Download "ГЛАВНОЕ О ДЕНЬГАХ"

Please wait. We're preparing links for easy ad-free video watching and downloading.

Previous video: Дефицит бюджета и военные расходы // Комолов & Григорьев. Диалог Next video: Война и чипы. Рафаэль Абдулов // Fundamentum #25

Война и чипы. Рафаэль Абдулов // Fundamentum #25

Война и чипы. Рафаэль Абдулов // Fundamentum #25

Channel: Простые числа

Дефицит бюджета и военные расходы // Комолов & Григорьев. Диалог

Дефицит бюджета и военные расходы // Комолов & Григорьев. Диалог

Channel: Простые числа

Студенты РГГУ против фашизма // Диалог. Комолов & Стожек

Студенты РГГУ против фашизма // Диалог. Комолов & Стожек

Channel: Простые числа

Из царства необходимости в царство свободы // Диалог. Комолов & Ткачёв

Из царства необходимости в царство свободы // Диалог. Комолов & Ткачёв

Channel: Простые числа

Приватизация 2.0. Недопилили? // Олег Комолов. Числа недели

Приватизация 2.0. Недопилили? // Олег Комолов. Числа недели

Channel: Простые числа

В коммунизм из отсталости // Алексей Сафронов. План А

В коммунизм из отсталости // Алексей Сафронов. План А

Channel: Простые числа

Основной вопрос философии // Роман Осин. Философский камень №8

Основной вопрос философии // Роман Осин. Философский камень №8

Channel: Простые числа

Мировая рецессия, смертная казнь, долг и "Предатели" // Олег Комолов. Вопросы и ответы

Мировая рецессия, смертная казнь, долг и "Предатели" // Олег Комолов. Вопросы и ответы

Channel: Простые числа

Фокусы «Прямой линии» Путина и ответ Набиуллиной // Комолов & Абдулов. Числа недели

Фокусы «Прямой линии» Путина и ответ Набиуллиной // Комолов & Абдулов. Числа недели

Channel: Простые числа

Банановая война. Рафаэль Абдулов // Fundamentum #39

Банановая война. Рафаэль Абдулов // Fundamentum #39

Channel: Простые числа

Деньги

Доллар

Рубль

Евро

Кризис

Экономика

Политика

Усанов

Австрийская школа

Частные деньги

00:00:02

[music]

00:00:08

Hello dear friends, I am glad to

00:00:10

welcome you to Montenegro at such a

00:00:12

wonderful event, which

00:00:15

is apparently unique at the moment

00:00:17

and I am especially pleased to give a

00:00:20

report on a topic that is inextricably

00:00:23

linked with what the mob is doing,

00:00:27

namely an attempt

00:00:30

to challenge the state not only in

00:00:33

sphere of ordinary commercial activity,

00:00:36

but also to challenge in the area where

00:00:38

the state is usually viewed as an

00:00:40

absolute monopolist without any

00:00:44

competitors, public consciousness, even in

00:00:46

different countries, is so structured that the

00:00:48

majority of both economists and ordinary people,

00:00:50

when asked what areas of

00:00:53

activity A priori the state should deal with, the

00:00:56

vast majority Both

00:00:58

economists and ordinary citizens

00:01:01

put money circulation in the first place,

00:01:03

assuming that only the state is

00:01:06

capable of performing this

00:01:09

function well in general. There are two ways

00:01:13

of thinking about how to implement the

00:01:16

Strategy and tactics of moving towards a

00:01:19

libertarian capitalist

00:01:22

society. The first way. It can be called

00:01:27

finalists and is to try.

00:01:31

prove to everyone else, including

00:01:33

supporters of supporters of anarcho-

00:01:35

capitalism What should be

00:01:38

that very ideal standard towards which

00:01:40

we should move was Robert right in this,

00:01:42

who proposed one monetary

00:01:45

system? Is Hack correct Should we all

00:01:48

move to the gold standard Should

00:01:50

we all use Bitcoin In

00:01:52

short, if you imagine such a

00:01:55

finalist approach, then each of us will

00:01:57

prove that only his

00:02:01

is correct and only the end

00:02:03

point of which IT is the only correct one, this is the

00:02:06

best way to argue with everyone, this is

00:02:08

all well understood and there is another way,

00:02:12

I would call it organic in

00:02:16

Recently, it seems to me that it has been very successfully

00:02:18

developed by the German economist Reine

00:02:20

Thälmann, one of the rare supporters

00:02:23

[music] of

00:02:28

capitalism

00:02:30

unu fashion, to explain how we should

00:02:33

move towards freedom, we must try not to

00:02:36

describe the ideal state of the world in

00:02:38

which we want to get, but we must

00:02:40

try to look at what there is now

00:02:42

like a kind of test tube in which,

00:02:45

in fact, there are two key elements and

00:02:47

they are mixed, this is freedom and not Freedom, this is the

00:02:51

state and the market, respectively. If

00:02:53

we look at

00:02:54

Ebi, we can

00:03:00

add more state to this test tube.

00:03:02

Well, those who know

00:03:04

economic history, economic

00:03:06

the theory is well known that this

00:03:07

ends in poverty and other

00:03:10

problems, there is another option to add

00:03:13

more market or more Freedom to this test tube,

00:03:16

respectively, this will

00:03:19

lead to prosperity. Such a view of

00:03:22

our practical activities means

00:03:24

that there is no point in us arguing to hell with each

00:03:27

other about how to be

00:03:30

structured the ideal final state

00:03:32

should it be based on ethics on

00:03:34

economic theory on philosophy we

00:03:37

can share each other with each other but we

00:03:39

will not have any experience about it, our experience is

00:03:41

only the one we have now of a

00:03:43

mixed economy in this regard, I

00:03:45

remember one famous case

00:03:47

which happened 8 centuries ago in Europe

00:03:52

at the University of Paris where the

00:03:54

two leading intellectuals of their era,

00:03:56

Thomas Vinsky and Albertus Magnus, taught, and

00:04:00

somehow these two famous scientific

00:04:02

professors walked through the garden, which

00:04:04

Aristotle’s supporters loved to do, and

00:04:07

talked about the nature of the mole in the literal

00:04:11

sense and not in figuratively, and now one of

00:04:14

these outstanding minds proved with the help of

00:04:17

syllogisms and convincing arguments

00:04:20

that, of course, the mole does not have any eyes.

00:04:24

Well, because he does not see and

00:04:26

therefore he does

00:04:28

not have eyes, his speech on the basis of such

00:04:31

convincing, it would seem, argumentation,

00:04:33

another defended the thesis that yes he can Maybe

00:04:36

he doesn’t see, but he has eyes And

00:04:40

this scientific argument lasted for quite a

00:04:42

long time until the gardener

00:04:45

who saw it heard this argument.

00:04:53

eyes or not,

00:04:56

but I am an ordinary gardener could resolve

00:04:58

your dispute,

00:05:00

I will bring you a mouth and you

00:05:03

will resolve your dispute with experienced cougars and in one voice, both Albert

00:05:06

the Great and Thomas Vinski said in

00:05:08

no case, we are not arguing about

00:05:12

whether a particular mole has concrete eyes

00:05:16

we argue in principle If some

00:05:19

abstract mole has abstract

00:05:23

[music]

00:05:28

eyes in the world when people argue about

00:05:31

ancap libertarianism minarchist

00:05:36

[music]

00:05:43

nevertheless, if we think sensibly, then we

00:05:46

must proceed from reality and what

00:05:49

is, we live in a world in which

00:05:51

the state plays a huge role. We live in a

00:05:53

world where the state has fantastically

00:05:56

succeeded in the sphere of monetary circulation.

