My friend and fellow student of money codenamed "Lester" joins me for a multi-episode conversation exploring the excellent book "The Twilight of Gold" by Melchior Palyi.Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/GUESTLester's Twitter: https://twitter.com/ProgrammableTxBOOKThe Twilight of Gold: https://www.abebooks.com/first-edition/Twilight-Gold-1914-1936-Myths-Realities-Palyi/30927065697/bdPODCASTPodcast Website: https://whatismoneypodcast.com/Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?si=wgVuY16XR0io4NLNo0A11A&nd=1RSS Feed: https://feeds.simplecast.com/MLdpYXYITranscript:OUTLINE00:00:00 “What is Money?” Intro00:00:08 Gold as the Keystone to Social Order00:04:17 Lester’s Love for Gold…00:08:52 Staring into the Fog of the Future on a Bitcoin Standard…00:12:46 The Supreme Conservatism of Bitcoin00:16:12 When the Rules of Money Become Unbreakable…00:19:06 Freedom Requires Consequences when Rules are Broken00:20:35 Money Without Limitation Destroys the World00:25:06 MMT: A Descriptor for an Unjustifiable System of Theft00:28:11 The Reason Lester Sold All His Gold…00:31:41 The Specter of Crushing Poverty in a Post-Inflation World00:34:26 NYDIG00:35:34 Submission to Truth is Freedom; Life as Organized Disobedience00:38:34 Robert’s Response to The Specter of Crushing Poverty…00:40:59 Bitcoin Mining as a “Safety Net” for Failing Economies00:46:11 Convertibility as a Vote of “No Confidence”: Contract or Conflict00:48:02 Big Themes in “The Twilight of Gold”00:51:46 Central Banks Trapped in the Gravity of Government Debt00:56:31 Ritualizing Bitcoin as a Bulwark to Intergenerational Drift00:59:00 The Ineffective Application of the Interest Rate Mechanism01:10:13 Is Price Stability Natural?01:13:21 Price Stability Cloaks the Fact that Things Should be Getting Cheaper01:19:25 High-Integrity Private Property Rights as a Fix for Environmental Harm01:22:49 Hijacking the Interest Rate Mechanism to Make Government Debt Cheap01:27:42 Bitcoin is Designed to Work Whether or Not It Has Permission To01:31:31 Relying on the Enlightened, Long-Range Self-Interest of All Participants in the Game01:35:31 The Real World is Based on Simulated Ownership, Possession is True Ownership01:41:46 The US Government’s Excessive Indebtedness…01:47:05 Building Up a Wall of Bitcoin Conviction01:51:16 Lester’s Five Conditions for Investing01:55:00 Bitcoin Can Never Be Fully Understood, so It Will Always Be Undervalued01:56:34 “Every Order of Magnitude Wealthier We Become, We Add a Zero”SOCIALBreedlove Twitter: https://twitter.com/Breedlove22WiM? Twitter: https://twitter.com/WhatisMoneyShowLinkedIn: https://www.linkedin.com/in/breedlove22/Instagram: https://www.instagram.com/breedlove_22/TikTok: https://www.tiktok.com/@breedlove22?lang=enAll My Current Work: https://linktr.ee/breedlove22​WRITTEN WORKMedium: https://breedlove22.medium.com/Substack: https://breedlove22.substack.com/WAYS TO CONTRIBUTEBitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7Sats via Strike: https://strike.me/breedlove22Sats via Tippin.me: https://tippin.me/@Breedlove22Dollars via Paypal: https://www.paypal.com/paypalme/RBreedloveDollars via Venmo: https://venmo.com/code?user_id=1784359925317632528The "What is Money?" Show Patreon Page: https://www.patreon.com/user?u=32843101&fan_landing=trueRECOMMENDED BUSINESSESWorldclass Bitcoin Financial Services: https://nydig.com/Join Me At Bitcoin 2022 (10% off if paying with fiat, or discount code BREEDLOVE for Bitcoin): https://www.tixr.com/groups/bitcoinconference/events/bitcoin-2022-26217Automatic Recurring Bitcoin Buying: https://www.swanbitcoin.com/breedlove/Buy Bitcoin in a Tax-Advantaged Account: https://www.daim.io/robert-breedlove/Buy Your Dream Home without Selling Your Bitcoin with Ledn: https://ledn.io/en/?utm_source=breedlove&utm_medium=email+&utm_campaign=substack