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So I look at this as one giant pulling of the rug out from under our proverbial feet which sort of harkens back to this manipulation of education and, and whatnot surrounding money. The Austrian school has been almost entirely stomped out in Western curricula. It happened just slowly and steadily over time.
And the other key component, as you rightly mentioned, and as you know, Guido Hulsmann and others point out, it comes down to things like legal, tender laws that force the use. And essentially the government is suppressing competitive money. Now, I suppose people could say, well, could the government try to then suppress Bitcoin? And it would just be, you know, straight back to meet the new boss, same as the old boss?
But Bitcoin is fundamentally different than gold. And the, I think the biggest shortcoming of gold at all was its physicality, which cause two things caused us, gave us an economic impetus to centralize its custody and transact in paper currencies that redeemable for gold to overcome that cost. And these two things are what led to central banking, in my opinion, right? You have a money that is vulnerable to theft being centrally warehoused. And then that of course is the source of virtually limitless power.
I argue in the piece that money as a tool is human time implementized, right? It is literally a token for human labor. So it can be redeemed to get anyone to do almost anything for you in the marketplace. I sometimes call it theft proof money. There are ways to do it in collaborative custody or circles of trust or a distributed key shards that you can actually overcome even a physical attack. As long as you could ever have access to that paper and you know, the key to unlock the key from the publication.
And the other thing about Bitcoin is that so long is, you know, at least in Western society, we have here in the United States, we have the first amendment, right. Which is the freedom of speech. And as we saw with PGP case law, open source software is speech. So Bitcoin is protected under freedom of speech laws, and even if they were violated it seems incredibly difficult to try to enforce something like that.
Because as soon as you violate freedom of speech, you get into a really weird domains, like illegal numbers and things of that sort. Gold was always centralizing and wounds were being fought over it. I agree. It was just this game changer technology. So I suppose would you frame it that way? Would you say Bitcoin essentially allows people to be less of a slave? And this is true of any currency counterfeiter.
They are able to steal human time in perpetuity so long as that monopoly can be preserved, right. We saw it again with aggry beads. It happened, with panos, and now we have it legally instantiated in central banking. So although it may not be the same same visual visceral, awful experience as physical bondage, this is a system of time theft.
And I actually quantified some of this in the piece to argue about it. So the transatlantic slave trade took place from about the year to the mid s was a year stretch, 12 and a half million human lives were stolen directly. So these are slaves that left African shores and went to American or European shores about 2 million of those died in transit.
So this is a massive, massive number, right? Like we talk about the Holocaust in Germany was I think 6 million Jews killed. So this is twice that number, just over a much longer period of time. And if you look at just the direct lives stolen, this is not counting their children, right. And you just quantified each slave saying that they labor 5, hours a year for an average life of 40 years, the transatlantic slave trade was responsible for stealing 6. Which came out to about two and a half trillion hours stolen.
And to set that side by side with central banking, I ran an analysis just looking at, since I think this is to current showing the average hourly wage rate. I was actually calculating how many hours of human time the Fed is effectively printing through quantitative easing and looking at that 40 hour or at 40 years stretch rather the number came to almost 1 trillion hours, which was about a little over 30 billion human working hours stolen per year for 40 years straight.
We have, you know, arguably three to 4 billion dollar users in the world, right. A lot of countries and a lot of people internationally, depend on the dollar. So each pyramid basically took about 10 billion hours of human time.
So if you look at it that way, the fed is basically printing enough labor or stealing enough labor each year to build two and a half pyramids, assuming we could do so technologically. And Bitcoin clearly has been just this huge beacon of truth. And I think, you know, a lot of people are so. I suppose the inflationist, nocoiner person might try to rejoin them here. They might try to come back and say, well, hold on a second. What would you say to them?
Well, I would say, just look at the exacerbation of the business cycle since the inception of the federal reserve, right? The booms and busts are getting more severe. Otherwise it would eviscerate their business model. I just, before Fiat currency, it was common to hold cash and savings, right?
So long as the future is uncertain, which is forever, there will be a demand to hold cash savings. So this pushes you to take on more debt, pushes you to divest your savings. Basically, if you look at free markets as these forums of free exchange, that zero in on truth and the American pragmatist described truth, which I think pragmatically makes sense as the end of inquiry.
One is accurate prices. Two is useful tools and three this individual virtue or competitive competence, depending on how you want to look to look at it. And if you look at a price, price is just an exchange ratio, denominated in money, right in the sphere of human action.
And then you look at useful tools, right? If you have a shovel, that shovel is the result of countless people inquiring about what is the best way to dig holes across human history, right? Where to put the bolts, how long the shaft should be, what the handle should be shaped like, well, how the head should be pointed. Like this is not just one guy. I sat down one day and constructed a shovel and we all use it forever.
And that process of inquiry creates the end, which is innovation itself. So even tools that we use that are successful in the marketplace are, can be said to be a form of truth, that knowledge structure in which they are based is a form of truth.
Like I said, accountable, you actually have to listen to the preferences of your customer. You just have to be a good person all around to do business with other good people and central banking being this legal monopoly that turns free market on its head, basically blows all of that out of the water. And we see it in today, totally annihilated price signals, right? You just look at banking, healthcare, all these things. And then finally, as I kind of argued in the beginning, it actually incentivizes you to be wicked instead of morally virtuous.
