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Long-Term Tradition
00:01:02
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| When governments just create units out of thin air and say it has value and they run the world, if a guy, if an individual did this, if he counterfeited the money, he'd go to prison. | |
| The founders actually thought that if you counterfeited the money, you deserve the death penalty. | |
| That's how much they hated the inflation. | |
| But taxes would go down under the circumstances of the free market because the printing of money is a tax. | |
| You value the value of the money, and the government gets the benefit from this. | |
| Do you think gold is money? | |
| No, it's not money. | |
| Even if it's been money for 6,000 years, somebody reversed that and eliminated that economic law. | |
| Well, it's an asset. | |
| I mean, it's the same. | |
| Would you say Treasury bills are money? | |
| I don't think they're money either, but they're financial assets. | |
| Why do central banks hold it? | |
| Well, it's the form of reserves. | |
| Why don't they hold diamonds? | |
| Well, it's tradition, long-term tradition. | |
| Some people still think it's money. | |