@@gapkillercoolOkay, I'll bite. What did the creators get wrong? I might have missed something, but it looked like simple facts to me. Governments may be powerful but they aren't magic genies. Printing more money without anything meaningful to back it can't "create" more economic value...only more money. And the new money dilutes the value of the existing supply of money. As in, our paychecks, our bank accounts, and our retirement accounts. Inflation by currency devaluation is in essence an insidious form of taxation. I'm glad videos like this are exposing this form of cheating and theft. Unless I'm the one being tricked here, and this video is just very convincing (but false) misinformation.
@@goldy6772 I think inflation is a bigger problem than taxes but I'm saying that no one has pushed politicians hard enough on it. People would vote someone out over a tax increase instead of someone who created 11% inflation.
@@Quetzal796 economic stagnation because of increased wealth disparity caused by rightwing economic policy, causing a recession and inflation as prices raise to maintain profit for shareholder?
@@nickvanachthoven7252 That's not the point, his point was ridged coins were adopted so that even a layman could visually identify that someone was trying to pay them with clipped coins. which is 100% the truth, and something they were doing (to a more primitive degree) as far back as Ancient Rome.
@@OverDunkNessSEVEN yep you are 100 percent correct I have seen coins from Ancient Rome and many old American coins that have been shaved off not to say other places did not do it it’s just saying I just don’t collect foreign coins
@@elusiveshadow5848in fact not true. Many Jewish people owned mints. Why would they be shaving the coins they produce? The people who shaved coins to remint them tended to be poor rural farmers or criminal types who sought to make a quick buck. But sure perpetuate anti-semitism on a libertarian children’s cartoon. We all know that’s the type of hogwash libertarians believe anyway.
Another form of inflation is price creep & artificial price rises such as Govt fees & charges. In Australia whilst having historically low interest rates for 20 yrs, the State & Federal Govts Fees& Charges increased consistently far above the inflation rate, ad in over 5 times the inflation rate per year. Various taxes & excises were increased as well. As a disarmed people we just have to bend over & accept the pineapple.
@shieldwolf65 an armed population would not help that issue in the slightest. People neither knowing how the system works not caring enough to look it up and complain is why the government gets away with it. Arming those ignorant idiots is about the worst thing you could do.
Actually that's just the lie told by people who push Fiat and Bitcoin and support US military action against all nations that have attempted to get back to the gold standard. This postmodernist nonsense has directly lead to the lowering living conditions and collapsing economy, and it's literally insanity to keep parroting this nonsense in the face of historical evidence. In deconstructionist anti-wisdom there's no explanations how a loaf of bread went from 1 penny to 2 pennies between 500AD and 1900AD and has gone from 4 pennies to 500 pennies (accounting for decimalization) between 1950 and now. The facts of reality fly in the face of these postmodernist assumptions that everything is arbitrary.
But Gold is actually worth something, it is used in almost every electronic. Most things are actually worth something because it benefits us in a certain way. This is actually the truth.
Except gold always has a standard level of value over other objects because of the difficulty to obtain it, the limited quantities in circulation, it's use in jewelery, manufacturing, electronics, currency, decor, and the lovely appearance of processed gold.
The reason why gold was chosen as an object to represent value was because gold is particularly resistant to decay. You could put into a vault and it would be the same when you took it out. it doesn't rust, rats don't eat it, if it gets dirty, you can clean it, etc. There are other uses for gold, like in electronics or jewelry, but that's not why gold was valuable, or why we used it as currency. It's value has always been arbitrary.
Uh, no; the short explained exactly as it was. Originally, the value of a currency was determined by a standardized measurement of a precious metal. In the US, after the establishment of the federal reserve, the determination of value based on precious metals was done away with. However, the value of the fiat currency was still determined through a measurement of many economic factors. There is no "random" valuation based on labor for any currency in the world. Now if you want to argue that point for a specific employer's compensation policies, then go right ahead. If you're just upset that Wendy's doesn't pay you $50/hr then perhaps you should learn a marketable skill or start your own business.
A piece of paper is not worth anything, our perception of value makes it valuable. Gold on the other hand, is pretty rare, not easy to find or extract, takes skill and more labour to turn into coins and can be used for a variety of things. If we were to face an apocalypse right now, the current dollar we have will only serve as toilet paper or something to burn things with. Gold is still invaluable. I believe this is what he was trying to focus on. These other factors don't really mean nothing if there's chaos.
@@LCKnechtlmao yeah like CEO is such a useful job: “Men the arrow is going down now and I can’t afford a 5th yacht, let’s cut health insurance! These people can just pick up more hours, not being able to enjoy time with their loved ones, building a community, or doing other jobs, it’s fool proof!”
@@yigitbulut4972Gold is nothing but a worthless rock in an apocalypse, infact gold has always been totally useless until micro electronics made use of it. And that was good! You don't want to use iron as currency, that stuff is useful! A good currency is worthless, hard to reproduce, won't rot and with no other value, a commodity used solely to trade. But if an apocalypse happens, you'll want to stockpile food, learn to farm, buy rifles and learn to hunt, firemaking, house building. Nobody will be interested in gold, bc it's an apocalypse, they need food and shelter not a shiny rock, nobody needs gold. Gold will do nothing but weigh you down. The only reason gold has value is the same reason a dollar bill has value: we think it does (for now). Simple as. Btw, if any of you come up to me in 2054, with the statue of liberty falling to pieces in the background and NYC in rubble, and you try to trade me gold? Speechless. Not even worth shooting you over, keep your rock lmao.
This isn't inflation though. It's debasement, which is a completely different problem. And ironically, the gold standard lead to economic shock when too much gold is introduced too quickly, such as when Mansa Munsa did his hajj, or when Spain found all that American Gold. In the broadest sense, reason inflation happens is because fiat currency vaguely represents the sum of labor/capital in a market rather than a specific good in the market. Basically when you spend your time making something, you're "making" money, and that's accounted for by giving banks money to give out as loans, creating a sort of (theoretically, assuming everyone is a fully informed rational ethical actor) self-perpetuating growth cycles.
The problem is that this only addresses one reason for inflation. Consider the Gold Rush in the 1800s at Sutter's Mill, or at any one of multiple mining camps in the 'old west'. Merchants would buy a lot of mining gear and head to the camps and establish stores. They would then charge upwards of 10 times what these items were worth, and because the miners needed them NOW, they paid exorbitant sums for common tools. The influx of too much gold actually made it worth much less in the camps themselves. What would be considered fortunes elsewhere were made and lost overnight in mining camps and towns, as easily as someone else might win or lose $50-100. It's not just governments that can cause inflation.
Debasement is a type of inflation. Price inflation isn't the only type of inflation. Look at Zimbabwe's hyperinflation during the 2010s for a textbook example of this.
