Technology
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!Timestamps00:00:00 - Intro00:01:22 - Junseth introduction and Bitcoin Conference 00:03:12 - Bitcoin Maximalism vs Crypto00:05:40 - Junseth’s History with Bitcoin Uncensored Podcast00:08:00 - How to be a good trader00:09:36 - Elon Musk to take over Dogecoin00:11:05 - No Oracles in Bitcoin00:11:55 - The Mission of Junseth00:14:58 - DeFi is a lot like a ponzi scheme00:17:38 - Money and the Federal Reserve00:19:50 - Junseth says we might be in a deflationary period00:21:32 - Bitcoin is the thing itself that is valuable00:23:20 - Applying politics to Bitcoin and modern monetary theory00:25:40 - Will the government collapse? Or just the dollar?00:26:42 - Civil war between Conservatives and Liberals00:28:40 - Bitcoin as an end of the world hedge00:29:38 - El Salvador experiment conversation about the USD00:32:20 - Bitcoin reinvents the entire monetary infrastructure00:35:40 - Making more sense to take on as much debt as possible00:37:00 - Is inflation real? Is there actually inflation around? Where can we find inflation00:41:26 - 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 today00:45:40 - 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 years00:55:25 - 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 up01:02:00 - Who benefits from inflation? Inflation is a tax on foreign companies holding USD.01:04:40 - People 50 years ago were much more entrepreneurial01:05:30 - Millennials have more savings than any other generation that has come before01:06:50 - Renting vs Owning. Can millennials own houses with their current income/wealth level?01:09:55 - Government Policy is the cause for irresponsible loans01:11:41 - 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 Freedman01:53:22 - Do people hold dollars? Junseth says most people don’t hold dollars01:58:20 - Discussion on whether or not money printing causes all bad things?02:04:00 - The morality of how money is made02:07:03 - Buffet getting a call from the fed when the 2008 crash occurred02:10:33 - Rich people suffer more during a market downturn02:14:44 - Kids and graduating college kids are roped into credit card debt02:17:30 - In depth discussion on brads upbringing, and his experience with debt02:24:55 - Credit card debt is not collateralized, so you never need to pay it back02:29:02 - Fractionalization of money within the banking infrastructure02:33:50 - Do bank executives make too much money for their position?02:39:22 - Discussion as whether or not you can own volatility02:49:50 - 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 crisis03:12:55 - Brad brings things back to the central bank printing money03:20:00 - Wrapping up, Closing ThoughtsLinks to Mentions in the ShowFederal Reserve WebsiteMilton FreedmanQuality of Life IndexFind JunsethJunseth.comUncensored Bitcoin PodcastFind Brad MillsBrad Mills TwitterMagic Internet Money TwitterMagic Internet Money FacebookMagic Internet Money InstagramProduced 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.