00:05:58

Neither Plato

00:06:01

nor Marx nor any other fanatic of a

00:06:03

large state could have imagined this. In fact, all over

00:06:06

the world, now state money

00:06:09

takes up the overwhelming share of money

00:06:11

circulation, with all the successes of cryptocurrencies,

00:06:13

we we must admit that every day

00:06:15

trillions of dollars are used for

00:06:18

settlements with the money that

00:06:20

is created by imitating states, the

00:06:22

state has the full legal right

00:06:24

which before it did not have a monopoly

00:06:26

to issue money, the state has the

00:06:28

right to prohibit

00:06:30

and silver, which used to be money,

00:06:32

monetize it, the state

00:06:34

has the opportunity to create a Central

00:06:36

Bank or in one other industry there is no

00:06:39

such body that would control the

00:06:41

entire industry there is a Central Dairy Plant

00:06:44

or a Central Construction Company

00:06:47

or a Central

00:06:50

Chewing Gum Protest Company Actually, no matter how much

00:06:52

the state loves it, it

00:06:56

controls the general

00:07:00

dynamics of the future And in such an area in

00:07:03

which It would seem that no one can

00:07:05

challenge the state if we

00:07:09

push away from reality, that is, from the

00:07:12

fact that

00:07:13

today in reality it is

00:07:16

not Bitcoin that is used as money, not other

00:07:19

cryptocurrencies, but first of all the US dollar,

00:07:22

that is, the vast majority of

00:07:23

transactions in the world economy

00:07:25

are carried out either in dollars or euros

00:07:27

if we can all cryptocurrencies and their

00:07:30

capitalization and compare with the capitalization of

00:07:32

any one American company,

00:07:34

we will understand that there is room to grow. And this

00:07:39

means that we most likely need

00:07:40

to think in test tube categories and not

00:07:42

talk about the fact that everyone who is not with us are

00:07:44

enemies and those who do not subscribe under

00:07:46

our correct political

00:07:48

programs or movements there are also enemies, and

00:07:51

to think that it would be possible to throw something into this test tube

00:07:54

as an element that

00:07:58

will make us more free. I think

00:08:00

today’s event and everyone

00:08:02

present, so to speak,

00:08:04

dropped something drop by drop into this test tube, at

00:08:08

least with their own attention your interest

00:08:10

your participation here on the first

00:08:14

slide of my presentation you see

00:08:16

the cover of my previous book a

00:08:20

book about the economic

00:08:21

history of the United States has now been published And this book was the third

00:08:24

to complete the Freedom trilogy it was

00:08:26

dedicated to money it was called the future

00:08:28

of money you can try to find it on the Internet

00:08:31

accordingly you see on this slide there is a

00:08:33

cover, but only without a title in order to

00:08:35

better see what elements

00:08:37

this future may consist of. Well, you all

00:08:40

recognized the two elements Aum and Argentum,

00:08:44

gold and Silver, they were historically gold in their time.

00:08:46

And of course,

00:08:49

bitcoin, and now we

00:08:51

must admit that it is

00:08:54

fiat money that wins, that is, money created

00:08:57

in the form of an order, this always needs to be

00:09:01

analyzed separately. Because if we want to

00:09:04

change the world without understanding how it came to this

00:09:06

state, we will be like those

00:09:09

very rocks who argue what an

00:09:11

ideal mole will look like in a world where everything

00:09:13

people will behave ideally, that is,

00:09:15

in fact,

00:09:17

this is a fruitless

00:09:20

[music]