@@Dalteshgmailnice argument, still no, it's cheating. Real money is gold and precious/rare metals and goods. The current petro-dollar world standard only benefits those bankers who run the country that makes the dollar
@@Dalteshgmail so government tries to valuate the value added by the citizens and inflate/deflate the currency according to it by deciding how much money they print and how much loans they give?
By being a private company who the governments can not controle and have them in your pocket. It is amazing that the Federal reserve or every other central bank are allowed to exist... a country should create its own money and not let a private company do it.
Of course they don't, they're all handsomely paid (or blackmailed) to protect the profits of the Rothschilds, who own or control the central banks of all but four countries on the planet.
Of course not. The world's leading economists didn't become very rich men by digging gold out of the ground. Inflation made them into the kind of people who wear very expensive suits while being interviewed about inflation.
The whole point of this video is explaining what inflation is. The fact is, governments do it, and it is like “cheating”. Just because private institutions would do it doesn’t mean it’s not worth talking about.
@@cadecochran5788 Yeah but it's only explaining one type of inflation, and it's the one that blames the government for increasing the money supply. The largest contributing factor for higher prices in America after the covid19 pandemic was "increased corporate profits". When supply lines were struggling due to Covid, prices went up. When the availability of resources and the costs of production went back down, prices stayed high. Raising prices, coordinated price fixing, and price gouging etc. also cause inflation because they diminish the purchasing power of the dollar from the market side. In other words, you can buy less with a dollar because companies just are charging you more. The dollar is worth less. If dollars didn't go as far for other reasons like the inflation causes in this video, than companies would have higher costs of production.
That's essentially the principle behind the Federal Reserve. Woodrow Wilson wanted to print more money for government programs, so a conglomeration of private banks was set up as the Federal Reserve that would loan the money to the government as debt that was owed back to the bank. The more indebted the government, the richer the bankers become.
@@chalker8776 To the best of my knowledge. But this is one of those facts picked up as pebbles along the path over the decades of living, and I can't cite my source. I haven't seen the name Chalker since Jack Chalker, the author of the Well World books. Any relation?
@@pads6367 they are squashing out the middle class. I've watched a few recent minimum wage hikes, but nobody elevated skilled labor. All those great paying jobs that used to exist?... almost not even worth the upkeep on licensing these days.
@@pads6367There would be an issue, it just would have taken longer to notice. The Fed is privatized and gives wealth to banks that don't have enough regulations on them. This enriches the 1% and if you demand that banks account for and ensure inflation adjustments for EVERYONE then they wouldn't be nearly as profitable and the rich wouldn't be able to take more and more of the percentage of wealth. And if the rich can't take ALL the money and power then that's communism!
Good thing historic accuracy isn't part of the analogy. It wasn't the government, it was the people who were shaving the coins. That is why the government added the ridges on a coin. So it's easily identified as a shaved coin. Or to prevent it from even happening.
And that’s how more inflation happens, now a little inflation is good, it encourages people to buy stuff and keep the economy pumping, but to much inflation and every thing goes to hell!
The printing of money, without anything to back the value of the bill, is equally as damaging as shaving the coins, but not just to the value of a handful of bills already in existence, but all currency of that denomination in existence.
“Sir, we have massive crime rates!” “We shall make crime legal then.” “Sir, we have cost of living crisis!” “We shall bribe people to vote for us with their own money.” “Sir, we’re on the brink of World War III!” “Good, we have too many people anyways.” Why am I getting the feeling that my government doesn’t care about me?
The value of labor outstripped the supply of gold centuries ago. Unless you're interested in trading motes of gold dust and being paid in those little sheets you see at overpriced restaurants.
You can't have different currencies made of different metals because arbitrage would be too lucrative. You'd have people melting them down every time the price of metal rose, requiring them to be minted again (this was a problem in ancient civilizations btw).
Gold backed paper money could still exist, which is what existed for a long time, a conversion between money and gold in the US reserve where you could give them dollars and theyd give you gold. Maybe a single dollar is barely any gold but 1000 dollars might be actually substantial. It was actually a rather controversial decision to move off the gold standard because that was the only real justification for money's value but nowadays the justification is basically america is good for it To clarify this is regarding the united states im not sure the history of metal backed currency in other countries
@@elizathegamer413there’s still not enough gold to back all of the money in the world. You’d have to have everyone get rid of some of their money and no one’s going to do that.
@@LordradostWe have debt now, which is basically saying we owe other countries. Other countries similarly owe the United States. We operate based on a system of trust and faith in the future now, which is actually better than requiring a room full of metal somewhere to run the American economy. People like you are trying to undermine that system by implying that America isn't good for it's word. We're not JUST printing money, we're telling people we'll deliver on the goods and services that money represents. And we do deliver, time and time again, despite defeatest propaganda pushed by trolls like you.
@@lexzetuskogold is used in small amount inside of electronics, but other than that? A soft, untrustworthy, and just the worst metal to exist. But gold are shiny and we go ooga booga for them worthless metal..
The issue wasn’t the adulterated gold coin but the adulterated silver coin. Gold was used for high value transactions and many keys to power were bought with valuable gold coins minted at the beginning of an emperors reign during the crisis of the third century. It was the silver that became increasingly worthless first with the antoninianii of Caracalla that was priced at two silver denarii but had 1.6 denarii worth of silver. The antoniniani became a worthless billon coin until it was somewhat stabilized when Aurelian changed the ratio to 20:1 silver after basically having no silver at all.
I’ll gladly be your first comment and say that that is a very educated response. That’s probably why you don’t have any comments Because people are extremely stupid. I’ve literally been bashed, because I fact-check Before I open my mouth.. Or if I give it educated response it’s always too long to read and they don’t have the time… This is typically the response of someone that just can’t read a paragraph lol
@@bobjon7660 I think that's why it only has 63 likes (including mine) because people are just lazy. Thought this was more informative than the video itself in a way
By “not backed up” what the hell do you mean? Why does currency need to be backed by anything? e.g. bitcoin. The *generation* of value is what currency in today’s world is based on. As soon as people stop working and producing is when the value drops. The only thing “backing” the economy would be assets.
It's much closer to "The amount of mined, and exploitable veins of of precious metals on any precious metal standard represents a cap on an economy, and that cap is much lower than our actual production capabilities. Ergo we are backing our money with the 'full faith and credit' of the United States which can be roughly defined by the following: Our ability to generate power, our ability to turn that power into the development and manufacturing of things including intellectual property, and our ability to project military force. If you want to sum it up in one phrase "our overall stability as a nation." If anyone is in a situation where a legitimate concern that a T-bill might not be paid exists, then so much else has gone wrong they don't care about the t-bill anymore. Note Gold, might hold value in such a situation, but brass, lead, gunpowder, and mercury fulminate are going to be much MORE valuable than gold. Also practical knowledge of chemistry, physics, engineering, and medicine are going to be the most valuable commodities in such a scenario.
