WARNING: I will never ask for your contact info in the comments section, that is someone impersonating me!
@ervishyseni7712 Says:
1:05:10
@tweeds638 Says:
Graham, I heard you speak on this video and was amazed by your insights, and decided to read The Wealth of Shadows as a result. I absolutely loved the book - incredibly entertaining, and a great way to understand not only the past, but current and future trends in currency and international finance. I'm now starting on your other books too! Thank you.
@kristenwilson6767 Says:
America is funding nazis in the ukraine . Stop funding ukraine nato
@easyhandle347 Says:
Great content but he has an annoying voice
@walterdryja5201 Says:
This kid is still wet behind the ears
@KyChristensen Says:
Sounds like Jesse Eisenberg in the social network
@markheffernan7016 Says:
Brett Reginald Scott tells us what many have (Graeber, Douthwaite, Forstater, and others), that present money systems are not a natural phenomena.
"To escape solutionist accounts, you have to accept the possibility that money was introduced into a world where there was no intrinsic or systemic ‘demand’ for it (much like my body has no demand for cigarettes in a world where I’ve never encountered them). From this perspective, the history of money is a series of political-economic events where people who didn’t rely on money slowly took little puffs on it in limited situations - the monetary equivalent of ‘social smoking’ - or were forced into it through acts of political coercion. This sets off a shift, then a slippage that becomes a landslide. Resistance to dependence on money erodes, then collapses, locking the society in.
As any economic anthropologist knows, there are many ways that pre-capitalist societies collaborated for survival, using combinations of logics and practices that ranged from informal reciprocity, gift-exchange systems, hierarchal redistribution, patronage systems, and small-scale communism alongside forms of commercial exchange. As I discuss in my video and article on Tabu ‘shell money’ in Papua New Guinea, many pre-capitalist ‘currencies’ were not commercial in nature, and were only used in ritualistic settings to mediate social relations and power.
The capitalist money that we’re used to, however, is inherently linked to the rise of states, imperialism and colonial conquest. This is not the place to recount that history, but - in highly stylized terms - political actors introduce credit systems, forms of coinage, and tribute systems that gradually snowball into larger systems. Money acts as a dissolution agent, dissolving situations of small-scale interdependence and recombining them into large-scale interdependence. It transforms smaller discrete economies into larger integrated ones.
For the groups on the left of the picture above, money might once have had some optional element to it. For example, in my homeland of South Africa in the 1800s, Zulu, Xhosa and other groups held onto traditional subsistence systems that enabled them to live outside the colonial market economy, while occasionally dabbling in those markets. This slowly changed, however, as the colonial government forced them to pay ‘hut taxes’ that required them to work in mines to get the colonial money needed to pay the tax. This is spelled out in the 1893 report about the ‘native labour question’ by the Committee of the Mine Managers Association : “It is suggested to raise the Hut Tax to such an amount that more natives will be induced to seek work, and especially by making this tax payable in coins only”.
The word ‘induced’ is telling. It suggests a process of trying to artificially stimulate demand for something that isn’t intrinsically demanded. This is the early stage of proletarianization, the process by which people are severed from a previous means of survival and integrated into a new one - wage labour."
The word 'induced' also speaks to the question of liberty while still using these systems of colonial money. As various local imperial powers imposed their colonial currencies on the local populace the system spread world wide. But now we are told that there are legitimate differences between the 'values' of these imposed currencies! Picking sides within the illiterate context of 'national currencies', and illiterate fear mongering about the consequences of these ancient struggles about who's imperially 'issued' currencies hold 'more value', will not address or correct the present, and ages old, mistaken paradigm.
http://bibocurrency.com/index.php/downloads-2/19-english-root/learn/271-brief-history-of-money-s-misrepresentation
http://bibocurrency.com/index.php/downloads-2/19-english-root/learn/299-stop-wwiii
Says:
Money is a representative of purchasing power and serves the one who issues it to economically exploit those who use it. Ask yourself who issues the money and whose servants are we?
