Jennifer Burns

even if you developed a variety of competing currencies, eventually society would converge on one. And that's because people just want one currency that they know they don't want a bunch of different options. Even in places where there have been options to do that, they've been used very minimally. And then he says, secondly, the state always steps in.

He says, technically, theoretically, it doesn't have to. I could draw you a model. I could tell you about how it could work without the state. But in actual reality, all human societies, through time and space, the state eventually becomes involved in the provision of money because it has so many knock-on effects to so many people. So Sure.

He says, technically, theoretically, it doesn't have to. I could draw you a model. I could tell you about how it could work without the state. But in actual reality, all human societies, through time and space, the state eventually becomes involved in the provision of money because it has so many knock-on effects to so many people. So Sure.

He says, technically, theoretically, it doesn't have to. I could draw you a model. I could tell you about how it could work without the state. But in actual reality, all human societies, through time and space, the state eventually becomes involved in the provision of money because it has so many knock-on effects to so many people. So Sure.

I think he would, again, find a use case for crypto, think it's interesting, but I don't think he would see it as this is going to displace state money and we're going to have, you know, a variety of distributed currencies. The other thing he really stresses is that a change in a monetary system, it only happens amid great, great crisis.

I think he would, again, find a use case for crypto, think it's interesting, but I don't think he would see it as this is going to displace state money and we're going to have, you know, a variety of distributed currencies. The other thing he really stresses is that a change in a monetary system, it only happens amid great, great crisis.

I think he would, again, find a use case for crypto, think it's interesting, but I don't think he would see it as this is going to displace state money and we're going to have, you know, a variety of distributed currencies. The other thing he really stresses is that a change in a monetary system, it only happens amid great, great crisis.

So again, you see in countries where the state is not controlling the money well, right? That's when people are more turning to crypto. But he says because money is so fundamental, there are going to be so much political pressure on any country that gets the currency profoundly wrong that the government will fall and another one will replace it, right?

So again, you see in countries where the state is not controlling the money well, right? That's when people are more turning to crypto. But he says because money is so fundamental, there are going to be so much political pressure on any country that gets the currency profoundly wrong that the government will fall and another one will replace it, right?

So again, you see in countries where the state is not controlling the money well, right? That's when people are more turning to crypto. But he says because money is so fundamental, there are going to be so much political pressure on any country that gets the currency profoundly wrong that the government will fall and another one will replace it, right?

So if you look at episodes of hyperinflation, they don't go on very long because they're so upsetting to people.

So if you look at episodes of hyperinflation, they don't go on very long because they're so upsetting to people.

So if you look at episodes of hyperinflation, they don't go on very long because they're so upsetting to people.

Yeah, yeah. So he gets to University of Chicago. He makes fast friends. And in his third and fourth year, they become what I call them the Room 7 gang. So Room 7 is they find an old storeroom in the basement. They take it over. And that's where they have their jam sessions. And what made this world come together was Frank Knight.

Yeah, yeah. So he gets to University of Chicago. He makes fast friends. And in his third and fourth year, they become what I call them the Room 7 gang. So Room 7 is they find an old storeroom in the basement. They take it over. And that's where they have their jam sessions. And what made this world come together was Frank Knight.

Yeah, yeah. So he gets to University of Chicago. He makes fast friends. And in his third and fourth year, they become what I call them the Room 7 gang. So Room 7 is they find an old storeroom in the basement. They take it over. And that's where they have their jam sessions. And what made this world come together was Frank Knight.

There was a charismatic leader and there were a bunch of acolytes who clustered around him. That, I think, was a key piece of the ingredient. And then there was a sense that they were onto something that the rest of the economics field had forgotten or was rejecting. So there was like that sense of mission. So... That seems to have been, there was a formal education piece.

There was a charismatic leader and there were a bunch of acolytes who clustered around him. That, I think, was a key piece of the ingredient. And then there was a sense that they were onto something that the rest of the economics field had forgotten or was rejecting. So there was like that sense of mission. So... That seems to have been, there was a formal education piece.

There was a charismatic leader and there were a bunch of acolytes who clustered around him. That, I think, was a key piece of the ingredient. And then there was a sense that they were onto something that the rest of the economics field had forgotten or was rejecting. So there was like that sense of mission. So... That seems to have been, there was a formal education piece.

And then there was a parallel education piece rooted in admiration for a thinker, a shared admiration. And then what that led Friedman to do, you know, what I found syllabi, you know, that he had from non-economics courses, lists of books, and he'd written the prices of different ones he wanted to read. So he had, you know, John Stuart Mill on liberty, like 50 cents written in the margin.