00:09:21

theorist from another example. You probably

00:09:25

know that there is still such a monetary

00:09:26

unit in the world, the national monetary

00:09:28

unit is the Russian

00:09:31

ruble. If you are not aware, it still

00:09:33

continues to exist, but we would

00:09:34

like to consider it existence in

00:09:36

some broader context to ask

00:09:38

what seems to me to be a very correct question

00:09:40

about money today, here in front of you is how

00:09:44

the supply of money has changed, that is,

00:09:46

the supply of the ruble over the past 30 years, that

00:09:50

is, from the ninety-first year to

00:09:53

201, respectively, the growth of the money supply

00:09:56

during this period That is, for 27 years

00:09:59

amounted to 50,000

00:10:02

times, as you

00:10:04

understand, there is a saying

00:10:07

that even from a parrot you can make a highly

00:10:09

educated economist, just

00:10:11

make him memorize two words demand and

00:10:15

supply, respectively, if your

00:10:17

supply of anything grows on a gigantic scale,

00:10:19

it

00:10:21

will inevitably lose market value if something

00:10:24

increases 50 times, then don’t be surprised

00:10:27

at what will happen in relation firstly to

00:10:30

goods and secondly in relation to other

00:10:32

monetary units, we

00:10:35

stopped here at 2019 but we can

00:10:37

extend this, you see that here there

00:10:39

was an increase to 50 trillion

00:10:42

rubles is the growth of the money supply in general, it

00:10:45

somehow surprises me when

00:10:48

inside Russia outside they say that

00:10:50

all madness is, well, like

00:10:53

the heads of the Central Bank of the Ministry of Finance,

00:10:55

they are some very competent

00:10:57

experts but Well, they are really very

00:10:59

competent experts in that sense that they

00:11:01

redistribute wealth in a gigantic way

00:11:02

in favor of those who are close to

00:11:04

this emission center

00:11:06

Imagine that you have a printing press under your bed

00:11:08

that allows you to

00:11:11

print a gigantic amount of 50

00:11:13

trillion rubles, what do you do with

00:11:16

this money is still a big question, we

00:11:18

still have to come up with something, but the situation

00:11:20

continues to change, this is 2019 And

00:11:23

this is 2023 and the money supply has grown,

00:11:29

look it was less than 50

00:11:31

trillion And now in a few years it

00:11:34

has become 86 trillion and over the last year the

00:11:38

money supply has grown by

00:11:40

25%, that is, in fact, a very simple

00:11:43

way to explain the reasons for the changes

00:11:46

exchange rates and in the economics of prices, this is,

00:11:48

first of all, a change in the money supply, we

00:11:51

all know very well where this 25%

00:11:53

transformation of the money supply went. But I want to

00:11:55

say this is a gigantic figure, simply

00:11:57

gigantic. It is usually believed that for

00:12:00

stable economic development it is required

00:12:03

that the money supply grows at approximately the

00:12:05

same rate as and the economy is growing. Well,

00:12:07

it hasn’t been growing at all

00:12:09

lately, although they are trying to portray something

00:12:11

else, but even if it were growing at the

00:12:13

usual rate for a

00:12:14

developing economy, 34%, then the

00:12:17

money supply should grow at a rate of 34%,

00:12:20

it is growing by 25%, maybe someone -some of

00:12:23

you remember once you remembered that such a

00:12:25

currency still exists, that it once

00:12:28

cost 6 rubles per dollar, this was in the virgin

00:12:32

year in 2008, it cost 23 rubles per

00:12:36

dollar, now it’s already more than a hundred. That is,

00:12:39

over the past 15 years, the rate has fallen to five times

00:12:42

it is said that 90 It was horror and now

00:12:44

stability has come, a difference such as in

00:12:46

that famous fairy tale about Boil a gossy

00:12:51

subject Yes, who was not immediately cooked but

00:12:54

thrown into a pan and he slowly

00:12:56

cooked there in general an example of a situation Yes

00:12:59

for 10-15 years but this is worse than In

00:13:02

1998, the devaluation was

00:13:03

fourfold. Well, with the ruble everything is more or less

00:13:05

clear, yes, this currency should become cheaper in relation to the

00:13:07

dollar for various

00:13:09

reasons, but is there such a currency in the world

00:13:12

that over the last 15 years

00:13:16

has become five times more expensive dollar, that is, is

00:13:18

there a currency in relation to which the

00:13:20

dollar itself, like the ruble in relation to the

00:13:22

dollar, has fallen five

00:13:24

times this is not a national currency this is not a

00:13:27

national currency at all not money everything

00:13:30

that you are saying now is some kind of

00:13:31

ancap

00:13:33

Sorry We are still talking in excuse the logic

00:13:36

of the state. We'll

00:13:38

play devil's advocate for a little while. This role

00:13:41

can be interesting from an artistic point of

00:13:43

view. Maybe you know about a

00:13:45

country like Somalia and maybe you know

00:13:48

that it has a national currency, the

00:13:50

shilling, and maybe you know that in the

00:13:53

nineties it practically disappeared

00:13:54

the state there began a Civil

00:13:56

War as a result of Magadi was destroyed

00:13:59

and you can see on the Internet

00:14:02

photographs of the destroyed bombed

00:14:07

[music]

00:14:11

skom

00:14:18

Schillinger dollar the most liquid currency

00:14:21

in the world over the past 15 years has fallen in price in

00:14:24

relation to the currency of a country that does not have a

00:14:27

state, I repeat, it has fallen five

00:14:30

times in price, this is you same Somalia Yes, I applaud not

00:14:34

me, the Somali pirates You love the

00:14:37

Somali pirates, I understand, but in

00:14:40

fact we applauded you know what the

00:14:43

law of

00:14:44

economics But everything is very simple, not because

00:14:46

in Somalia there are such enlightened

00:14:48

rulers, they simply did not exist because

00:14:50

the economy and the Central

00:14:52

Bank collapsed The Somali shilling disappeared - this is a

00:14:54

unique currency because how it disappeared In the

00:14:57

ninety-first year, the Central Bank of

00:14:59

this currency was not printed again. That

00:15:02

is, in other words,

00:15:03

banknotes printed in 91 are used as money,

00:15:07

just like gold coins, you can

00:15:11

pay with these banknotes and, accordingly, even

00:15:13

such a publishing house As Lumberg says,

00:15:16

look at the economic growth in Somalia. The

00:15:18

Central Bank, in general,

00:15:21

does nothing. It’s an amazing case in

00:15:23

fact. And this is great, of course, Samali

00:15:28

interacted with international organizations;

00:15:29

they say how terrible it is that you don’t have

00:15:30

a Central Bank, you don’t have a state, you’re

00:15:33

completely out of your mind. Create Well, in general, they

00:15:35

set up a Central Bank, it doesn’t

00:15:36

print money. The only thing it does is that it wears out

00:15:38

these bills and exchanges them for

00:15:40

new ones, that is, from a technical point of

00:15:42

view, it doesn’t change the money supply, you

00:15:44

see, even Lumberg has to admit that

00:15:46

in fact the amount of money printed

00:15:49

on an individual The Central Bank does not increased

00:15:51

over the last 30-odd years, again

00:15:54

this very question of supply and

00:15:57

demand arises: if you have an

00:15:59

increase in the supply of some

00:16:01

national currency, rubles they fall in

00:16:03

relation to other currencies, in particular

00:16:05

the dollar, so we have seen over the last 15

00:16:07

years, it turns out that if you don’t change

00:16:08

supply of money as they did

00:16:10

spontaneously in Somalia, then you have the most

00:16:12

stable currency in the world, the dollar is cheaper by

00:16:15

five to six times in relation to the currency of

00:16:18

this

00:16:19

undeveloped state, there are

00:16:22

laws nka, the laws of economics work

00:16:25

even

00:16:27

here. It seems to me that there are very good cases

00:16:30

showing the logic of today’s

00:16:31

narrative, yes, that is on the one hand,

00:16:33

we see how this issue is solved by the market,

00:16:36

the market leads to the fact that money all the

00:16:38

time becomes

00:16:39

more valuable, increases its

00:16:42

purchasing power, and we see what the

00:16:43

state does, but in fact

00:16:45

historically it has always dealt with only

00:16:46

one fake

00:16:48

one, Friedrich von Hack, whom I once called

00:16:53

Swan tell

00:16:57

someone

00:16:59

it was a very boring chronicle because

00:17:01

the checks would come down to

00:17:03

that the state was constantly engaged in

00:17:05

false urine in the beginning it

00:17:13

dilutes it in the 19th century AD this was done

00:17:17

in the Middle Ages by all the Kings they needed

00:17:19

money for wars what to do we need

00:17:22

inflation we will squeeze everything with high

00:17:27

taxes the means for waging war, that is,

00:17:30

in general, have not changed anywhere. There is

00:17:31

another way, the market method, when the

00:17:35

value of money is determined by the market and not the

00:17:37

state. Look at what

00:17:39

seems to me to be a very interesting graph. For

00:17:41

most of human history, well, what we

00:17:43

know about money circulation

00:17:45

was used as money metals for various

00:17:48

reasons, primarily due to their

00:17:49

properties, divisibility, storability,

00:17:51

high value, and so on,

00:17:53

no one solved this. So what’s called the market

00:17:56

decided,

00:17:57

but

00:17:58

it was convenient for transactions, and

00:18:01

again, in a separate state, someone

00:18:02

could do this centrally, like in

00:18:04

England, but everyone else made a

00:18:06

decision on their own, like who

00:18:08

makes the decision that

00:18:10

English should be the international language of business

00:18:12

relations, cultural relations, and so

00:18:13

on. This is a spontaneous order, so please

00:18:17

note that if we take

00:18:20

the period before 1971, if someone doesn’t know,

00:18:23

this is the period when as world

00:18:26

money continued to exist, gold

00:18:27

was the so-called Breton monetary

00:18:30

system. That is, for example, the US dollar was

00:18:36

exchanging one ounce. And look,

00:18:40

what happened with the change in prices in

00:18:43

gold and in dollars, they practically

00:18:45

repeat each other, and with rare

00:18:48

exceptions, if prices for goods rise in

00:18:51

dollars, then they grow and in gold, then

00:18:53

in three years the steering wheel comes and

00:18:56

begins to devalue by a third and the

00:18:59

dollar and in seventy-one

00:19:02

there is a gap between the dollar and

00:19:05

gold gold ceases to be money

00:19:07

anywhere, now you cannot pay with

00:19:08

this metal, although previously this

00:19:12

metal was the money and look what

00:19:14

happens to the prices of goods in dollars

00:19:16

If you take, for example, a mug of

00:19:19

coffee, how much did it cost in 1971? Well, for

00:19:23

the company that arose in the

00:19:24

seventy-first year, Starbucks, then the

00:19:26

mug cost 25 cents,

00:19:29

now the same mug of coffee will cost

00:19:31

about 2 dollar, if not more,

00:19:33

that is, in other words, 90% of the most

00:19:36

stable currency in the world has lost its

00:19:38

purchasing power over the past

00:19:39

50 years and this will continue to happen.

