Bitcoin, Money Printing, and the Economic Problems of Today

Magic Internet Money

Junseth joins Brad Mills for a discussion about economics and finance. Some think that many of the world’s problems can be traced back to the federal reserve, and the printing of money. Junseth makes a cogent argument throughout that things are a bit more nuanced than this perspective would lead you to believe. Many financial concepts are discussed in this episode, making it an ideal listen for those of you wishing to gain a broader understanding of market dynamics and macro economics. Savings, derivatives, Doge, DeFi, and of course, Bitcoin are all discussed within!

Timestamps

00:00:00 - Intro

00:01:22 - Junseth introduction and Bitcoin Conference

00:03:12 - Bitcoin Maximalism vs Crypto

00:05:40 - Junseth’s History with Bitcoin Uncensored Podcast

00:08:00 - How to be a good trader

00:09:36 - Elon Musk to take over Dogecoin

00:11:05 - No Oracles in Bitcoin

00:11:55 - The Mission of Junseth

00:14:58 - DeFi is a lot like a ponzi scheme

00:17:38 - Money and the Federal Reserve

00:19:50 - Junseth says we might be in a deflationary period

00:21:32 - Bitcoin is the thing itself that is valuable

00:23:20 - Applying politics to Bitcoin and modern monetary theory

00:25:40 - Will the government collapse? Or just the dollar?

00:26:42 - Civil war between Conservatives and Liberals

00:28:40 - Bitcoin as an end of the world hedge

00:29:38 - El Salvador experiment conversation about the USD

00:32:20 - Bitcoin reinvents the entire monetary infrastructure

00:35:40 - Making more sense to take on as much debt as possible

00:37:00 - Is inflation real? Is there actually inflation around? Where can we find inflation

00:41:26 - Are salaries rising at the same pace as inflation?

00:43:02 - Quality of life going up over time, easier to buy a good computer for cheaper today

00:45:40 - Where is inflation showing up in the economy?

00:48:50 - Collectibles and Investments in the economy. The power of index funds, and diversification.

00:52:40 - Story of FedEx employee who saved and indexed for 50 years

00:55:25 - Did the federal reserve unwind the quantitative easing that they did?

00:57:00 - Why does the federal reserve target inflation at 2%?

01:00:30 - Managing a portfolio to always be in the asset that is likely to go up

01:02:00 - Who benefits from inflation? Inflation is a tax on foreign companies holding USD.

01:04:40 - People 50 years ago were much more entrepreneurial

01:05:30 - Millennials have more savings than any other generation that has come before

01:06:50 - Renting vs Owning. Can millennials own houses with their current income/wealth level?

01:09:55 - Government Policy is the cause for irresponsible loans

01:11:41 - Putting money in Bitcoin vs stock market in 2011. How much risk would each be?

01:13:20 - Bitcoin is an asymmetric risk. Good opportunity for young people.

01:14:35 - Bitcoin is digital gold, and Brad was buying silver, gold, and also Bitcoin.

01:16:50 - Why does Junseth think Bitcoin is going up?

01:19:00 - How to buy a house with 3% down in Canada vs the USA. Index Funds vs House.

01:27:30 - Brad’s case for why things are not going to continue in the “business as usual” fashion.

01:31:30 - What does it look like for the stock market or economy to take a turn?

01:33:30 - Is there a lot of suffering nowadays?

01:43:01 - Would people care about the economy if they knew how it worked?

01:47:30 - Discussion on Libertarianism, UBI, and Milton Freedman

01:53:22 - Do people hold dollars? Junseth says most people don’t hold dollars

01:58:20 - Discussion on whether or not money printing causes all bad things?

02:04:00 - The morality of how money is made

02:07:03 - Buffet getting a call from the fed when the 2008 crash occurred

02:10:33 - Rich people suffer more during a market downturn

02:14:44 - Kids and graduating college kids are roped into credit card debt

02:17:30 - In depth discussion on brads upbringing, and his experience with debt

02:24:55 - Credit card debt is not collateralized, so you never need to pay it back

02:29:02 - Fractionalization of money within the banking infrastructure

02:33:50 - Do bank executives make too much money for their position?

02:39:22 - Discussion as whether or not you can own volatility

02:49:50 - What are derivatives? How did derivatives play into the 2008 crash? What are inside collateralized debt obligations?

03:00:00 - The five things to fix society!

03:03:45 - Discussion on COVID-19 and its causes, elaboration on crisis

03:12:55 - Brad brings things back to the central bank printing money

03:20:00 - Wrapping up, Closing Thoughts

Links to Mentions in the Show

Federal Reserve Website

Milton Freedman

Quality of Life Index

Find Junseth

Junseth.com

Uncensored Bitcoin Podcast

Find Brad Mills

Brad Mills Twitter

Magic Internet Money Twitter

Magic Internet Money Facebook

Magic Internet Money Instagram

Produced by Brad Mills - Twitter, Jason Sanderson - Podcast Tech. Art by Daniel Huddlestone, Show Notes by Go Full Crypto.

Other Credits: bitconnect theme by schmoyoho, graphics by CryptoScamHub, Magic Internet Money inspired by u/mavensbot, invention of Bitcoin & all cryptocurrencies by Satoshi Nakamoto.