Porkopolis Economics

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the sixty-first video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:15 The balance sheet of the Federal Reserve 01:45 Disclaimer 1: Monetary base (Total Fed assets) 03:50 Disclaimer 2: Bitcoin is analogous to more than USD base money! 04:58 Recent Fed balance sheet activity 06:15 Bitcoin market cap data 10:05 Question 1: When was the Fed last at $1 trillion? 11:47 Question 2: When was the Fed last at $500 billion? Here we look at the history of Bitcoin's market cap, and how that compares with the monetary base of the dollar. Note, the dollar is just one (certainly the strongest) fiat network in the world, but there are many other fiat currencies that have their own monetary base and are not connected to the dollar at all! Also, I explain why the monetary base is the best monetary comparison to Bitcoin. Host: Matthew Mezinskis https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ Here I look at the history of the United States Federal debt over 247 years. Is debt always needed? When does it grow? Is the central bank needed? How fast did the debt grow? Did one president do better in particular? How much debt is 'monetized,' or 'printed,' by the central bank? https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the sixtieth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:20 Review of debt after Vietnam 02:22 Ronald Reagan and US debt 04:25 Bill Clinton and US debt 09:47 US debt up to and during the GFC 15:24 US debt through Covid and until today 18:07 What does it mean to 'monetize' the debt? 24:12 Conclusion... and think about the dollar Here we look at the history of the United States Federal debt during the late 1900s, from the Reagan years, through the Clinton years, then the GFC, and through Covid stimulus until today. I answer an important question through it all... how much US debt is being directly 'monetized' by the Federal Reserve, and what does that mean? https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-ninth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:20 Review of 1800s during Gold standard 01:50 World War I 05:05 Fed debt holdings before Great Depression 08:00 Great Depression period 09:10 World War II 12:03 Vietnam War Here we look at the history of the United States Federal debt during the early and mid-1900s, from World War I, through World War II, and through the Vietnam War and the dawn of the fiat standard. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-eighth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:25 First congress, first president, first constitution 01:20 Federal reserve ownership of government 01:55 Total public debt 03:13 Debt vs. Money 05:15 First Bank of the United States 07:20 Second Bank of the United States 09:05 Civil War 11:35 National Banking System 13:45 Classical gold standard Here we look at the history of the United States Federal debt during the 1800s, and how it relates to wars, central banking, and gold. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-seventh video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:20 Log scale 01:20 Best BTC-fitting trend is power trendline 02:20 2010 power trendline 05:20 2012 power trendline 06:10 2014 power trendline 07:30 2016 power trendline 09:45 2018, 2019, 2020, 2022 & all-time trendlines 10:40 What do these good-fitting trends tell us about today? 12:04 What about projecting to 2030? Here we look at the best fitting trendlines across Bitcoin's USD-pricing data; from 2010, all the way until 2022, as well as all-time trendline (until 13 April 2023). All-time trend coefficients: y = a * x ^ b y = y-intercept * x ^ slope y = 7.23E-18 * x ^ 588% https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-sixth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 01:10 Fed Funds target rate 04:14 Fed Funds effective rate 05:29 Interest on bank reserves 08:40 US 1 year T-bill 09:13 US 2 year T-note 10:08 US 3 year T-note 10:35 US 5 year T-note 10:40 US 10 year T-note 11:00 US 20 year T-bond 11:20 US 30 year T-bond 12:44 Austrian Business Cycle Theory 16:20 Central bank planning board policy rates 18:55 Policy rates exacerbate booms and busts 20:20 Inverted yield curve means recession 22:00 Pretence of knowledge Here we look at the Federal Reserve policy rates, versus the market rate for US government securities. We use this backdrop to describe the basic Austrian Theory of the Business Cycle, and how the central bank exacerbates booms and busts. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-fifth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:55 From discount rate to Discount window 05:25 2006 regulation allowing 'Interest on reserves' 07:38 IORR and IOER are dotted lines 09:35 How and why a 'corridor system?' 11:34 Floored! 19:40 It's definitely possible to lend any and all reserves... 