00:19:42

Why Because printing money now

00:19:45

is a more cunning mechanism; it is the best

00:19:47

way to rob society; slow,

00:19:49

imperceptible and very effective for

00:19:52

the state, but look what would have happened to the

00:19:54

purchasing power of these dollars

00:19:57

if this

00:20:01

decoupling had happened, in fact, prices for goods in

00:20:04

gold decreased significantly, that is,

00:20:06

they decreased by about four times

00:20:09

if in the seventy-first year you

00:20:10

had the opportunity to get a dollar in gold

00:20:14

or a

00:20:15

dollar

00:20:17

in fiat 50 years, you

00:20:20

would feel a colossal gap, that is, again, we

00:20:21

see this test tube model, what

00:20:24

happens when the state takes control of the

00:20:26

monetary system, what happens when

00:20:28

it does not touch the monetary circulation, and in

00:20:31

this sense, the gold standard is the

00:20:34

period of greatest prosperity in the history

00:20:37

of mankind, in general, we all use

00:20:40

the Internet we all fly on airplanes e

00:20:44

We all love to eat well and communicate, but

00:20:48

all this is an achievement in fact of the

00:20:50

last few centuries before the beginning of the 19th

00:20:53

century, the average life expectancy in

00:20:55

developed countries was a little over 35 years, the

00:20:58

level of education was less than 5%, that

00:21:00

is, 5% of people could read and write

00:21:03

Imagine what kind of life it was,

00:21:04

most of the people worked on the land

00:21:06

even in developed economies, that is, in

00:21:08

general, one could call this life

00:21:10

short, stupid and hopeless, as

00:21:13

Thomas Gops thought, maybe someone will disagree with him,

00:21:14

but it is obvious that people

00:21:16

really lived little and bad, and in the

00:21:19

10th century the situation changed dramatically

00:21:21

after the Industrial Revolution, which

00:21:23

took place, as you know, in England and then it

00:21:25

spread to the whole world and all of Rome, its

00:21:28

clothes. If we look at what is in our

00:21:30

hands. If we look at what is in our

00:21:31

pockets. we will understand that this in no way

00:21:33

connects us with the Middle Ages of antiquity,

00:21:35

which everyone is interested in. And this is

00:21:37

all connected with mass production and with the

00:21:40

market, as they have not been trying to suppress it for the

00:21:41

last 200 years, various kinds of

00:21:43

states, and one of, it

00:21:46

seems to me, the outstanding economists of the 20th century,

00:21:49

Ludwig von Mises has the following words

00:21:51

about the gold standard. Let me

00:21:53

read because it seems to me that this is a

00:21:54

very correct description. The gold standard

00:21:56

became the world standard of the era of

00:21:58

capitalism, increasing prosperity,

00:22:01

freedom and democracy, both political

00:22:03

and economic, in the eyes of

00:22:05

supporters of free trade, its

00:22:07

main advantage was precisely that

00:22:09

it represented an international

00:22:10

standard necessary for international

00:22:12

trade and transactions in the international

00:22:14

money and capital markets, it was with the

00:22:16

help of this medium of exchange that Western

00:22:18

industrialism and Western capital

00:22:21

brought Western Civilization to the

00:22:22

remote corners of the earth, everywhere

00:22:24

destroying the shackles of age-old prejudices and

00:22:27

superstitions, sowing the seeds of new life and new

00:22:29

prosperity, liberating minds and souls and

00:22:32

creating previously unheard of wealth, this

00:22:35

was accompanied by the triumphant

00:22:36

unprecedented development of Western

00:22:38

liberalism Now they would say

00:22:40

libertarianism Of course, because Mises

00:22:42

understood by liberalism, first of all, the

00:22:44

libertarian model is ready to unite

00:22:46

all countries of the community of free

00:22:49

states peacefully cooperating

00:22:51

cooperating with each other Well, the ancap

00:22:55

ear will hear in this of course the same company

00:22:57

that you don’t like, some kind of

00:22:59

state, there’s democracy and

00:23:02

other things, you can attack business and

00:23:04

say that it’s the enemy precisely because of

00:23:06

Mises, everything went the wrong way

00:23:08

that it should have, but probably the

00:23:10

main thing in this assessment this is still the

00:23:12

period when a

00:23:15

metal was used as money that cannot be

00:23:16

increased quantitatively by 50,000 times in

00:23:19

30 years, you cannot increase the supply of

00:23:21

gold in such quantities, the only

00:23:23

way to create more gold is to

00:23:25

mine it or buy it, this means

00:23:29

these when the production of money is different

00:23:32

from

00:23:33

fraud And although we are talking about the fact

00:23:36

that the gold standard is a certain

00:23:37

standard of monetary relations, including

00:23:39

between states in the 10th century. This is a

00:23:41

spontaneously arose institution, such as, for example, a

00:23:44

huge number of those goods that

00:23:46

performed the functions of money in history; this,

00:23:50

of course, was livestock; this, of course,

00:23:53

was

00:23:55

that e spontaneously arisen money is

00:23:59

money on one of the islands in the Pacific

00:24:02

Ocean

00:24:03

and the money of the Japanese island which was called

00:24:06

Rei This is a coin that could be

00:24:09

used to

00:24:10

go shopping in this not very

00:24:13

developed country, naturally no one,

00:24:15

any outstanding leader, came up with the idea of

00:24:17

using these boulders

00:24:19

or cigarettes or alcohol, as it was during the

00:24:23

period of huge inflation in Germany

00:24:25

after the war, it arose spontaneously and

00:24:27

anthropologists researchers who

00:24:29

establish how a

00:24:30

medium of exchange spontaneously arises even if no one

00:24:32

comes up with it. You probably all watched

00:24:34

Escape from Shishenko and it is used as money there

00:24:37

Lucky Strike cigarettes to

00:24:39

interact with each other in prison, and

00:24:41

so on, and researchers of the Second World

00:24:43

War say that

00:24:45

coupons for trams were used as money;

00:24:46

trams did not run, but nevertheless it

00:24:48

was necessary to exchange footcloths for

00:24:50

some kind of consumer goods and

00:24:53

spontaneously no one not lowered from above

00:24:55

No Ministry the coupon

00:24:58

was used as money or in

00:24:59

Somalia Since the Central Bank has

00:25:01

printed money Well, at least let it be of some

00:25:03

use, we will

00:25:04

exchange this paper money just

00:25:06

like just physical pieces of paper and it

00:25:09

turns out it works better than

00:25:12

modern credit

00:25:14

system, a very important point to understand

00:25:18

is that before

00:25:21

the state took over this entire system,

00:25:25

money was not backed by gold.

00:25:29

This is a classic phrase that can be

00:25:30

heard from those who are trying to describe what

00:25:32

happened in the past. There was money dollar

00:25:34

pound mark Frank ruble everything they were

00:25:38

provided with gold and then the state

00:25:41

decided. Why provide it at all?

00:25:42

This is a rather

00:25:44

dubious use of gold.

00:25:47

We will make urinals out of it. I’m not

00:25:49

kidding. Vladimir Ivich Lenin, when he

00:25:51

made his revolution, this can be found

00:25:53

in his complete collected works, he

00:25:55

said What Well, first of all he said that about

00:25:58

smart people, that it’s not a brain, but a shitty

00:26:00

society, so that they don’t think too much to

00:26:02

themselves, in general, he loved such

00:26:03

crude analogies, and when he answered the

00:26:07

question about what would be gold under socialism,

00:26:08

he said we will use

00:26:11

gold for this so that under socialism we can

00:26:12

make toilets and

00:26:14

urinals because we don’t

00:26:16

respect gold as an object so much that this is the

00:26:18

only thing it can be useful for.

