Chris Olson

See, if everybody, say you lived on some desert island and everybody had a fixed amount of money in their accounts,

And on that island, you had a well-established economy and there were prices that were pretty stable.

And some magical event happens overnight where everybody wakes up and the amount of money in their accounts has doubled.

But it's doubled evenly for everyone.

And if they were to collectively understand that together, they would realize that the prices of everything should also be doubled.

So just because you've doubled the amount of money in circulation doesn't mean you've doubled the amount of goods and services or actual wealth.

You've just doubled the claims on wealth.

So in that case, nobody has an advantage because everybody has equally doubled the money supply.

They all know it at the same time, prices double and nothing's different.

You just have more money and higher prices.

But if just a few of those people were to get extra money, then the prices wouldn't change and other people wouldn't understand what was happening.

So the market that determines prices

uh would not be able to um detect or prevent what's basically a hack in a sense it's it's allowing people who haven't earned a claim on those goods and services to take them arbitrarily that's why they call it fiat money because it's by fiat simply i say so

And that's a real problem.

Definitely.

Yeah.

I think all of reality is symbolic.

And I think gold symbolizes something.

So it seems like it's, you know, baked into the fabric of reality itself that...

If you're going to need money, if you're going to have money, then you're going to need something that's suitable to it.