It’s more proper to say that the value of US money isn’t based on the precious metal content of the coin or the amount of precious metal the paper bill could be exchanged for. Rather it’s backed by the US government’s power and ability to collect taxes.
While i see what they were trying to go for here, the problem is that its conflating the debasement of a material based currency with inflation. While the two can occur together, they're separate forces. Debasing coinage is not the same as inflation. Debasing coins relies on the currency having an inherit value based on the material it is made from. Inflation occurs when there is a larger amount of a currency in circulation, but does not require the coins themselves to be debased, or even have an inherit material value. Otherwise papwr money would be immune to "inflation" because you can't shave off bits to make more dollars.
And it is literally and categorically correct. This is historically what happened. This is the dictionary definition of inflation (an increase in the money supply, not the increase in prices that follow), and this is how currency functions. I don’t care WHO’S saying it, or how much I hate them. If they’re right, they’re right.
@@sumirunihon this video explanation is far too oversimplified, and it fail to explain how printing money (on "paper" without values as itself) cause inflation. Moreover, most money currently created are not physical (I'm not an expert, but it has something to do with borrowing money to the banks). I think this kind of animation are made for kids to catch their interest, but the topics of inflation is largely more complex.
@@psychocat1709 well that's just how they do it today. nothing in this video is incorrect per say it just demonstrates how it was done in ancient times with primitive technology.it demonstrates that the problem of inflation is alot older than people think. also this video is just a short so it only has 1 minute to explain it so it could be part of a larger clip explaining the history of inflation or something.
It is the only factor. ‘Inflation’ is a traditional economic term that simply refers to the increase in the supply of a currency, which will mean a drop in its value- be it gold, paper money, or a bumper harvest of grain in the farming industry. ‘Inflation’ isn’t even the rise in prices- we’ve just started referring to prices rising as inflation over the last few decades. In reality, it is just ‘when have more thing’. The CAUSES of inflation are complicated, which you are correct about, but the actual inflation itself only ever happens one way: The currency becomes worth less, because there is more of it (faster than there are more new people), or because it is being debased and disconnected from the value it’s tied to. At the moment, something like $7 Billion a day has been printed since the 1970’s on average, and over 60% of existing USD were printed in the last five years. That is inflation. The CAUSES of it are complex, messy and corrupt, but inflation itself is just the simple reality. There is more money now.
Inflation has two primary causes: supply shocks(think the OPEC crisis, the supply chain breakdown from covid) and an overactive economy where demand is high.
In economics, inflation describes the loss in value of a currency, and I guess it means that in general. The reasons for the loss in value don't matter. The most common one is the increase in money supply, but there are many more. Also inflation isn't a bad thing in general. Most countries go for ca 3% inflation a year, because it is economically beneficial.
Well inflation is generally understood as an increase in prices, not in money supply. and that can have various reasons. After 2008 for example the money supply was increased dramatically with only a slight increase in inflation.
When you meet the Venezuela government you're gonna faint, since the inflation there made the money worth SO LOW, that it's cheaper to clean you *ss with paper money than buying toilet paper...
Because it isn't; for one the full video is an ad for Coinbase (trying to get people into Bitcoin and the like) and it's also part of the argument people try to use to make the Gold Standard sound good while ignoring why it was abandoned in the first place.
I saw a few other clips from this channel and thought that there was something strange about their messaging in these videos. I did some research and I found that the tuttle twins is produced by the Libertas institute which is a lobbyist think tank based out of Utah, they’re funded by donations although most of their donors aren’t publicly known. The institute is also a member of the state policy network which it also receives funding from. The state policy network works with and has received funding from the koch brothers, Phillip Morris, Kraft foods, Facebook, Verizon, AT&T, Comcast, Time Warner Cable. I just want to make sure that any adults who wish to show this to their children just remember that although this channel may appear educational. they maybe the target market of globalist corporations
I mean you can argue that the teacher is a bad person so they shouldn't be instructing your kids but you can't argue that when they teach the kids 2+2=4 that they're wrong.
@@Jcjcjd-d2olike when the Spanish brought over all the gold form the Americans to Europe every one had to change to silver because so much gold was now in the economy!
It depends. If the amount of money is equivalent to production, there is no problem expanding the monetary base. The problem of inflation comes when the monetary base grows faster than the amount of production. Mining gold is a good way to increase the monetary base, It's a solid method.
Yes depending how u distributed out. Bc if there’s more gold but only few people have it, it’s just as valuable maybe even more. But if u take it all and evenly distribute it to everyone it becomes absolutely worthless and has no value anymore.
Not if you are in a growth era. If your economy and goods produced are all skyrocketing, your inflation would hopefully be skyrocketing to prevent currency deflation and match the proportional growth of the economy. Of course, the issue is always gonna be that there's no wealth distribution laws to ensure that the wages don't stay low and the economy growing doesn't cause the rich to take more and more slices of the pie.
Reminder: Some amount of inflation is healthy for a growing economy. Deflation, when the total pool of money is going down, can also be quite damaging to an economy.
when supply is less than demand, it should cause inflation. increasing demand for building material, services shows nation's growth. but when supply is there and demand is weak then deflation happens, profits are compromised and it's a chain effect as less profit-less demand.
Don't be mistaken, inflation occurs naturally without creating more money. The inflation the government produces is not beneficial for anyone, is cheating and just damages the economy long term for short term benefits.
One woudl argue that deflation is necessary when you have a great supply and a great demand but price is too high. Thats because at that point Q is no longer along the supply demand curve. This can be reflected in an 80% growth in monthly payments from 2020 to 2023 when conpared to a wage growth of 17% in the same time frame. In 2023 4.09 million homes were sold which is the lowest amount sold since 1995 and the overall sale of houses on a decline.
@chandlergarrison7926 One would be wrong. High prices aren't a problem because wages naturally grow to offset them. If prices deflated then wages would deflate to match, making it moot. The problem is high inflation, not high prices. High inflation disrupts the economy while wages and prices stabilize. Deflation would be disruptive, too. Possibly more so as the drop in investment and spending would likely trigger a depression.
No, the natural course of prices is deflation because of the positive variation in productivity over time at long term. At short term prices should fluctuate. Inflation at long term is always artificial and damages the productive tissue of the economy.
Every society that figured out money, had figured out scales well beforehand. Yes coins became worth less as time went on because it was a common illegal act to shave your coins then trade them to a local person for some small goods. It’s practically required to have a scale to be a merchant or bankers as most of the time it was assumed that by weight almost every coin was somewhere for 90%-75% of its original value. It’s actually very rare that any governing body would shave their own coins, it much more common to have a new king and mint a new coin with their face or depiction on it at a lower value, by either adding lesser value metals or slightly reducing the size.