00:26:21

Well, as soon as famine set in, gold or it

00:26:24

seemed more valuable not as

00:26:28

waste, but as an item for

00:26:30

purchasing necessary food in dying

00:26:33

cities Soviet Union, so it’s

00:26:36

correct to say not that money was

00:26:38

backed by gold, but gold was

00:26:39

money and each monetary unit, Franc

00:26:43

Mark, all the others, it was a

00:26:44

certain simple weight amount

00:26:46

of this metal and the rates were actually not

00:26:49

that fixed, as

00:26:51

many now mistakenly believe this would be about

00:26:53

various a way to call one and the

00:26:56

same currency is so many grams and in

00:26:58

another currency it is so many grams, then

00:27:00

naturally the ratio of these two currencies

00:27:02

is determined by weight and this ratio

00:27:05

is unchanged. And if you take modern

00:27:08

exchange rates, then they will

00:27:10

actually jump every day by

00:27:12

tens of percent and this causes

00:27:14

huge costs for all

00:27:17

market participants and, of course, increases the possibility of

00:27:18

wealth redistribution, so the

00:27:20

French economist Jean Baptiste back in the 10th

00:27:24

century said that what is the dollar Ducat

00:27:26

Florin pound or Franc is not this or

00:27:29

that amount of gold or silver of an

00:27:30

established quality standard and in

00:27:32

this case, why give the corresponding

00:27:34

parts of the bullion any other

00:27:36

names besides natural weight and

00:27:38

quality? So, since my lecture today

00:27:42

is not called state monetary

00:27:44

systems, theory and history, let's briefly

00:27:46

go over the theory, if I do

00:27:49

n't have time to tell you something today, you can

00:27:51

find it on the Internet my Youtube channel

00:27:52

called UV T and now I’m

00:27:55

giving a large course of lectures online

00:27:57

called cash flow. You can

00:27:59

sign up for it. Wherever you are

00:28:00

on planet Earth or even on other

00:28:02

planets,

00:28:03

but in fact, if we talk

00:28:07

about what money is, then It is in this

00:28:10

area that a gigantic number of errors

00:28:12

exist, that is, there is no such area in

00:28:14

which one could meet a madman

00:28:16

who proposes to completely

00:28:19

change the project. It is in this area that most

00:28:21

often it is observed: someone proposes to

00:28:24

simply cancel the money, someone

00:28:26

proposes to cancel the interest,

00:28:27

someone proposes to abolish banks, that is, you

00:28:31

need to think radically, here is a person

00:28:34

who wants a reorganization on new

00:28:37

principles, such a collectivist, he

00:28:39

needs to take, as it were, the root system

00:28:42

completely, and adjust it to suit himself,

00:28:43

in money circulation there is the most

00:28:45

insane amount of ideas, but in fact,

00:28:48

money is just... simply a

00:28:49

universal means of exchange And by the

00:28:52

way, this definition is very important. It

00:28:54

seems to me that for Ancaps Why Because the

00:28:56

question is relevant now. Well, for example, is

00:28:58

cryptocurrency or Bitcoin - is it money

00:29:00

or not money,

00:29:01

but based on the principle that Bitcoin can

00:29:04

be a means of exchange, undoubtedly, that is,

00:29:06

theoretically Bitcoin can act

00:29:08

as money on a global scale

00:29:10

Actually, like many other

00:29:11

cryptocurrencies Can we say that

00:29:13

now it is the most liquid asset with

00:29:15

which you can pay

00:29:17

anywhere and with almost anyone? Are there any

00:29:19

competitors in this area? Well,

00:29:21

you’ll probably say that with the help dollars or

00:29:23

Euros, you will protect yourself much more

00:29:26

from the possibility of making a transaction, that

00:29:28

is, in fact, purely empirically,

00:29:31

if we take the number of transactions

00:29:32

Every day in dollars and euros, it will be

00:29:34

trillions of dollars. You can

00:29:37

pay taxes with this money, make

00:29:39

a transfer, it is clear that all this is through

00:29:40

the State and it is actually does not give you

00:29:42

Freedom in this area, but in fact

00:29:44

today we must admit that it is

00:29:47

the dollar that now continues to play the role of

00:29:50

money, we can say that historically at

00:29:53

the moment it is still the dollar. Well, the euro

00:29:55

- This, as you understand, is a kind of derivative

00:29:56

attempt

00:29:58

to create something alternative to the dollar. This is also

00:30:01

not national currency is over national

00:30:03

Therefore, if we are talking about national

00:30:04

currencies, then today the dollar is in first place without

00:30:07

a doubt and to answer the

00:30:09

question: what is money

00:30:12

now is money the dollar what is it

00:30:14

good bad fiam they print it like

00:30:16

candy wrappers it’s all clear No matter who

00:30:19

criticizes America and the

00:30:21

Fed Masumi Min

00:30:26

gang to increase the money supply in the USA by

00:30:28

50,000 times in 10 years there. At best, this

00:30:31

increases several times and

00:30:34

this already causes panic and everything else,

00:30:36

so money is a universal

00:30:37

medium of exchange. Historically,

00:30:40

this function was once gold and Silver,

00:30:42

it was money,

00:30:44

and then when the state took over this

00:30:47

sphere, it seemed to be able to drag this

00:30:50

logic onto pieces of paper, look, yesterday

00:30:54

gold was used as money,

00:30:57

you could exchange paper money for

00:30:58

gold. Now you can’t exchange

00:31:01

paper money for gold, but here’s

00:31:03

paper money is the same

00:31:04

gold Well, just if you believe in it,

00:31:06

how will it continue to

00:31:07

work? Why are you going to believe in it?

00:31:09

Well, if you don’t believe it, you

00:31:11

’ll go to

00:31:12

prison, how do you like the deal? Why are you

00:31:15

ready to accept dollars? even if you are

00:31:16

not able to exchange them for anything, that

00:31:18

in general this is not money. If I come up to you and

00:31:20

say, I’ll take you this and in

00:31:21

exchange I’ll give you a piece of paper and write something on it.

00:31:24

Well, you’ll say it’s robbery or in the end In the

00:31:26

end, you just don’t agree, and

00:31:27

I’ll tell you this, if you don’t

00:31:29

accept this piece of paper, then either you will lose

00:31:34

in property relations or even

00:31:36

go to prison; the state does not like

00:31:38

competitors in the sphere of violence and in the sphere of

00:31:40

monetary circulation, this can only be done by

00:31:43

him, so of course, if we we want to

00:31:46

change something, then we can have two attitudes towards this:

00:31:48

firstly, we can run away from

00:31:51

the state, here it is, the GTO is running and

00:31:53

we are running faster and hiding somewhere.