20:18 ...Unless you have an IOR (floor) system 21:55 Not just Bernanke; Yellen & Powell too Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rates. The Fed has claimed they operate a 'Corridor system.' In reality, the system has been flooring interest rates since 2008, and I explain why in this video. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-fourth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 02:00 Exploding reserves (and balance sheet) 03:20 What happens when supply outstrips demand... 04:35 "Tool 1:" Interest on required reserves 09:09 "Tool 2:" Interest on excess reserves 14:12 Zero interest rate policy years 15:00 Trying to "normalize"... Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rate in the 1980s until and just after the Global Financial Crisis, which at this time morphed from being the Discount Rate, to the Fed Funds Rate. Many were confused why such extraordinary money printing by the US central bank did not result in hyperinflation... the answer was a new policy tool of the Federal Reserve: Interest on bank reserves. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-third video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 01:45 Review of all-time high rates 03:03 Once the hard work was done... 05:34 Fed begins new 'Target rate' 10:42 Greenspan put 12:16 The birth of the housing bubble 14:40 Cracks in the system 16:50 Banks expect (demand!) lower base money rates 23:20 Fed funds now has lower and upper bound Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rate in the 1980s until the Global Financial Crisis, which at this time morphed from being the Discount Rate, to the Fed Funds Rate. If we look closely at the troubles of the GFC, we can actually see that the banks expect the Federal Reserve to cater to them, bail them out, and provide lower rates, as they are borrowing and lending around 100 bps below what the Fed was targeting for many weeks from September through December 2008. The Federal Reserve, eventually, indeed complied with this demand. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-second video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:30 Walter Bagehot 03:20 Bagehot's theory on the lender of last resort 04:56 Great depression (with Bank reserves) 08:14 Fed funds effective rate 10:59 Discount rate is 'penalty' in 50s & 60s 12:35 Discount rate since late 60s not 'penalty' Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rate in the 1910s and 1920s, which is called the 'Discount rate.' In the early days, this was the rate of interest that banks could get for borrowing directly from the Federal Reserve (and not just in emergency situations, as is the case today), called the 'Discount window.' Walter Bagehot in Lombard Street is quoted very often by central banks, as having defined the original theory of the 'Lender of last resort.' As we see, for most of the Federal Reserve's history, they do not follow his advice. Link to great ep with economist George Selgin on Bagehot, and money: https://open.spotify.com/episode/6AeODcjMg6AojFE7s3W5UQ https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the one hundred forty-ninth podcast episode from Crypto Voices. Show support appreciated: donations.cryptovoices.com Matthew and Alec interview Lewis Cohen from DLx Law about Bitcoin, crypto, and securities law. He recently co-authored an important paper about the topic for regulators. Contents 00:00 Intro 01:50 Is Bitcoin a security? 02:25 Trends of the SEC 23:02 Narrow bank 31:37 US vs. Abroad 34:06 What is a security? 45:57 Bitcoin, crypto, and regulations 50:12 The ineluctable modality of securities law Links for more info: https://twitter.com/NYcryptolawyer https://dlxlaw.com/who-we-are https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4282385 Show Sponsor: hodlhodl.com/join/cryptovoices Hosts: Matthew Mežinskis, Michel, Alec Harris Music: New Friend Music newfriendmusic.com/ Podcast & videos Bitcoin, privacy, cryptoeconomics & liberty Thanks for watching! https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-first video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 01:00 What does the central bank do? 01:40 How do Fed interest rates compare with history? 03:13 Is the interest rate the price of money? 05:47 Centralized control of interest rates 06:30 Roaring 20s and Great Depression 06:45 Why the 'Discount rate?' 09:12 What does the 'Discount rate' mean in Fed-speak? 