@alexandrabutler8939 Says:
Max Weber, a German sociologist, first defined the government monopoly on violence in his 1918 lecture Politics as a Vocation. Weber defined the state as a political institution that "successfully claims the monopoly of the legitimate use of physical force within a given territory".
@kaizen960 Says:
The UX dollar has become a Ponzi scheme. A big scam.
@jamariokelly2539 Says:
Love Tom’s precisely articulated world view
@CowEatingAnt Says:
At around the 1:40-1:45 mark, the discussion rightly points out that any creation of currency should be matched by the creation of something of value. However, it misses a more critical point: currency manipulation steals from people's ability to choose how they apply their energies.
For example, printing enough money to manufacture blankets for every person in America assumes that everyone values those blankets equally. This overlooks the fact that many people might have no desire for the blanket. Thus, on a societal level, it has been decided—through manipulation—that people's efforts will be directed toward producing something they didn't want, devaluing their productivity in the marketplace.
Do blankets have value based on their utility? Yes. But that utility is not inherent to the blanket; it is inherent to the user.
The core issue is that printing money is immoral because it steals from people's productivity. This theft does not occur if individuals decide for themselves how to allocate their efforts and resources.
@dfinma Says:
42:28 Your definition is cute and while I'd like to agree it's far from reality. The purpose of money is for a few people to accumulate wealth by putting most other people in debt.
@philippine6168 Says:
Honestly You may never know the value of that €1 you have until you go bankrupt, the bad experience I had last year really made me feel that our school curricula should contain more financial knowledge and education. It is never enough to have a good job, a huge salary and all the luxuries at your disposal. But saving money and investing it wisely is never a bad idea,... I learned how to invest, no matter how little, but life really believed it show me the hard way. Thank you for the nice video its always interesting to watch your content
@morenahlatshwaya Says:
Hello nice
@johnforde7735 Says:
People do not group on values empirically, otherwise Trump wouldn't have the sway that he has. He is doesn't have any values that his fans have.
@johnforde7735 Says:
No you are wrong about getting into a debate about defending Ukraine. Absolutely. That is with the President and Congress. And they agree. Period.
@johnforde7735 Says:
The "weapons of mass destruction" was a pernicious lie. I dont understand what issues you have with money.
@happybuildingblock2662 Says:
lol printing money because of ukraine yeah right...
@johndavenport8843 Says:
There is alot of incorrect history here. Please do better research.
@xmanhall360 Says:
2:20:00 so weird to hear him talk about what the war must have felt like.
You know everyone in the west who’s not in then US had grandads or great grandads who were in those wars….. we know.
@psikeyhackr6914 Says:
Do not blame the MONEY because People choose to play Economic Power Games with it.
Is Karl Marx Left and Adam Smith Right?
What if the economic paradigm is a LIE?
Wealth of Nations and Das Kapital are both in the public domain and can be searched.
Search WoN for "and account" and you will find multiple instances of "read, write and account". When was the last time you heard anybody on the Right advocate mandatory accounting/finance in the schools?
Adam Smith never used the word 'depreciation' in WoN. Search Das Kapital for it and you will find Marx wrote about the depreciation of Money, Machinery and Morality. But consumers did not buy automobiles and air conditioners before Marx died.
When do Leftist talk about planned obsolescence and mandatory accounting in the schools? Creating and maintaining confusion serves the power structure. The RIGHT! Most of the right wing dummies are just pawns for the really rich.
One socialist told me that he objected to mandatory accounting in the schools because the math would make Capitalism seem logical to the students. He claimed to be a high school teacher.
I asked a PhD economist from the University of Chicago to explain how an automobile engine worked. He couldn't even start. Economists are technological illiterates who cannot get the algebra for the Net Domestic Product equation correct. How are they supposed to recognize planned obsolescence?
NDP = GDP - Dcap (official economic delusion)
NDP = GDP - (Dcap + Dcon) (reality)
Dcap == Depreciation of Capital Goods
Dcon == Depreciation of Durable Consumer Goods
GDP == Grossly Distorted Propaganda
To an economist an air conditioner is no different from a banana.