No? Very rarely did empires just have 1 coin, and it wasn’t the manufacturers it was Jews. Hell that’s why the Roman Empire despised them. If memory serves correctly literally the first recorded instance of coin clipping was done by Jews. That’s why coins got ridges
@@laznoland4558 Except the Roman Empire was probably the most documented period in antiquity. From 64AD to end end of the western roman empire there were many, many, many imperial scale debasement events where the silver content of the denarius lower and comparatively much fewer deflationary events where the silver content of the denarius was increased. No amount of shaving can compete with the amount of inflation that was caused by these events. Also there's more incidences of tax collectors (which was a job that was sold to the highest bidder) shaving coins than there are Jews.
Now we have the stock market that basically requires inflation in order to work properly. Companies need to make “record profit” year over year to incentivize the sale and trade of their stock.
Firstly no, there is no evidence Jews were clipping coins in the Roman Empire. Secondly if you want to say Jews were bankers back then that's also false.
Just checked the wikipedia page and this seems like a pretty accurate depiction of what happened, with exception to the "governent bad" part and ties to inflation
Yeah inflation isn't caused by the government printing money. How it works is banks trade out old cash for newly printed cash and the government destroys the old stuff. Thats why old coins are rare and you see new currency showing up in your wallet. (To the extent that cash is even part of the money system at this point) The point of this is to make kids hate the government because they believe this lie by omission (ommitting that this isn't how inflation works anymore) about them being greedy and stupid and devaluing their money.
@@effervescentrelief it'd take a long time to explain, and I'm not an econ teacher, but the video fundamentally misunderstands how things work first of all people didn't use precious metals because they found them valuable, why would you want gold ? do you think they had microchips at the time ? besides, if they found those metals valuable, then it would become common for people to melt coins into things they needed them for, instead people melted metals (mostly lead) into coins and that was called counterfeiting, because the value of these coins came from the understanding that they were money, that is, the understanding that you could exchange them for actually useful stuff, and you could do that because other people believed in the same thing the reason why gold was used is simple, it doesn't corrode, doesn't burn, doesn't evaporate, and is easy to mold, plus it's shiny and easily recognizable, which made it very useful as a means of replacing the earlier written contracts, which were harder to transport and to keep free from decay (learn more by reading david graeber's "debt the first 5000 years") we've replaced coins by paper not because we value paper more than gold, but because suddenly we had more transactions happening and a lot more money in our banks that needed to be represented, and not nearly enough gold, in addition, we had improved our technology such that our paper was more resistant, cheaper, lighter and we could make it more impervious to fraud (you can look up all the ways we make paper money specially so regular people can't just print it out or counterfeit it) so then they talk about how the roman govt shaved the coins, which is true, you can find infographics showing the silver content of denari over time, and yes, its value also shrunk, but this is a correlation, not a causation, as I said, the value of the coins never came from their content, but from their implications, instead as people wanted or needed to make more money when they sold their goods, they increased their prices, which meant that you could buy less for the same amount of money and this is how we define the "value" of money, you can't exactly say 10 dollars is worth 5 dollars, but you can say 10 dollars today can buy half as many apples as it could X years ago, and if you average this over any number of product, you can quantify inflation so, we have many theories of how to model the economic reasons that make it so people need to and can increase their prices and drive down the value of money, but while it is a popular idea, there is no inherent value to money, and it is not the cheating on its value that caused it to decrease in value en.wikipedia.org/wiki/Hyperinflation#Models finally, we arrive at the end of the short, in which they say it is cheating, which, I mean it kind of is since it's illegal, but the govt is the one that makes the laws so... and then they use this to justify an unexplained logical leap that they hope you do not notice : from "the roman government cheated to get more money, and this caused the money to lose value" to "governments do it all the time (implied, today and with paper money), creating more money is cheating (implied, simply by printing money) and it drives down the value of money, which means you need more money to buy the same things (instead of the opposite)" of course by this logic the switch from gold to paper money should have caused massive inflation long before they removed the gold standard, but they hope you don't think about it too much, here's what the gold standard was in case you want to learn more : en.wikipedia.org/wiki/Gold_standard and the idea that they're trying to pass by transforming "lowering the size of money caused it to be worth less" into "creating more money caused it to be worth less", is that it is the amount of money that exists that causes inflation, this idea is called monetarism, and the video is very obvious in showing that it exists only to convince you that it is true I'm not going to explain it further here, but here's the wikipedia article : en.wikipedia.org/wiki/Monetarism#Decline I've specifically linked the part about its decline, because the important part is that nowadays, we have realized that this theory was always misguided, but as is mentioned, while economists now realize it was false, non economists, especially the ones who hold the power to make policy and to spread their ideas, are still largely clinging onto this theory
What the extremely rich writers of the show won't tell you is that inflation can be fought with higher taxes. Printing money is turning on the faucet. What do you do to make sure the sink doesn't overflow? You drain some out of the bowl. All money comes from the government.
That is true and it'd be my dream if it happened well. However, what I see is that, the more money a government is allowed to spend, higher it gets indebted. At least it's how it seems to work in my country, Brazil. They had made a ceiling for the government spend (what would make any extra taxe help the financial health of the State), but just in a few years it got debunked by another law.
@jeschinstad Yeah, Nero... The one emperor who infamously slaughtered all of the christians ,then fled and converted to Judaism. Who had clear ties and favor towards the jewish elites/rabbis in Rome. Yeah, it was totally Nero, lmao. More like Nerostein 😂
Fun fact native Americans didn't give two shits about gold. It's arbitrary money as arbitrary gold has no worth other than what we give it. It's useful in electronics though that is its inherent worth. It's conductivity. It's a resource.
@@powderedphantom5765 because a gold backed currency is still a fiat based currency, just with one extra step. Gold is valuable because we say it is, just like a dollar
I've been battered around by UA-cam's algos recently... And suffered my first 24 hour ban... All since 7th October last year 🤔... But yes! This IS cheating!!! And this whole sorry house of cards will collapse one day soon! 👍🏼
Yeah, but with fiat currencies they don't have to recall all our literal dollars to devalue them. Fiat is a much easier system for the political and corporate elites to exploit. Print a few trillion, give the bulk of the new money to the elites via below-market-rate loans and other mechanisms, pass out some crumbs to the general population via stimulus checks to give them a "taste", and you're golden. Most people remain ignorant of the theft, and will even defend it once they're bought off with their small share of the loot. People don't realize that not only are some costs rising, but also their dollars are worth much less now than even 5 years ago. So it simply takes more of the less valuable (i.e. devalued) currency to purchase the same goods or services. Even if costs weren't rising. Suffering from the combined effects of rising costs AND currency devaluation, it's looking bleak for a lot of people.