09:59 'Discount window' was Fed lending directly until 1930s 11:55 Discount rate during Roaring 20s 13:36 Wisdom from Oskar Morgenstern on prices 15:10 Irving Fisher on Stable Money League 16:25 Discount rate into Depression of 1920-21 18:25 Discount rate lowers into Roaring 20s 20:50 Interest rates at near-historical highs into Great Depression Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rate in the 1910s and 1920s, which is called the 'Discount rate.' In the early days, this was the rate of interest that banks could get for borrowing directly from the Federal Reserve (and not just in emergency situations, as is the case today), called the 'Discount window.' Many banks directly borrowed from the Federal Reserve in the 1910s and 1920s. We also answer some basic questions like: - What is the price of money? - What is the price of credit? - What is the etymology of 'Discount rate?' - How did the Federal Reserve manipulate interest rates in the early days? - Have stocks reached a permanently high plateau? https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fiftieth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:58 Weekly balance sheet update 03:30 To be clear: Base money is Notes + Bank reserves 05:50 Treasury general account (an 'other' Fed deposit) 10:50 TGA during covid pandemic 14:10 Treasury doesn't influence monetary policy... right? 22:04 Brief review of (non-bank) Reverse repo facility 25:20 Final review of the Fed's four main liabilities Here we look at the 108 year, 5,655 week history of the Federal Reserve and its balance sheet. In this one we are looking specifically at the 'Treasury General Account;' that is, how much money does the US Treasury actually have in its bank account! https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-ninth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 01:50 Monetary base review 02:20 Notes % of balance sheet 07:44 Liability three: Reverse repo facility 08:56 Reverse repo % of balance sheet 09:10 History of Fed publication data 11:33 What are reverse repos? 11:55 Review of notes and reserves vs. Total assets 13:35 Reverse repo % of balance sheet (again) 16:32 Difference between 'repo' and 'reverse repo' 22:16 We need to dig deeper into banking history & legislation! Here we look at the 108 year, 5,654 week history of the Federal Reserve and its balance sheet. In this one we are looking specifically at the 'reverse repo' facility for non-banks, and how it has grown over the last 20 years. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-eighth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 01:15 What is the printing press? 03:03 Liability one: Notes 07:15 Liability two: Reserves 11:39 How big is the Notes % of Base money? 12:59 What about coins? Here we look at the 108 year, 5,654 week history of the Federal Reserve and its balance sheet. Building on the last couple videos, in this one we're drilling down into central bank liabilities, which is where the 'Base money' is located. Specifically, there are two types of central bank money that make up the Monetary base; the first is notes (and coins), and the second is bank reserves. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-seventh video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:47 Small numbers long ago, vs. big numbers now? 03:28 All-time trendline 04:50 Pre-2008 trendline 09:00 Post-2007 trendline 13:00 Always comes back to compound growth rate 13:30 Fed balance sheet CAGR 14:25 Rule of 72 (Easiest way to doubling time!) 17:43 All-time trendline CAGR 20:58 Pre-2008 trendline CAGR 21:50 Post-2007 trendline CAGR Here we look at the 108 year, 5,654 week history of the Federal Reserve and its balance sheet. How fast does it grow, what is its trendline? In addition to last video, what is the trendline of the Fed's balance sheet before 2008? What about the post-2007 trendline? All-time trendline coefficients: y = a * EXP (b * x) y = y-intercept * EXP (slope * x) y = 2.26 * EXP (0.13% * x) Pre-2008 trendline coefficients: y = a * EXP (b * x) y = y-intercept * EXP (slope * x) y = 2.74 * EXP (0.12% * x) Post-2007 trendline coefficients: y = a * EXP (b * x) y = y-intercept * EXP (slope * x) y = 0.06 * EXP (0.21% * x) https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the one hundred forty-eighth podcast episode from Crypto Voices. Show support appreciated: donations.cryptovoices.com Matthew and Alec interview Yaël Ossowski from the Consumer Choice Center, who is also a visiting fellow at the Bitcoin Policy Institute. He recently started up a great new pod about Bitcoin, Fix the Money. Contents 00:00 Intro 01:53 Uniform Commercial Code and BTC 10:40 Catawba Digital Economic Zone 14:55 Bank money apps, Cash App, etc. 23:45 Operation Choke Point 2.0 39:36 France - Macron events Links for more info: http://yael.at/ https://consumerchoicecenter.org/team/yael-ossowski/ https://fixthemoney.net/ https://www.btcpolicy.org/articles/in-attempt-to-stop-cbdcs-states-are-rejecting-ostensibly-pro-bitcoin-legislation https://catawbadigital.zone/ https://thenetworkstate.com/ https://rns.id/ Show Sponsor: hodlhodl.com/join/cryptovoices Hosts: Matthew Mežinskis, Michel, Alec Harris Music: New Friend Music newfriendmusic.com/ Podcast & videos Bitcoin, privacy, cryptoeconomics & liberty Thanks for watching! https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-sixth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:36 Used to be hard to find this data... 01:14 Log scale 01:39 What is the Fed's balance sheet? 