It is the most rent seeking backstabbing, insidious unscrupulous people that make it, that rise in these hierarchies. Yet this is the one market that no government in the world has ever allowed to be truly free market. We had glimmers of it in the late 19th century with the global gold standard. But constantly the pressure from banks to monopolize money has always conquered it. And, you know, in that sense, argue the Bitcoin is a weapon of peace.
And yeah, just very exciting finally, that we have that sly around about way that was discussed so many years ago. How would you think of it?
Yeah, so people talk about money or the love of money being the root of all evil. And I actually argue instead that it is the root of all sovereignty and sovereignty. I think that we, today, we associate it with the state. And this is a far cry from where we began say an ancient Egypt, right, where the Pharaoh was sovereign everyone else was a slave. So if you look at that grand arc, sovereignty has sort of been decentralizing over time to more closely mirror, natural law.
And, you know, against sovereignty is the simple definition is the authority to act in the world, as you see fit, right. And so this, I actually consider money to be kind of the root of all sovereignty, or maybe the greatest expression of it.
In that we started trading. And the most treatable thing or the most important property, right in any economy is money. So money is kind of the highest expression of human sovereign action in the world.
And I go into this a bit in the piece, it gets quite philosophical. Jordan Peterson talks a lot about this, but the concept of the logos, the logos is the principle of reason that mankind possesses, that separates him from animal, right? Our ability to tell and believe stories is what distinguishes us as a species. Whereas a primate troupe can only congregate in groups to say , right?
And I argue that that, and this is in accordance with natural law, that the logos that lives within each of us is the generative source of sovereignty. It is the actual honoring of the process of the sovereignty of the individual to go out into the world, freeing experiment, learn, and then diffuse those learnings back into society through trade, right?
The free market represents a platform that optimizes for expression of the collective logos. Whereas an unfree market essentially planned market is the exact opposite, right? I think in the piece I talk about Soviet Russia taking over the press or Nazi Germany basically suppressing anti Nazi journalism.
It is sovereignty arises from the logos. So the more that we honor that principle, that inviolable principle within us all the better off the world is. And I think Bitcoin by actually optimizing for truthfulness and individual sovereignty it sort of actually saves us from ourselves and hopefully rectifies this pathological hierarchy, we call central banking.
I like to frame Bitcoin as this idea whose time has come, right? Now, some might mistakenly blame capitalism for the many economic problems in the world. What would you say to those people? Another false narrative written by what I would argue is the bastardization of the money, but capitalism versus socialism to me is very simple.
Capitalism means you have the exclusive rights to the fruits of your own labor, right? Basically you own your own time. How do you spend your time? How do you who has the rights to the value you create with your time? You spend it investing manufacturing, learning, whatever it is who owns that? Is it the individual that creates it, or is it some other people which would often be the state and at the opposite end of that spectrum, I think is the hallucination we call socialism, which has a great ring to it, right?
It has the word social in it. It basically means it implies that the state can collectively people can collectively own capital to the benefit of individuals. Whereas in practice, what happens is the individuals that own, that capital collectively inevitably use it for their own benefit. But the monetary system is the opposite. The federal reserve here in the US has a set of undisclosed, private shareholders. So we have capitalism being based on sort of three things. So we have socialism actually ingrained in the economic network of the world.
So I think people are, again mistaken as to what capitalism actually represents. We have never been able to resist the temptation, right? Someone always gets into that seat to violate the money supply for themselves at the expense of everyone else and Bitcoin with the first incorruptible money supply in the world. I suppose one other thing is we could say, well, looking back historically, things may have started off in a certain way, and then they get corrupted every time.
Even recently I think I forget which country in South America asked to have their gold and England said no. We saw Mt. Gox Fall, countless exchanges have been knocked off whatever, all types of fraud in the crypto space.
The system as itself becomes more anti-fragile. Just trust our accountants, versus just signing a message, right. Or just cryptographically proving a quantity. And that cuts through that incinerates. A lot of the institutional falsity we have in the world today. So why is absolute scarcity important? Yeah, so that again, if we consider the free market as this system that actually generates truth over time, right? Looking at gold through that lens, gold is perhaps one of the most important tools that mankind has ever had, right?
It was the best monetary technology across the five properties of money that we ever had even despite the shortcomings.
And it was as if because the main difference between gold and everything else was that it had superior relative scarcity, right? It was equally divisible, durable, recognizable, portable to many other metals, but gold was especially hard in terms of scarcity as quantified by stock to flow model.
So said differently. The Draxes also owned a slave plantation in Jamaica which they sold in the 18th century. Sir Hilary Beckles, a prominent Barbadian historian of slavery, said Drax must acknowledge the wealth brought to the family by slavery. Sugar and Black Death went hand in glove.
Black life mattered only to make millionaires of English enslavers and the Drax family did it longer than any other elite family. One document reveals his involvement in the farm, showing that in February he registered the plantation as a business in the Barbados Companies House in his full name, Richard Grosvenor Plunkett-Ernle-Erle-Drax.
Once that process is completed, I will of course register it in proper accordance with the rules. Like many of his ancestors, Drax is a Dorset MP and is probably the wealthiest landowner in the House of Commons, with 5, hectares of farmland and woodlands. In the centre of the park is the Grade I-listed mansion. In Barbados, the imposing plantation house, Drax Hall, built around , still stands — the oldest house in the western hemisphere — and sugar is still grown on the plantation.