Stefanie von Jan & Emil Sandstedt join me in this episode to discuss the fundamental questions on "Money Creation in the Fiat System".
We talked about:
⁃ Money creation at central banks and banks in the process of both credit creation and asset purchase
⁃ Discussion whether fiat money is „debt“ or „money“ and reconciliation of both
- fiat money as „debt money“
⁃ The fiat system as a debt system (fiat is backed by future tax payments)
⁃ Debt money is destroyed when paid back - money created through asset purchase cannot be destroyed
⁃ Fiat as a medium due to its acceptance as a medium of exchange
⁃ Fiat is not a good store to value since new money creation is centralized and therefore unreliable
⁃ The Federal Reserve forwards its revenue to the government and can therefore not be considered independent
⁃ Discussion of the importance of scarcity for a sound money
⁃ Stock to flow as a measure of scarcity
- when does it hit us and how strongly?
⁃ Did central banks buy Bitcoin already or are they going to do so?
⁃ Transition to Bitcoin as a monetary system - gradually then suddenly
Links of Stefanie von Jan & Emil Sandstedt:
Article by Stefanie: "Money creation in the fiat system — a balance sheet analysis of central banks and banks"
Book by Emil: "Money Dethroned- A Historical Journey"
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