I felt inspired to write this particular letter after listening to a podcast between 5 well-respected individuals. Jordan Peterson had Robert Breedlove, Richard James, John Vallis, and Der Gigi on his podcast to discuss Bitcoin. They naturally covered a range of topics pertaining to Jordan’s career focus on individual responsibility and how humans perceive value.
If it’s not immediately obvious how Bitcoin plays into responsibility and the perception of value, I don’t blame you. It was not immediately obvious for me either. For the past number of years, I’ve been listening to Jordan Peterson to gain a better understanding of myself, and my responsibilities. In the last year, I’ve read much of Robert Breedlove’s work and gained a deeper understanding of Bitcoin’s socio-economic impact. I’ve been waiting for the two minds to come together for quite some time because they are both individuals for whom I have a lot of admiration and respect. Now they’ve come together to discuss bitcoin.
Adopting Bitcoin is Socially Responsible
I know how radical that sounds on the surface, but keep reading. Much of the podcast takes place around inflation and the central bank’s role in printing money into the economy. Midway through the conversation, Peterson asks the group to talk about how they see inflation. Breedlove and Vallis didn’t sugar coat their answers. Inflation is at the root of many socio-economic problems were facing today.
When so much is wrong in the world today, it is a breath of fresh air to be able to point out a specific cause of some number of problems with certitude. It is even more of a relief to be able to do something about the cause of the problem on an individual level. We can all voluntarily strike against fiat currencies and adopt a money system that is commensurate with the values that we would like to see embodied within our society. This is one large reason why I myself, am Going Full Crypto. In as many ways as I possibly can, I will live outside the fiat money system in order to bring it to a halt sooner.
Inflation is Theft
One of the reasons why it is responsible to adopt bitcoin is because it is irresponsible to continue using fiat currencies with the understanding they are perpetuating many issues the world faces today. I encourage you to browse wtfhappenedin1971.com to gain an understanding of just exactly how the fiat money standard has been systematically robbing the lower class of their purchasing power for 50 years.
The statement “Inflation is Theft” is a bold statement to make, but one that needs to be made because of the truth it contains. Understanding WHY and HOW inflation is theft is key to understanding the morality behind Bitcoin and the immortality at the heart of our current socio-economic paradigm.
Understanding that inflation is theft can be done by understanding a few key points.
Money printing takes place for free at the discretion of a small group of individuals
Increasing the supply of money decreases the purchasing power of all other units of money in circulation
A decrease in purchase power is your money becoming worth less than before. This happens without your consent, and to a degree that you have no control over.
Inflation doesn’t just rob our bank accounts and pocketbooks, it robs us of the ability to properly perceive value in our day-to-day lives.
Bitcoin Restores a Proper Perception of Value
“With central banking violating the supply of money. They are twisting our perceptions. We perceive the world economically through prices. When that perceptual mechanism is twisted it breaks down your valuations, your goal orientations. — and your Trust” — Robert Breedlove
In order to follow the next passage, I have laid out the argument in bullet points then expanded upon it throughout.
Money is the society’s unit for measuring value
We all act in the world according to what we value
Our perception of what is valuable is distorted because our money is able to be manipulated
We end up acting out of accordance with our long term best interests
Having your own pocketbook be robbed due to inflation is one thing, but inflation is much more sinister than this. It is robbing the next generation of individuals through the distortion of our collective thoughts. We as a society have been trained to think on the short term, instead of the long term.
Fiat Induced, Short Term Thinking
For the last 50 years (since 1971), our society has been on a fiat money standard. We think in terms of money that goes down in purchasing power over time. This creates within us a culture of borrowing from the future, in order to create more in the present. The money we use to do this is created out of thin air, instantly, without any work required to bring this money into existence.
This money creation distorts our ability to accurately measure value in the world. When fiat money is injected into the economy, it affects the ability of the free market to naturally reach a consensus as to what the prices of goods are. Money printing distorts the biggest market in the world, the money market. A result of the money market being distorted, is that all other markets in the world are distorted, as the value of everything in the world is thought of, and measured in terms of money.
Additionally, the printing of money also allows us to forestall the payment of our debts, until a later date wherein we hope to be in better economic circumstances in order to pay them off; buy now, pay later. This way of thinking is characterized by immediate gratification. We sacrifice the well-being of our children so that we can have a better present.
The temptation to manipulate the supply of money, has proven historically to be essentially irresistible. — Breedlove
When the central entities in charge of the money supply increase it arbitrarily, they are betraying the trust of the people. They are stealing purchasing power for the masses and distributing it arbitrarily to those who are closest to the money printer. That is hedge fund managers, bankers, army generals, and politicians.
To the point about morality. If we don’t have a secure social contract in the most important market in the world, which is money. Then we can’t possibly have a sound social morality. It causes people to be more short-term thinking when your money doesn’t hold its value over time. — Breedlove
A sound social morality can only be brought about by installing a monetary system with sound money at the center of it. The gentlemen in the podcast make the argument that this manipulation at the center of our economy is the root cause of the deep-seated mistrust at all levels of our society.
Bitcoin Induced, Long Term Thinking
The fiat money mindset is completely opposite to the Bitcoin way of perceiving value. With bitcoin at the center of our monetary system, we must sacrifice today, in order to have a better future. There is no such thing as free bitcoin. You must work to obtain the bitcoin. The work required to bring bitcoin into existence happens upfront, and as a result, we get to reap the rewards of having sound money with which we can accurately measure the value of things.
This paradigm shift allows us to look deeper into the future, and prepare more whole-heartedly for it. This way of thinking is characterized by delayed gratification. It is the idea that we can build a better future for our children today, so that they have a solid foundation to pass onto our descendants.
Change your Mind about Bitcoin
Civilization is a race between education and catastrophe. My realization is that the world is so poorly informed about the social-economic and philosophical significants of Bitcoin. — Breedlove
When I say “Change Your Mind about Bitcoin”, I mean it in two ways.
Get out of the fiat mindset, and adopt a bitcoin mindset. That is a mindset of delayed gratification and long time horizons.
If you’re on the fence about bitcoin, I urge you to reconsider your position and change your mind about bitcoin. It’s not just the #1 cryptocurrency, it is the thing that could feasibly replace the financial system and restore financial balance to the world.
I hope you will give the entire podcast a listen so you can grasp the full weight of the arguments these gentlemen have put forth. I have only scratched the surface of their arguments, and put my own thoughts and opinions in the mix. Please let me know your thoughts about this topic in the comments!
Regards,
Keegan
Additional Links and Resources for this Chat
Quotes & Timestamps
Discussion on Inflation — Peterson asked a question
Fiat money is compelled speech — Breedlove