@@theaveragejoe___I don't think he is. And I think he is right. The gold standard effectively means that the entirety of the economy is determined by how much gold is mined. Fiat currency effectively pegs the economy to how much people (including government people) value the current labour of people - a much better measure of the economy.
@@brendanh8193Yeah exactly this- every time I hear people complain about us no longer having a gold standard- I’m like- you didn’t take a single econ course did you?
Just so people actually understand, the equivalent of coin clipping in the government today is the government printing money. They aren’t EXACTLY the same thing, but a slightly improved version as the bills don’t retain value in themselves. Coins are the exception, but that’s why they have standard sizes and coins REALLY aren’t worth much anymore without a large quantity.
I mean, its kind of hard to equate the inflation of Ancient Rome ( a system that valued the material of the coin that predates modern banking) with that of a modern economy, where the value of the dollar is valued because of the institution behind it.
And to REALLY blow people's minds, gold isn't any more inherently valuable than paper money. Nothing has inherent value. It takes a person wanting something for it to have value.
The Romans didn't do this often it was pretty rare, they often just supplemented with something else of value salt being a big one it is where the saying "worth your salt" comes from. It was mainly from counterfeiters it is why coins have often images and eventually ridges on the edges of the coins so you can tell if they have been shaved. They also based the coins on their weight as scales were in common usage so each coin needed to have a certain weight and their methods of forging weren't as precise as ours so coins often needed to be trimmed or shaved so they were the correct weight.
This oversimplifies the problem. If you have a population of 10,000 and have produced 10,000 coins then everybody can have a coin. If you increase the population to 20,000 without finding more gold, you have to somehow produce 10,000 more coins or you automatically create a class that can have no money. In this case gold becomes more valuable so you can either make the coins smaller or you can add other metals to keep them physically the same size. Again that is a very simplified explanation but it's something that those who demand that we go back to the gold standard don't seem to be able to grasp.
"This seems like cheating"...because it is, "Cuz the Government does it all the time". People forget that, as a Native American, i will hold this to heart.
Governments controlled by a certain group of people that originated in eastern europe. Nowadays they call themself Zionist and use the fake label they gave themself Jew to make everyone be 2 scared to tell the truth and kick them out
The interesting thing. The tuttle twins are a very ... I dunno which words may be blocked. I mean. The tuttle twins are a channel that sipport the version of the government that is not great. To be more exact Their books and Videos are meant for example as material for kids being homeschooled because the parents belong to churches non white people might prefer to avoid.
The English did it as well, later on, during the reign of King Henry V, I think (one of them). Coins were clipped, and mixed in with less precious metals. It was immediately followed by economic downturn and hardship.
Currency is always arbitrary though. The key phrase is “metals they found valuable”. Well, now they find coins valuable. What’s the difference except that you waste less effort in mining gold?
@Nameless13th the money supply in those days could not wildly swing around like today because they didn't have fractional reserve banking. And economic output strongly correlated with population in the preindustrial times. Meaning you wouldn't have a jump in output without a jump in mining labor available.
When I was in MBA school, I was the black sheep for advocating a return to the Gold Standard! As a matter fact, I was probably the only student who understood what was going on 😁
Fiat currency does not have a natural system in place to regulate its value, the value of money is determined by a few individuals, the value is just trust in the government. Trust should never dictate the value of something you get in exchange for value you create. You should never be dependent on a government to determine your value.
@@opal9450 currency is literally valued to the extent there is mutual trust. If you use currency, it will literally depend on whatever mechanism is most widely accepted, which makes it institutional by nature. I agree that the value can and is manipulated, but what you’re talking about is essentially barter.
Which should be governed by the non-arbitrary realities of supply and demand. If it isn't, you get a currency that's disconnected from the realities of the market... aka inflation.
@@neosapienz7885 There is naturally going to be trust in something with intrinsic value, there cannot be real trust in something without intrinsic value. Trusting in money that isn't intrinsically valuable means you are only putting your trust in people, people make errors and are corruptible. Material currency is self-regulating and intrinsically valuable, anything else is artificial.
@@neosapienz7885 Real trust can only exist in a currency based on intrinsic value, money not based on materials forces people to put trust in an artificial system created by other people, you have to trust other people, people are corruptible and can make errors.
That's only true if wages match the inflation rate. It's not even close. "journalists" are nothing but paid propagandists with salaries well above the average salary. They never feel the affects of inflation.
@@edwxx20001 us tax payers shouldn't be paying interest on federal reserve loans that are created out of thin air. I really hope you're not on the federal reserve's side on this
@@ZiyaB3ast the Fed's job is to maintain 2 to 3% inflation in the economy, they need to do this because 1. deflation is a hell of alot worse 2. they need to be able to react to changes in the market. recently the Fed has been increasing interest rates to reduce the inflation in the economy. they want to inflation to be reduced back down to 2 or 3%. back in 2008 they reduced rates as low as they could, without being negative, and then came up with a buying scheme called quantitate easing to further increase the money supply. this helped the US economy to not enter deflation. I hope you can understand that there is no perfect options, only a target for the best they can do between 2 bad situations.
Roman coins had less value later on because they were made with less precious metal in them despite being of similar weights. Coin clipping is a different thing that lead to a financial crisis in middle ages Endland and ultimately led to the Banishment of Jews from England. Which is why coins today have ridges on their circumference
Also this is not inflation. This is cheating the costumer and saying our Gold has higher value Which is not true. It led to inflation once it was discovered because they devalued the gold later.
this was made by PragerU so there's a reason why they're doing it. I mean if you sprinkle in the truth amongst lies you poison the well and have a lot of very stupid people think this is reality. And a certain thing is pushed into "conspiracy theory" territory. While it's not ofc but...
That's not what led to the banishment of them. It led to a pogrom I'm pretty sure but the main reason for the banishment was because of economic mismanagement from the prior king.
Soldier: You kid, start training with a lead gladius to have a strong arm, we must crush another rebellion in Judaea. You girl, either you become a patrician's wife or you start breeding more legionaries! Old man, to the vineyards with you, we need more wine!
The reason american coins have ridges on the edge is to stop coin clipping because the....'romans' were still doing it when they came over here. And in most 'roman' occupied countries
Part of the ruling class made this to show it to its voters and their children. LOL. This is politician made and approved. Wouldn’t be surprised if tax money was swindled to pay the costs too. People just think that inflation is a some special insider information only some few are privy to, and that everyone in power is too dumb to know about it. They know, they just don’t care about it as much as they do about other things, so they choose to not make it a priority. This is political propaganda meant to change viewers’s minds or strengthen their resolve
Diamonds in Minecraft would be inflated if they weren’t free in Minecraft. But thankfully, you can just mine them. Wish we could get stuff like in creative mode from Minecraft, rather than have to deal with the most unpredictable issue in the world: inflation.
