What Bitcoin Did

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Fix the Money Fix The World with Lawrence Lepard

Peter McCormack

Interview | Description | Timestamps | Show Notes

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Fix the Money Fix The World with Lawrence Lepard - WBD418 Peter McCormack

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Location: New York
Date: Wednesday 27th October
Company: Equity Management Associates
Role: Investment Manager

Bitcoin is decentralised sound money whose supply cannot be arbitrarily expanded. It’s a system where no one has an advantage or disproportionate control.

The ability to increase the supply of money is a very powerful tool to wield. Through monetary policy, orthodox economists aim to promote growth and mitigate crises.

However, the Austrian school of economics explains instead that central banks create the environment for crises in the first place.

In the Great Financial Crisis, trillions of dollars were printed to bail out failing banking institutions and stimulate the economy. Instead of repercussions, many bankers received millions in bonuses. While credit markets rebounded, many average Americans lost their homes, their jobs and received no bailouts.

So can Bitcoin help by aligning incentives in society? And what will happen to gold?

In this interview, I talk to Investment Manager and Austrian Economist Lawrence Lepard. We discuss sound money as a moral issue, the monetary role of gold, and why bitcoin is the most important invention in history.

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00:02:35: Introductions
00:03:08: Lawrence's background
00:06:28: Peter's background
00:09:57: Sound money
00:12:26: From the creation of the Fed to post-WWII
00:17:39: Breaking the gold standard 1971
00:20:44: Deflation
00:27:49: The current inflationary environment
00:40:45: Breaking the social contract
00:47:07: Teaching financial literacy
00:51:58: The myths around sound money
00:55:55: Gold vs Bitcoin
01:04:00: The risk of Tether
01:05:06: A caution around leverage
01:10:10: Bitcoin standard is coming
01:18:06: All money is just a ledger
01:19:26: Bitcoinising the world
01:29:58: Bitcoin is a defence against the government
01:39:28: Everything's fine for Bitcoin
01:40:21: Final comments

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If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

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