00:31:56

The monster will not find us and

00:31:58

will not eat us like in such horror films, and the

00:32:01

other option is we are all- we can still

00:32:02

hope to defeat this monster

00:32:04

because if we run away from it all the time,

00:32:06

then sooner or later he will

00:32:08

catch up with us because he will become

00:32:09

stronger, he will receive the resources

00:32:11

that we

00:32:12

throw if we throw the resources of the

00:32:14

leviathan he does not he does not become from

00:32:16

of this to those suffering from moral

00:32:19

disapproval of his actions If you abandoned

00:32:21

yours, abandoned your property for pennies,

00:32:23

sold it, now you don’t get

00:32:25

anything from the state. It will spend it on

00:32:27

other purposes, it will only be happy

00:32:29

that you gave it more maneuvers, you are

00:32:31

not fighting with it. This monster will actually

00:32:34

be continue to chase you even if

00:32:36

you were able to escape for a while. Therefore, after

00:32:38

all, in the long term,

00:32:39

this Lancelot will have to give battle to the dragon

00:32:43

and try to fight it. Why

00:32:46

was this impossible at one time? Why For

00:32:47

example, in the 10th century it was impossible to

00:32:49

imagine what the

00:32:50

quality of money would be used

00:32:53

paper ideology was different

00:32:55

public opinion was different there are others, in

00:32:57

other words, even now if, for

00:33:00

example, the state in any country, even

00:33:02

in Russia, decides to put marks

00:33:04

on people Well, I think that at a minimum

00:33:08

someone will not like it, at the maximum it is a

00:33:09

dangerous Means, that is, they have people's

00:33:11

ideology that this state

00:33:13

has no right to do and that

00:33:15

ultimately the dominant ideology is behind this,

00:33:18

now the overwhelming majority of people

00:33:21

believe that this is normal and in the EU they

00:33:22

believe that it is normal They are their own

00:33:25

ideologists

00:33:27

system if you avoid somewhere then the sun is

00:33:30

equal to you catches up because,

00:33:32

strictly speaking, there is no particular

00:33:36

opportunity to escape when we talk about money, it is

00:33:38

very important to understand that money does not

00:33:40

perform the function that is most often

00:33:42

attributed to it, namely that money

00:33:44

is a certain measure of value; with the help of money,

00:33:46

you can actually measure something of

00:33:48

value

00:33:51

[music] the

00:33:56

subjective act of evaluation

00:33:58

implies inequality If we

00:34:00

exchange with each other you accept

00:34:02

cryptocurrency from me And in exchange you prepare

00:34:05

me Forgive me coffee, then strictly speaking at

00:34:08

this moment there is no equality I

00:34:10

value coffee more than what I give And you

00:34:12

Value what you get more than coffee,

00:34:15

inequality is the basis of exchange.

00:34:16

Therefore, no one in this case

00:34:18

evaluates a certain inter-union

00:34:26

investigator, money cannot perform the

00:34:28

function of a measure of value, and the main function

00:34:31

that it performs is the function of a

00:34:33

medium of exchange. Nowadays

00:34:36

this MT theory is very popular. Maybe you have heard

00:34:39

Modern Money theory now in All

00:34:42

Western universities teach this theory as the

00:34:44

latest wisdom; the idea is very simple:

00:34:46

printing money is good; printing

00:34:48

money does not cause inflation and is large. The

00:34:50

national debt is not a problem,

00:34:51

you know why, but the wisdom is very simple;

00:34:54

everyone will understand this. And we are simply imagining it.

00:34:58

Well, let’s imagine that now a fight

00:35:01

will start in this

00:35:02

room And someone

00:35:05

will tear off someone else’s head and something else and someone will say

00:35:07

In general there are no problems here Why

00:35:09

Because we beat ourselves

00:35:10

[music]

00:35:11

ourselves or for example one person stole

00:35:14

another and some- then the sage philosopher will say

00:35:16

Well, this is a person who beats himself, steals from

00:35:17

himself Well, probably some

00:35:19

such distant planet it

00:35:21

looks like this, but in reality, when we owe

00:35:23

ourselves trillions of this, we owe this to ourselves

00:35:27

because then we could just

00:35:28

do the clearing and everyone move on

00:35:31

freely, and behind these debts there are a

00:35:33

huge number of projects that,

00:35:35

if reset, will lead to the collapse of businesses,

00:35:39

states, societies, everything else, that

00:35:41

is, in fact, gigantic debts -

00:35:43

this is a problem, this is a bubble, you can’t

00:35:45

just take it and cross it out,

00:35:47

say Well, we owe it to ourselves,

00:35:49

so this is not a problem at all And now

00:35:51

this so-

00:35:53

called state theory of money really reigns.

00:35:55

It was formed at the beginning of the century, then it

00:35:58

was believed that this was absolutely wild Georg

00:36:01

Knapp, a German economist, he called

00:36:03

his book the state theory of money. It was

00:36:05

published in 1905.

00:36:07

All economists attacked him,

00:36:09

explaining he

00:36:11

can’t abstract himself from how

00:36:14

value is formed in the process of exchange And the

00:36:16

KPA, like such an absolute

00:36:19

legalist, had the following idea: The state is

00:36:23

what money is, this is what states

00:36:27

about the boom Demi is Degi and,

00:36:29

accordingly, they just have to

00:36:31

put up with it just like the state passed

00:36:33

laws, which means you just have to

00:36:36

put up with it, there are two important arguments

00:36:39

coming from Mises about why

00:36:42

government money comes and leads

00:36:45

to evil, the first problem is that

00:36:48

the state does not and cannot know

00:36:51

how to

00:36:52

be aware of the

00:36:55

economy of competition and the same

00:36:58

goes for

00:36:59

money the value of money can only be determined

00:37:01

in the process of exchange. Well, the second

00:37:03

reason Mises's second argument against

00:37:05

government money is that

00:37:08

if you create a Monopoly, it will

00:37:10

create a Temptation to

00:37:12

use the emission in the interests of special

00:37:14

groups, that is, print more money

00:37:15

for medicine, print more money for

00:37:18

financial sector for the construction

00:37:19

sector everyone pulls the blanket in their own

00:37:22

direction How does the process end when

00:37:24

everyone pulls the blanket in their own direction it

00:37:25

breaks if the money supply is entrusted to

00:37:28

the state it will not lead us to Somalia

00:37:31

it will lead us to the Russian Federation

00:37:34

Well they tell me that Time

00:37:36

is running out I’m absolutely Briefly, I want

00:37:38

to say that for example, if you

00:37:40

look at this slide you will see

00:37:41

gold coins, this is the money that

00:37:43

was used in the USA in 1906 19921,

00:37:48

this is 5 dollars and 20

00:37:50

dollars, this was money, but this is

00:37:53

also dollars, but this is not Money, monetary

00:37:57

substitutes. there is, if you take

00:37:59

modern, not quite green,

00:38:01

American banknotes of dollars, then

00:38:02

originally coins were money. And

00:38:05

these were Money substitute or clim, that

00:38:08

is, the requirements you could come to the bank,

00:38:10

look, this is actually a bill that could be

00:38:13

printed by any commercial bank until

00:38:15

1866 in the USA, everyone including

00:38:19

the church could print its own

00:38:22

currency, there was no Central Bank and,

00:38:24

in fact, the Railway Company

00:38:26

[music]

00:38:29

or even a private church could print

00:38:33

dollars, its national currency. So,

00:38:36

accordingly, at one time there was a

00:38:39

monetary system when commodity money

00:38:41

was gold and silver and money

00:38:43

certificates were simply a right withdrawal of

00:38:46

all this from the banks and then the rates

00:38:49

look at how the

00:38:55

ruble dollar changed. That is, it practically did not

00:38:57

change for 100 years, except for

00:39:00

the war. And after gold ceased

00:39:02

to be money, we see such

00:39:04

a bump

00:39:06

A And this is the result of the refusal of gold,

00:39:10

the main advantage of gold is

00:39:12

that it is impossible to increase its

00:39:14

quantity as we want. Here you see the

00:39:15

world supply of gold, how it will melt, it will

00:39:17

melt along a very understandable trajectory,

00:39:20

unlike the amount of paper money

00:39:22

that can either increase or

00:39:24

decrease, this not only leads to

00:39:25

inflation, it is a

00:39:27

crisis and for these crises

00:39:29

It is the state that is responsible when a

00:39:30

crisis really comes. It always believes that

00:39:32

the market is to blame for this, and indeed at

00:39:35

one time gold provided

00:39:36

stability by the beginning of the 10th century. 50 of the most

00:39:39

developed countries used gold as

00:39:41

money. The British pound

00:39:42

was defined as 7.3 g of gold. The French

00:39:45

franc was 0. 29 29 g and accordingly it

00:39:48

was possible to calculate how much one currency

00:39:50

should cost in another And this did not interfere with

00:39:53

the development of the world economy Many

00:39:54

believe that

00:39:57

if money does not become sun, time

00:40:00

interferes with the growth of the economy more money is not enough

00:40:02

prices are not growing enough entrepreneurs

00:40:04

go bankrupt if we take the period

00:40:06

before the gold standard was abolished, the

00:40:08

growth rates were even greater

00:40:10

compared to what you see with the average trend than

00:40:12

what has been happening for the last 50 years. The

00:40:15

same goes for crises, crises

00:40:18

become much larger, the drop in the

00:40:22

capacity used also falls

00:40:23

precisely when gold ceases to be money.