"We arent paying you to ask questions" Im not getting paid I'm a slave.
I mean technically he is still correct. The best kind of correct.
It’s corporations raising prices that creates inflation, don’t let them try to tell you otherwise.
@@august6981 You are wrong, they raise prices because the money becomes less valuable so their cost of making items also goes up.
Same here bro
"aight, no dinner for your family"
Explaining inflation in a kid's cartoon is pretty ambitious. Most adults don't even understand the concept.
It's especially ambitious when the people making the cartoon don't understand inflation, either.
Neither do the creators
@@gapkillercoolOkay, I'll bite. What did the creators get wrong? I might have missed something, but it looked like simple facts to me.
Governments may be powerful but they aren't magic genies. Printing more money without anything meaningful to back it can't "create" more economic value...only more money. And the new money dilutes the value of the existing supply of money. As in, our paychecks, our bank accounts, and our retirement accounts.
Inflation by currency devaluation is in essence an insidious form of taxation.
I'm glad videos like this are exposing this form of cheating and theft.
Unless I'm the one being tricked here, and this video is just very convincing (but false) misinformation.
They need to show this cartoon to congress.
The makers of this video included…. Seeing as it has nothing to do with the amount of physical currency and instead is a function of debt.
“I don’t pay you to ask questions!”
“I don’t get paid, sir.”
“Get back to work!”
“Well they pay us with food and shelter, but yeah they don’t pay us…”
@@THECHEESELORD69 they? what you mean they blink twice if you need help.
Get back to work
👴🏻 📿💥
"You're being paid with the luxury of serving the Roman Empire."
@@radio6631 “I’ll DRINK TO THAT!”
1% increase in taxes - people flip out.
11% inflation- everyone’s like “that stinks but okay.”
Because with taxes the working class benefit but with inflation capital owners and the rich are the only ones who benefit
@@tb9368they don't exactly benefit, it's just that they are the cause of inflation and will never see it's side effects
I think it’s the opposite, but either way it’s a problem
@@goldy6772 I think inflation is a bigger problem than taxes but I'm saying that no one has pushed politicians hard enough on it. People would vote someone out over a tax increase instead of someone who created 11% inflation.
Thats because its a stealth tax and isn't labelled as a tax, its a 'side effect of an economy'. And we're conditioned for it.
I love how the audience of the video isnt children but fully grown adult men.
This is PragerU, a dumb propaganda machine disguised as commentary.
Its not, its teenagers and children
There is another reason as to why inflation exists
@@Quetzal796 economic stagnation because of increased wealth disparity caused by rightwing economic policy, causing a recession and inflation as prices raise to maintain profit for shareholder?
@@thecrazything95 That awkward moment when the wealth disparity is caused by the inflationary policies.
I have an inflation kink. It just drives me wild when I can't pay for things I could afford in the past.
Oh yeah baby, keep inflating the prices 🤤🤤
lmao
Imagine me, I used to be able to buy candy for 5 cents, now cents don't exist anymore and candy can cost like $60 each.
@@Max_Power_ let me guess, Argentina?
@p9yk Exactly, although I exaggerated on the price of 1 candy, the price would be like around $60 actually.
Fun fact: It wasn't Roman soldiers who shaved the coins, it was their bankers
@@cro1032 You can't name them
Just say jews
Jews weren't in banking at that time
@@RetiredAccount3737I mean bank receptionist exists
Every. Single. Time... the Jews
Fun Fact: The serrated edge of modern [and older, as discussed by the reply section] coins was a measure against this.
How?
not really, modern coins dont have precious metals anymore.
@@nickvanachthoven7252it WAS against this
@@nickvanachthoven7252 That's not the point, his point was ridged coins were adopted so that even a layman could visually identify that someone was trying to pay them with clipped coins.
which is 100% the truth, and something they were doing (to a more primitive degree) as far back as Ancient Rome.
@@superhobo666 then he shouldnt call it modern coins.
Fun fact this is why we have ridges on modern coins because people was literally shaving the edges of the coins off
@NateKDawson I would imagine it would be a similar reason for any other country that does the same.
@@OverDunkNessSEVEN yep you are 100 percent correct I have seen coins from
Ancient Rome and many old American coins that have been shaved off not to say other places did not do it it’s just saying I just don’t collect foreign coins
Were*
@@elusiveshadow5848in fact not true. Many Jewish people owned mints. Why would they be shaving the coins they produce? The people who shaved coins to remint them tended to be poor rural farmers or criminal types who sought to make a quick buck.
But sure perpetuate anti-semitism on a libertarian children’s cartoon. We all know that’s the type of hogwash libertarians believe anyway.
(((People)))
Fun fact. This video was sponsored by coin base. The full video is an ad for bitcoin.
So that explains why they said it was the Romans clipping coins And not the usual suspects.✡️
They found out I’m trimming the edges of my dollars?
And?
that's so funny lmaooo
Lmao, Bitcoin, when the solution to inflation is to not use your money in the hope it increases in value.
"we aren't paying you to ask questions"
Wait, we're getting paid?
Yes, you're getting paid. Here's your Federal Reserve Note - now stop asking questions.
Another form of inflation is price creep & artificial price rises such as Govt fees & charges. In Australia whilst having historically low interest rates for 20 yrs, the State & Federal Govts Fees& Charges increased consistently far above the inflation rate, ad in over 5 times the inflation rate per year. Various taxes & excises were increased as well. As a disarmed people we just have to bend over & accept the pineapple.
Actually that was illegal because it was seen as cutting the kings head since he was on it
@shieldwolf65 an armed population would not help that issue in the slightest. People neither knowing how the system works not caring enough to look it up and complain is why the government gets away with it. Arming those ignorant idiots is about the worst thing you could do.
"I said we aren't paying you."
The deeper truth is that everything INCLUDING GOLD is only worth something because we think it is.
Actually that's just the lie told by people who push Fiat and Bitcoin and support US military action against all nations that have attempted to get back to the gold standard.
This postmodernist nonsense has directly lead to the lowering living conditions and collapsing economy, and it's literally insanity to keep parroting this nonsense in the face of historical evidence.
In deconstructionist anti-wisdom there's no explanations how a loaf of bread went from 1 penny to 2 pennies between 500AD and 1900AD and has gone from 4 pennies to 500 pennies (accounting for decimalization) between 1950 and now. The facts of reality fly in the face of these postmodernist assumptions that everything is arbitrary.
yup..if we ever meet real inflation again, a loaf of bread could be worth more than an ounce of gold
But Gold is actually worth something, it is used in almost every electronic. Most things are actually worth something because it benefits us in a certain way. This is actually the truth.