04:42 What kind of assets do they buy with printed money? 07:01 What about gold? 08:15 History of Fed balance sheet 17:25 Removing money... until last two weeks 20:20 Exponential regression trendline (96% R-squared) 25:20 1-sigma percentile trendlines 26:70 2-sigma percentile trendlines 28:24 All-time compound annual (exponential) growth figures Here we look at a 108 year, 5,654 week history of the Federal Reserve and its balance sheet. How fast does it grow, what is its trendline? What is a taper tantrum? How are they treating the banks? Coefficients: y = a * EXP (b * x) y = y-intercept * EXP (slope * x) y = 2.26 * EXP (0.13% * x) https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-fifth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 01:22 Bond price and yield are inversely related 00:50 How important is the bond market? 01:59 10-yr note price sensitivity per 1% YTM change 07:10 Other duration bond price sensitivity 09:18 What happens when yields fall? Happy days... 13:00 What happens when yields don't change? 13:51 What happens when yields rise? Pain... 19:16 What is different now, compared with 30 years ago? Here we look at the main reason why banks are struggling today, and in general: The prices of government bonds have fallen drastically in the last year, as bond yields (or interest rates) have risen. This is the main reason why banks like SVB and others are failing. We continue on with last video's theme, but this time we take a look at bond durations above and below 10 years, from 1 year bills, to 50 year bonds (which exist in some countries, though not the US). Remember, the price/value of bonds moves in the opposite direction of their yields/rates! https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-fourth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:25 Bonds... and two charts! 00:50 How important is the bond market? 03:40 Importance of 10-year note 04:34 Components of a bond (Yield most important!) 06:14 YTM history of US Treasury 10-yr note 10:11 Bond price sensitivity chart 16:15 Price sensitivity of 10-yr note only 19:55 What happens when yields rise? Pain... 24:15 What happens when yields fall? Fun... Here we look at the main reason why banks are struggling today, and in general: The prices of government bonds have fallen drastically in the last year, as bond yields (or interest rates) have risen. This is the main reason why banks like SVB and others are failing. Remember, the price/value of bonds moves in the opposite direction of their yields/rates! https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-third video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:43 Log scale 02:20 Bitcoin all-time power regression (95% R-squared) 05:57 1-sigma percentile moves 06:30 2-sigma percentile moves 08:30 3-sigma percentile moves 10:36 3-sigma+ percentile to get to Balaji's bet by mid-June 15:20 Likelihood of price moving above Balaji's trendline 18:55 Year end 2011 power trendline comparison (85% R-squared) 22:04 How rare is a 3-4 sigma move in price? Here we look at Balaji Srinivasan's $1 million price per bitcoin bet within 90 days, made last week. How extraordinary is such a price target? All-time trend coefficients: y = a * x ^ b y = y-intercept * x ^ slope y = 6.90E-18 * x ^ 588% Year end 2011 trend coefficients: y = a * x ^ b y = y-intercept * x ^ slope y = 2.52E-28 * x ^ 950% https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-second video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:56 Bitcoin on log scale, in terms of gold 02:27 Tops and bottoms in USD, what does it mean for BTC.AU? 18:15 Bitcoin priced in gold power trendline (95% R-squared) 18:57 1-sigma percentile moves 20:42 2-sigma percentile moves 24:47 Projecting out to 2030 Here we compare the price per bitcoin in terms of gold; that is, how many gold ounces can we exchange for 1 bitcoin at any point in time? We also layer in its best-fitting trendline, a power regression, as well as 1- and 2-sigma percentile bands to better understand where we are now versus historical levels. Coefficients: y = a * x ^ b y = y-intercept * x ^ slope y = 8.14E-21 * x ^ 582% https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

This clip is a recap from #32 Decoding Money: Total money supply USA. Why do bitcoins economically compare to base money, and not bank money? Full ep here: https://www.youtube.com/watch?v=zghGPfY3J8I&t=2007s

This clip is a recap from #32 Decoding Money: Total money supply USA. Pinpointing the difference between market money and state money as a basis for monetary philosophy! Full ep here: https://www.youtube.com/watch?v=zghGPfY3J8I&t=2007s