00:40:27

Well, I would like to finish my

00:40:28

the story is that in my opinion,

00:40:30

now in the 10th century, no state will

00:40:33

of course agree to

00:40:34

return to gold as money and will

00:40:36

never return to the system when

00:40:38

it did not regulate, for example,

00:40:40

education, but you can get around this

00:40:43

limitation by returning to gold already in the 20th

00:40:46

century. I think that Bitcoin, or cryptocurrencies in general,

00:40:48

is an attempt

00:40:50

to return to the gold standard that

00:40:52

existed in the 10th century. What is the main feature

00:40:55

of Bitcoin? Its quantity does not depend on

00:40:59

some center that cannot

00:41:02

arbitrarily increase the number of

00:41:03

Bitcoins by millions of times or reduce

00:41:05

its value accordingly determined by

00:41:07

the market if we want to have a

00:41:10

healthy monetary system in the future Austrians

00:41:12

representatives of the Austrian school call

00:41:14

it Sound Money even the name Sound itself

00:41:17

refers us to a coin Because if you

00:41:20

throw a coin it will fall to the surface

00:41:24

and it will sound, but electron money does

00:41:27

not make noise or smell this was said by

00:41:30

Vespasian who, as you know, loved to

00:41:32

tax public restrooms, which is why

00:41:34

for the state Money does not smell

00:41:37

and the properties of a healthy monetary system

00:41:39

should lie in the

00:41:42

rarity and

00:41:44

inelasticity of the supply of money, and

00:41:46

the main thing is that as a result of all this, the

00:41:48

purchasing value of money

00:41:50

will increase over time. If money will be

00:41:52

state-owned, everything will be the other way around

00:41:54

Thank you for your attention,

00:42:00

but before you

00:42:03

ask questions, I would like to thank

00:42:05

the organizers And I

00:42:08

brought you a book Unfortunately, my luggage

00:42:11

did not allow me to bring many of these books.

00:42:14

This is my latest book. It was published a

00:42:16

few months ago by the

00:42:18

European University Press. American

00:42:20

modernization and in general this book is already

00:42:23

quite popular, as it seems to me,

00:42:25

and since I have

00:42:28

only one copy, I decided to

00:42:30

thank the organizers and present

00:42:33

this book as a gift to the first

00:42:36

private club of Monte Libra library

00:42:38

so that everyone could

00:42:40

familiarize themselves with

00:42:41

[music ]

00:42:42

[applause]

00:42:45

Thank you, I will write what you want

00:42:47

after the lecture is over. I have

00:42:49

n’t written it yet, but this is your book for the

00:42:53

library of

00:42:55

success. Thank you very much. Unfortunately, we

00:42:58

only have time for one

00:43:00

question; other questions can be asked in

00:43:03

private. This is a very common practice among us

00:43:05

I saw the first single hand

00:43:08

please Well, okay, we won’t

00:43:15

have time [music] The question is, I understood from

00:43:19

the graphs that deflation does not restrain

00:43:24

growth, is this generally accepted among

00:43:28

economists or is it still a controversial

00:43:29

issue about which we still need to argue

00:43:31

and prove it, or these graphs as if

00:43:33

everything had already been proven No, unfortunately, now it is

00:43:37

very difficult for economists to prove that

00:43:39

Freedom has some value

00:43:41

because I have already said that not only

00:43:43

economists believe that only

00:43:44

the state should deal with money,

00:43:46

but the main fear, I would say the main one, is the

00:43:48

phobia of modern macro economists, this is

00:43:50

almost universal such a Phobia is this

00:43:52

Phobia of deflation deflation is a decrease in the

00:43:55

general level of prices, this is a phenomenon that

00:43:57

was observed in the 10th century, it is understandable since

00:43:59

the amount of gold does not grow at a rapid

00:44:01

pace, but the product increases. This means that

00:44:04

per unit of gold you can always

00:44:06

buy more and more real

00:44:07

goods, more cars, more clothes

00:44:10

Well, we saw that gold

00:44:12

is increasing in value, and now

00:44:15

this opinion has become so widespread

00:44:17

among economists that it is enough to say

00:44:19

about a certain period that there was

00:44:20

deflation then for all colleagues to understand you in the

00:44:23

genre, then there was a deep depression. There is

00:44:26

such a Kinsey Anskin Ronald Hout

00:44:28

Hout he wrote a book on the economic

00:44:31

history of the United States, it takes the 10th century, when it was the

00:44:34

era of the so-called

00:44:36

Gilded Age. In the book, I

00:44:38

talk about this in detail, this is the era of

00:44:39

phenomenal economic growth in

00:44:41

the United States, and so he makes such a verdict on

00:44:43

this period when you see the highest

00:44:45

economic growth. He says Then

00:44:47

there was a prolonged depression Why

00:44:50

Because prices [music] were

00:44:52

falling That is, as if for economists

00:44:54

this is actually a synonym: if prices are falling it

00:44:57

means the economy is depressed, in

00:44:59

fact, you can quite observe an increase in

00:45:01

welfare with a decrease in the general

00:45:03

price level, we are so infected Well, not

00:45:05

us I have in mind, economists as

00:45:06

a community are infected with the idea that

00:45:09

it is necessary to increase the money supply and

00:45:12

prices should rise in a developing

00:45:14

economy, that this is considered as a

00:45:17

kind of dogma, that’s enough to

00:45:19

understand the argument here, which economists

00:45:21

often do not pay attention to. Well,

00:45:22

look, let’s assume you are an entrepreneur

00:45:24

And the price of your product has decreased by

00:45:27

3% This is not good for you, agree Yes,

00:45:30

you sold for 100 conventional units

00:45:32

now for 97 bad yes, but we call

00:45:35

deflation what we call deflation is a

00:45:37

decrease in the general price level. Therefore,

00:45:39

your purchasing costs for materials and components will also decrease by 3%.

00:45:44

wages This means that in

00:45:46

real terms, with a nominal

00:45:48

decrease in wages and

00:45:50

other elements, in general,

00:45:53

your growth of your business does not depend on the

00:45:56

general price level; in general, a business

00:45:58

never earns at the general price level, but at

00:46:00

two prices, at the price of what is needed

00:46:02

means incurring costs and How much will I

00:46:04

receive if I sell my goods, that is, the

00:46:06

difference between revenue and expenses - this

00:46:08

is my motive - two prices I am

00:46:10

interested in Yes, my expenses and my income for

00:46:12

what I bought for what I sell for the difference is

00:46:13

positive I am in the black I am

00:46:15

in the minus everything is clear, but at the macro level,

00:46:17

this doesn’t fit with economists, that is, they

00:46:19

believe that if prices go down, it

00:46:21

hits business, in fact, this is not the

00:46:24

case;

00:46:28

questions, but there’s no time, yes, yes,

00:46:30

unfortunately, there’s no time. Here we go, friends. Well, let

00:46:33

’s have one more question, one question.