They are both just Consumer Goods!
@ZuletLeve Says:
*No man was born rich that's why we have to do our best to achieve something in life. Before we get old.*
@lovemypets254 Says:
When you have a billionaire give a known 34 count felon & sexual assaulter 45 million lottery ticket what is he getting for it? Musk bragged he knew President Biden would drop out before president Biden announced it to his staff & Americans like you & me. Is tech musk SPYING ON AMERICANS & the president? Felons support felons so how can laws not be broken from power hungry villains in power? Maga is now calling for violence just because a black woman is on the presidential ticket & Maga wants Rosa parks off that bus by violence .
@Jaesais Says:
2:01:06 Thing of note here is that U.S. has made it such that an absurd level of countries share that debt because they transact in US Dollars.
Germany was blighted because countries didn’t want to use their currency.
The difference is substantial when faith dies vs when faith still exists.
The proper comparison would be to see what % of the world used German dollars back then and extrapolate forward in USD. We have a theoretical substantial runway to continue to play with debt before we hit Germany levels of insolvency.
@Jaesais Says:
1:52:01 Not 100% accurate.
When Tesla and other tech companies succeed and humanoid robots can hit growth curves to yield substantial results, then it will without a doubt cure our debt issues.
@Jaesais Says:
1:43:04 In the case of Covid the theory is you were paying to save human hours worth of lives, hence the theoretical sad reality is that life hours are now the expense to compensate for the printing.
@Jaesais Says:
1:35:55 so what I am hearing is that the ultimate “currency” is Calories, and inevitably the doom and gloom predicted in the Bible book of Revelations is highly probable? 🧐
Revelations 6:6 Equivalent of an entire day of work will yield approximation of Calories you will consume in a day…
“A quart of wheat weighs approximately 1.9 pounds (or about 860 grams). Given that 100 grams of wheat contains around 340 calories, a quart of wheat would contain roughly 2,924 calories.”
“A quart of barley weighs approximately 1.9 pounds (or about 860 grams). Given that 100 grams of barley contains around 354 calories, 3 quarts of barley would contain roughly 9,138 calories.”
Upper and lower thresholds of poverty will be earning ~1-4x of whatever calories you consumed in a day. 🧐
@andyzaremba3408 Says:
Generally speaking, politicians mirror the values of the group they represent, not vice versa.
@MagicKomar Says:
God Tom. You’re soooooo good
@doctore4205 Says:
this dude is a midwit NPC, he has just enough verbal acumen to construct neutral sounding language but it is exactly the message the neolibs gave him - by the way blank slate isn't real and words had specific meanings at the time they where written in the constitution
@banedjokic249 Says:
This gut is such a propagandist and he knows that he is lying and that we know that he is and still he is lying
@My_oh_face Says:
Tommy boy- getting ready to hit up American finance. Any chance you know of any loan options that don’t require any strict proof of income?
@henrychoy2764 Says:
einstein wouldn't be twice as smart as a moron - einstein was more like a trillion trillion times as smart as a moron - if you put a trillion trillion morons in a room they might come up with einstein's outputs along with a whole bunch of very questionable ideas of course - same as einstein did - iq is more like a logarithmic scale - a superintelligence that is a million times as smart as a genius would produce amazing things but so do all the geniuses in a sizable country - that's only 20 iq points though - not really out of reach - go up another 20 points and you get better and better ideas about whether resource allocation is worthwhile but the most challenging problems would probably still feel as far away as the stars - intelligent beings are not entirely intelligent - they are fairly stupid - a superintelligence would likely be classified as such only if it was able to recognize its own superstupidity in a way no buddy else can - that would be a revelation
@sepp1820 Says:
money printing will kill us, it's bs to think that you can print as much as you need in the moment.
