Your Money Is Only Worth What They Let It Be
Learn how the Austrian School of Economics explains why money doesn’t need to be issued by a government, and where Bitcoin made a different choice.Want help with Bitcoin for your family or business? Swan Private: https://www.swanbitcoin.com/private?utm_source=youtube&utm_medium=video&utm_campaign=private-three-kings&utm_content=longform
From Vienna, Cory Klippsten walks through the ideas of Carl Menger, Ludwig von Mises and Friedrich Hayek. Menger showed how money can emerge from individual choices, and why only a few people recognize a better money at first. Mises saw sound money as a protection of individual freedom, in the same class as constitutions and bills of rights, because whoever can expand the supply can change your money’s purchasing power before you spend it.
Hayek advocated competing private currencies, with issuers adjusting supply to keep purchasing power stable. Satoshi made a different choice. Bitcoin follows a fixed schedule with a limit of 21 million coins, under rules its users enforce, and its price adjusts as demand changes. There is no discretionary issuer.
Cory also recommends episode 71 of Stephan Livera’s podcast, “Intro to Bitcoin: Austrian Thought.”
Subscribe for more Outside Money, and tell us in the comments which economist’s work you find most important.
Chapters
0:00 Vienna and the Austrian School
0:43 Menger: how money emerges
2:13 Two people, one day
2:49 Mises: sound money and freedom
4:18 Hayek: competing currencies
5:04 Satoshi’s different choice
5:37 Stephan Livera’s episode 71
6:07 You don’t have to wait
6:19 Close
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