they are required institutions within modern governmental systems. The idea that the market can determine a monetary policy and the price for money is well outside of the Overton window.

Yet, for long periods in the industrialised era modern civilised societies have functioned, developed and prospered without such institutions. Further, there is ample evidence that central banks are now far from being a steadying force that brings stability to economies.

For around 100 years, the international monetary system was pegged to gold; albeit there were debasements, new controls, and periodic abandonments during this period. Then in 1971, the monetary system was taken off any remnants of a gold standard. Its constraints on US fiscal policy had become too burdensome. It led to the development of fiat currencies and a period of easy money.

Governments have become increasingly dependent upon Central Banks in creating new money to assist with economic shocks: following the global financial crisis the production of dollars markedly increased. But these events were dwarfed by the injection of new money during the pandemic. Inflation is now catching up, but at a time when economies are stagnating.

Cycles of debt accumulation always come to an end. Without careful political judgement, coordination and luck, the resolution of unsustainable debt at the global level can lead to domestic and international conflict. So, we’re entering a transformative decade.

The question is whether Bitcoin, the strongest form of money ever invented, can enable society to navigate through this unwinding of the long-term debt cycle? Additionally, can it enable the market to again determine the price of money?

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• Check out the Modern Wisdom Episode Page & Show Notes

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