Since the money stays in the system afterwards
@phobes Says:
- The 2nd amendment states that *_arms_* are what the people have a right to keep and bear, which includes *_any_* item that can be used for offense or defense
- Money is a tool that has been weaponized by the state to control the populace
- Value is subjective, Austrian economics is superior to Keynsian in every conceivable way
@charlitoadams777 Says:
Many people understand what happened in Europe from 1939-1945.
Far too few people in America understand what happened from 1933-1939.
@user-cu4eb2un5d Says:
Short everything, all going to zero.
@lincolnmiller919 Says:
Tom, I worked in digital communication protocol in the 1980s. The ability to stream YouTube to your phone was developed then. AI started then, too. It just wasn't called AI. It has taken this long for AI to go from newborn to clumsy toddler. The difference is that the development is not necessarily linear.
@RyanPatrick-ib2uv Says:
*Your explanations are clear and straight forward It's always a honor to have you here as a mentor, I appreciate you for the time being spent to educate us financially. Regardless of how bad it gets the economy, I still makeover $28K every single week. I truly value Laura, and her helpful guides.*
@mauroinnocenzi9420 Says:
What book he wrote? Just to know what NOT to buy
@oscargalvez7 Says:
Just have to comment on the AI talk. It has use cases TODAY. I know he mentioned it, but for coding, this thing is a game changer! And the argument of nothing novel can be done with it that we couldn't do before, could be argued against any technology. It's not only about that, it's how fast can you do it now vs. before. It's like a calculator, it's not that humans couldn't do mathematical operations, is the speed at which you can perform them now. Such is the typewriter, such is everything, and such is AI.
@ToddWilliams-qc5yd Says:
The mistake of a political neophyte (Tom), interpreting Trump and maga as a legitimate, sensible man and movement that isn’t based on lies and carnival barker deceit. Trump can apparently even gaslight and hustle billionaire “smart people”
@parasprajapati4338 Says:
😊
@marcoaurelio8058 Says:
"This is a machine built to take land." Sounds so familiar, doesn't it? Unfortunately, Tom is brainwashed by Zionists flying monkeys Sam Harris and Jordan Peterson. Somehow, he's convinced that Palestine is about " one side wants to exterminate the other," ironically, the side DOING the extermination learned with their CREATORS the art of propaganda. And our dear Tom became what I was all my life: AN USEFUL IDIOT.
@ears9506 Says:
What do you think about the Vice President candidate Vance's wife given that she and her family is from India (India is a BRIC member)? I am convened with a VP of the United States would be influenced greatly by his wife.
@ears9506 Says:
Interesting take on money buying tangible stuff vs. non-tangible stuff. I think that the US population would get along quite nicely with AI taking all the jobs if employee had their incomes replaced with Digital Dollars. Digital Dollars would be buying stuff (food, clothes, mortgages, educations, etc.) just like your example of buying bullets (its targetable stuff). I do not agree with the current State governments and business being given free money and leaving out the people individually from that current cycle. All three, businesses, States, and individuals, would be buying targetable stuff. T
@Michael29029 Says:
You are so consistent with your videos! I very much appreciate your genuine content. It’s a testament to the character you represent. Aldona Sabaniene at being a great teacher and human being! I know that I have learned so much from you in the last few months. You helped me ask & answer a very important question..."What are your crypto convictions?" This question alone really has provided a healthy foundation to build off of. I've been in crypto for almost 4 years...and I have found so much value in your content. Thank You...
@getdown03 Says:
Graham fails in his understanding of the first principles of money and monetary systems. Money is not a fiction, and the idea that money is “whatever we believe it is” disregards the mechanics that precede the adoption of money by a society. “Money is an idea” is a poorly thought out trope heavily leaned upon by people that have a naive understanding of the question “what is money?”.
Leaves on a tree can never be money, regardless of how strongly a society believes that they are money, for obvious reasons. Leaves are not scarce, they are not durable, they are not consistent, etc.
His opinions are warped by these misunderstandings, as were Keynes', making them useless for anything beyond story telling.
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