Except gold always has a standard level of value over other objects because of the difficulty to obtain it, the limited quantities in circulation, it's use in jewelery, manufacturing, electronics, currency, decor, and the lovely appearance of processed gold.
The reason why gold was chosen as an object to represent value was because gold is particularly resistant to decay. You could put into a vault and it would be the same when you took it out. it doesn't rust, rats don't eat it, if it gets dirty, you can clean it, etc.
There are other uses for gold, like in electronics or jewelry, but that's not why gold was valuable, or why we used it as currency. It's value has always been arbitrary.
"im tired of this grandpa"
"WELL THATS TOO DAYUM BAD"
Wow “Holes” nice
NOW GET TO DIGGIN
...well excuse me
You'll thank me one day.
PHIGHTING PLAYER SPOTTED IN THE WILD!!!
Also “Worth less” And “Worthless” mean two different things.
Damn english
After a certain point... not really
Worth less= less value and worthless= no value? Is that right? My English is not good yet :s
@@Valentin7789_ yes that is correct
@@Valentin7789_ also do t worry most people who grew up speaking English are worse than people learning it
Remember kids: money is an imaginary random value assigned to your labour.
Uh, no; the short explained exactly as it was. Originally, the value of a currency was determined by a standardized measurement of a precious metal. In the US, after the establishment of the federal reserve, the determination of value based on precious metals was done away with. However, the value of the fiat currency was still determined through a measurement of many economic factors. There is no "random" valuation based on labor for any currency in the world.
Now if you want to argue that point for a specific employer's compensation policies, then go right ahead. If you're just upset that Wendy's doesn't pay you $50/hr then perhaps you should learn a marketable skill or start your own business.
A piece of paper is not worth anything, our perception of value makes it valuable. Gold on the other hand, is pretty rare, not easy to find or extract, takes skill and more labour to turn into coins and can be used for a variety of things. If we were to face an apocalypse right now, the current dollar we have will only serve as toilet paper or something to burn things with. Gold is still invaluable. I believe this is what he was trying to focus on. These other factors don't really mean nothing if there's chaos.
@@LCKnechtlmao yeah like CEO is such a useful job: “Men the arrow is going down now and I can’t afford a 5th yacht, let’s cut health insurance! These people can just pick up more hours, not being able to enjoy time with their loved ones, building a community, or doing other jobs, it’s fool proof!”
@@ThreeletterwordAhahahaha. Your perception of business is so juvenile. There's absolutely no way you're an adult.
@@yigitbulut4972Gold is nothing but a worthless rock in an apocalypse, infact gold has always been totally useless until micro electronics made use of it. And that was good! You don't want to use iron as currency, that stuff is useful! A good currency is worthless, hard to reproduce, won't rot and with no other value, a commodity used solely to trade.
But if an apocalypse happens, you'll want to stockpile food, learn to farm, buy rifles and learn to hunt, firemaking, house building. Nobody will be interested in gold, bc it's an apocalypse, they need food and shelter not a shiny rock, nobody needs gold. Gold will do nothing but weigh you down.
The only reason gold has value is the same reason a dollar bill has value: we think it does (for now). Simple as.
Btw, if any of you come up to me in 2054, with the statue of liberty falling to pieces in the background and NYC in rubble, and you try to trade me gold? Speechless. Not even worth shooting you over, keep your rock lmao.
Damn. This was very easy to understand
I remember asking adults when I was a kid why is there inflation and nobody could answer me. Wish there were videos like this when I was younger.
This isn't inflation though. It's debasement, which is a completely different problem. And ironically, the gold standard lead to economic shock when too much gold is introduced too quickly, such as when Mansa Munsa did his hajj, or when Spain found all that American Gold. In the broadest sense, reason inflation happens is because fiat currency vaguely represents the sum of labor/capital in a market rather than a specific good in the market. Basically when you spend your time making something, you're "making" money, and that's accounted for by giving banks money to give out as loans, creating a sort of (theoretically, assuming everyone is a fully informed rational ethical actor) self-perpetuating growth cycles.
The problem is that this only addresses one reason for inflation. Consider the Gold Rush in the 1800s at Sutter's Mill, or at any one of multiple mining camps in the 'old west'. Merchants would buy a lot of mining gear and head to the camps and establish stores. They would then charge upwards of 10 times what these items were worth, and because the miners needed them NOW, they paid exorbitant sums for common tools.
The influx of too much gold actually made it worth much less in the camps themselves. What would be considered fortunes elsewhere were made and lost overnight in mining camps and towns, as easily as someone else might win or lose $50-100.
It's not just governments that can cause inflation.
Debasement is a type of inflation. Price inflation isn't the only type of inflation. Look at Zimbabwe's hyperinflation during the 2010s for a textbook example of this.
@@Dalteshgmailnice argument, still no, it's cheating. Real money is gold and precious/rare metals and goods. The current petro-dollar world standard only benefits those bankers who run the country that makes the dollar
@@Dalteshgmail so government tries to valuate the value added by the citizens and inflate/deflate the currency according to it by deciding how much money they print and how much loans they give?
"How do we make more money out of money?" Ask the Federal Reserve that one.
By being a private company who the governments can not controle and have them in your pocket. It is amazing that the Federal reserve or every other central bank are allowed to exist... a country should create its own money and not let a private company do it.
JP Gettey said, "Give me control of a country's money, and I won't care who makes the laws!"
@@r-ex2945 and usury, the biggest scam.
Why should they answer an question which answer you would never accept?
Money isnt real
My understanding is that none of the worlds leading economists support the gold standard.
Of course they don't, they're all handsomely paid (or blackmailed) to protect the profits of the Rothschilds, who own or control the central banks of all but four countries on the planet.
Of course not. The world's leading economists didn't become very rich men by digging gold out of the ground. Inflation made them into the kind of people who wear very expensive suits while being interviewed about inflation.
@@hinoron6528 economists are not that wealthy. Nor do they have that much influence on the world.
@@thoughtsuponatime847 Not that poor either.
@@hinoron6528Uug. I don't have time to explain the ignorance going on here. Best wishes.
Blaming the government.
As if a private institution wouldn't do it to profit itself in less than a heartbeat.
The whole point of this video is explaining what inflation is. The fact is, governments do it, and it is like “cheating”. Just because private institutions would do it doesn’t mean it’s not worth talking about.
Governments have and always will be worse then any private institution its in its nature
@@cadecochran5788 Yeah but it's only explaining one type of inflation, and it's the one that blames the government for increasing the money supply.
The largest contributing factor for higher prices in America after the covid19 pandemic was "increased corporate profits".
When supply lines were struggling due to Covid, prices went up. When the availability of resources and the costs of production went back down, prices stayed high.
Raising prices, coordinated price fixing, and price gouging etc. also cause inflation because they diminish the purchasing power of the dollar from the market side.