00:46:35

the person really wanted Well, let's Okay, I

00:46:38

'll answer briefly yes yes thanks to

00:46:41

whom If anything I'm on the sidelines ready to

00:46:43

answer all your questions Let's leave the

00:46:45

tent and please come up Pavel can you

00:46:49

hear me Thank you for your story I

00:46:51

'll try to argue with you but he won't

00:46:52

accept bayonets A look not very

00:46:56

much yes but yes Well, look at the graph I

00:46:58

don’t see what is written below in letters But isn’t

00:47:00

this a low base? That is, we have

00:47:02

growth that from the very beginning is

00:47:04

easier than growth at the end, so it’s

00:47:06

impossible to prove anything through this

00:47:08

look, we have deflation Well, it

00:47:11

causes a deflationary spiral, we

00:47:13

have social expectations,

00:47:14

economic incentives in connection with which

00:47:17

people simply see that prices are going down,

00:47:19

they begin to expect them to go down in

00:47:21

the future and stop buying.

00:47:23

Thus, our economic

00:47:24

activity decreases. Yeah, deflation is just like that.

00:47:27

would be so problematic So,

00:47:30

according to the Gold Standard, you think that the

00:47:33

gold standard was, as it were, canceled

00:47:35

unfairly. Well, in our country it was canceled

00:47:38

due to the fact that, in my opinion, trade was not

00:47:40

possible for international trade

00:47:44

to flow somewhere. Yeah, well, I can

00:47:48

I’ll briefly answer your question, just to

00:47:50

say that I recommend turning to my

00:47:51

book, the future of money, these questions are

00:47:53

discussed in detail there. But if you briefly

00:47:56

try to answer two cases, it means

00:47:57

about deflation and a low base, this

00:48:01

low base was not just one year, 2 years

00:48:03

it was 100 years, that is in fact,

00:48:06

after the independence of the United States at

00:48:08

the end of the 15th century and before the beginning of the First World

00:48:11

War, if you do not take the period of

00:48:13

the Civil War, the American economy

00:48:16

turned from the economy of thirteen

00:48:18

colonies, which is generally a backward colony, into the

00:48:20

largest economy in the world, yes, that is,

00:48:22

these are your prospects. How

00:48:24

somehow a region can become a leader in the

00:48:27

world economy, which just yesterday was

00:48:29

just a colony. Well, not because we

00:48:31

are in a colony, but because

00:48:32

economic development was

00:48:34

much less then. That is, how then to

00:48:37

combine the fact that there was high

00:48:39

economic growth for more than 100 years, this

00:48:42

base grew all the time, that is, this

00:48:44

base effect can be characteristic of

00:48:46

one year compared to another year,

00:48:48

but not for the entire period of 12 years,

00:48:50

because along with the increase in GDP, the

00:48:53

base that

00:48:55

is pushed off also grows, but we see that this entire

00:48:57

period until XX century, the average height

00:49:01

was above average, but then it became lower.

00:49:03

Look now, the second question is also

00:49:05

briefly, in fact, the gold standard

00:49:07

was abolished not because there was not enough

00:49:09

gold or anything else. More precisely, there was not

00:49:12

enough for very specific people,

00:49:13

Roosevelt, the President of the United States, who made

00:49:16

Accordingly, he

00:49:19

forced people to exchange a very cunning scheme. A law was passed

00:49:22

according to which they were obliged to hand over

00:49:24

gold. It was actually a

00:49:27

compulsory measure; they went to

00:49:30

people’s houses and actually took away their

00:49:32

business property there, and so on, there was

00:49:34

such a morality, but she really wasn’t dealing with

00:49:35

gold, but gold was also forcibly

00:49:37

taken away, so after He took

00:49:39

the gold, he devalued it,

00:49:44

he revolutionized it in order to redistribute

00:49:46

wealth in his favor, that is, by taking away

00:49:48

property, he changed its value, but the

00:49:50

main task of this process is

00:49:54

that other people have no

00:49:56

alternatives except how to resolve issues

00:49:59

through the Central Bank, that’s why it disappeared

00:50:02

Not because it was not relevant, but

00:50:04

because the state actually put

00:50:07

a gun to a person’s head and said that

00:50:09

either you give away the gold or you go

00:50:11

to prison And this was real politics,

00:50:14

you will agree that you yourself cannot be considered a market

00:50:16

voluntary process they gave you

00:50:18

the money, that is, I mean, you were a

00:50:20

free person, yes, I presented the

00:50:22

VK pistol to my head, I said money or

00:50:23

life, but you had a choice, it

00:50:26

wouldn’t occur to anyone to say

00:50:27

that it was a voluntary choice Yes, it’s

00:50:28

about the same thing with the gold

00:50:30

standard, in fact it destroyed

00:50:31

the State, this is not the result of

00:50:33

the functioning of the market, but the result of

00:50:35

government intervention in the form of

00:50:36

Franklin Roosevelt, who because of

00:50:38

this extended the Great Depression until

00:50:41

the end of World War II

00:50:42

[music]

00:50:43

[applause]

00:50:47

[music]

00:50:52

Thank you

Description:

Лекция в Черногории 23 сентября 2023 года в Монтелиберо Сити. Записаться на курс и узнать условия участия можно написав на [email protected] или [email protected]

Preparing download options

Popular

HD video

Only sound

All

* — If the video is playing in a new tab, go to it, then right-click on the video and select "Save video as..."

** — Link intended for online playback in specialized players

Questions about downloading video

How can I download "ГЛАВНОЕ О ДЕНЬГАХ" video?

http://unidownloader.com/ website is the best way to download a video or a separate audio track if you want to do without installing programs and extensions.
The UDL Helper extension is a convenient button that is seamlessly integrated into YouTube, Instagram and OK.ru sites for fast content download.
UDL Client program (for Windows) is the most powerful solution that supports more than 900 websites, social networks and video hosting sites, as well as any video quality that is available in the source.
UDL Lite is a really convenient way to access a website from your mobile device. With its help, you can easily download videos directly to your smartphone.

Which format of "ГЛАВНОЕ О ДЕНЬГАХ" video should I choose?

The best quality formats are FullHD (1080p), 2K (1440p), 4K (2160p) and 8K (4320p). The higher the resolution of your screen, the higher the video quality should be. However, there are other factors to consider: download speed, amount of free space, and device performance during playback.

Why does my computer freeze when loading a "ГЛАВНОЕ О ДЕНЬГАХ" video?

The browser/computer should not freeze completely! If this happens, please report it with a link to the video. Sometimes videos cannot be downloaded directly in a suitable format, so we have added the ability to convert the file to the desired format. In some cases, this process may actively use computer resources.

How can I download "ГЛАВНОЕ О ДЕНЬГАХ" video to my phone?

You can download a video to your smartphone using the website or the PWA application UDL Lite. It is also possible to send a download link via QR code using the UDL Helper extension.

How can I download an audio track (music) to MP3 "ГЛАВНОЕ О ДЕНЬГАХ"?

The most convenient way is to use the UDL Client program, which supports converting video to MP3 format. In some cases, MP3 can also be downloaded through the UDL Helper extension.

How can I save a frame from a video "ГЛАВНОЕ О ДЕНЬГАХ"?

This feature is available in the UDL Helper extension. Make sure that "Show the video snapshot button" is checked in the settings. A camera icon should appear in the lower right corner of the player to the left of the "Settings" icon. When you click on it, the current frame from the video will be saved to your computer in JPEG format.

What's the price of all this stuff?

It costs nothing. Our services are absolutely free for all users. There are no PRO subscriptions, no restrictions on the number or maximum length of downloaded videos.