In other words, you can buy less with a dollar because companies just are charging you more. The dollar is worth less.
If dollars didn't go as far for other reasons like the inflation causes in this video, than companies would have higher costs of production.
Like the federal reserve? 😉
That's essentially the principle behind the Federal Reserve. Woodrow Wilson wanted to print more money for government programs, so a conglomeration of private banks was set up as the Federal Reserve that would loan the money to the government as debt that was owed back to the bank. The more indebted the government, the richer the bankers become.
Annotator didn't learn the difference between worthless and worth less
I think its done on purpose.’
No, it's because it's AI @@Bog0sso
Do people here realize the price if gold is completely artificial, the same as the value of money, there's no difference.
I think he was just saving himself the work of coming back later, and fixing it to worthless.
They said “worth less” 3 times in this video but the subtitles were only wrong one time
Oh yes, I remember those Romans getting kicked out of Britain for coin clipping.
You remember? I'm sure you mean you read about it, lol
was going to post this, +1 for noticing
@@ernesthill4017 Cry more coin clipper.
Them damn clippers
they like to suck the coins after clipping them too
The Roman Solidus (high value coin) became the French Sou (penny value coin).
Quite the downgrade if this is indeed true.
@@chalker8776 To the best of my knowledge. But this is one of those facts picked up as pebbles along the path over the decades of living, and I can't cite my source.
I haven't seen the name Chalker since Jack Chalker, the author of the Well World books. Any relation?
Oh the irony
Makes sense that its value decreased, they shaved off 4/7 of its letters!
Soulidis to Sou: NO! THAT IS NOT SOULIDUS! STOP IMPERSONATING HIM!
*M16 full auto sounds*
The problem isn't inflation, it's extortion. We are working twice as much for a quarter of the value. That's our economy.
Yup, if wages went up at the same rate inflation does there wouldn't be an issue
@@pads6367 they are squashing out the middle class. I've watched a few recent minimum wage hikes, but nobody elevated skilled labor. All those great paying jobs that used to exist?... almost not even worth the upkeep on licensing these days.
@@pads6367There would be an issue, it just would have taken longer to notice. The Fed is privatized and gives wealth to banks that don't have enough regulations on them. This enriches the 1% and if you demand that banks account for and ensure inflation adjustments for EVERYONE then they wouldn't be nearly as profitable and the rich wouldn't be able to take more and more of the percentage of wealth. And if the rich can't take ALL the money and power then that's communism!
Good thing historic accuracy isn't part of the analogy. It wasn't the government, it was the people who were shaving the coins. That is why the government added the ridges on a coin. So it's easily identified as a shaved coin. Or to prevent it from even happening.
Which people, be more specific.
All people who believe in stealing
What do you mean each ppl its the citizens of the country 🤦🤦@@Clicky_The_Blicky
Jews
@@Doyourbest4245 actually not only Jews, people from other countries also did that at one point of time. This happened in America at one point too
"Just print more money" everyone in my government class solution to inflation
And that’s how more inflation happens, now a little inflation is good, it encourages people to buy stuff and keep the economy pumping, but to much inflation and every thing goes to hell!
The printing of money, without anything to back the value of the bill, is equally as damaging as shaving the coins, but not just to the value of a handful of bills already in existence, but all currency of that denomination in existence.
@wiidragon7588 so basically it's taxation? I mean devaluing our money and it spitting that lost value out of a printer elsewhere is just less steps.
Sure. We totally believe you.
“Sir, we have massive crime rates!”
“We shall make crime legal then.”
“Sir, we have cost of living crisis!”
“We shall bribe people to vote for us with their own money.”
“Sir, we’re on the brink of World War III!”
“Good, we have too many people anyways.”
Why am I getting the feeling that my government doesn’t care about me?
now we need an animation on corporate corruption
As if Prager U would ever.
lol you aint gonna find that here!
Wait until they find out how much money a thin sheet of paper is worth 💀
The value of labor outstripped the supply of gold centuries ago. Unless you're interested in trading motes of gold dust and being paid in those little sheets you see at overpriced restaurants.
Copper and silver are also used tho
You can't have different currencies made of different metals because arbitrage would be too lucrative. You'd have people melting them down every time the price of metal rose, requiring them to be minted again (this was a problem in ancient civilizations btw).
Gold backed paper money could still exist, which is what existed for a long time, a conversion between money and gold in the US reserve where you could give them dollars and theyd give you gold. Maybe a single dollar is barely any gold but 1000 dollars might be actually substantial. It was actually a rather controversial decision to move off the gold standard because that was the only real justification for money's value but nowadays the justification is basically america is good for it
To clarify this is regarding the united states im not sure the history of metal backed currency in other countries
Well once gold reaches a high enough value they'll just start producing it and particle accelerators.
@@elizathegamer413there’s still not enough gold to back all of the money in the world. You’d have to have everyone get rid of some of their money and no one’s going to do that.
The kids should've asked " isn't the value of metal arbitrarily established?"
I posted a comment explaining exactly that and it got deleted.
being back bartering..?
Isn’t the US dollar also arbitrarily valued
What is not arbitrarily valued? Or what is intrinsically valued?
Not really, gold and silver have a certain rarity that makes it valuable for trade.
Inflation?
Money printer goes "brrrrrr"
the fun part about gold is that it wasnt really worth anything as it couldnt serve as anything more than decoration
And the sad part is that moving away from the "gold standard" is that it produced no standard.@@lexzetusko
@@LordradostWe have debt now, which is basically saying we owe other countries. Other countries similarly owe the United States. We operate based on a system of trust and faith in the future now, which is actually better than requiring a room full of metal somewhere to run the American economy. People like you are trying to undermine that system by implying that America isn't good for it's word. We're not JUST printing money, we're telling people we'll deliver on the goods and services that money represents. And we do deliver, time and time again, despite defeatest propaganda pushed by trolls like you.
@@lexzetuskogold is used in small amount inside of electronics, but other than that? A soft, untrustworthy, and just the worst metal to exist. But gold are shiny and we go ooga booga for them worthless metal..
@@danielmerchant5533 the false sense of superiority is just oozing from you. Good luck practising decorum and humility.
Don’t let them find out that “precious” metals can also loose their value
The issue wasn’t the adulterated gold coin but the adulterated silver coin. Gold was used for high value transactions and many keys to power were bought with valuable gold coins minted at the beginning of an emperors reign during the crisis of the third century. It was the silver that became increasingly worthless first with the antoninianii of Caracalla that was priced at two silver denarii but had 1.6 denarii worth of silver. The antoniniani became a worthless billon coin until it was somewhat stabilized when Aurelian changed the ratio to 20:1 silver after basically having no silver at all.
I’ll gladly be your first comment and say that that is a very educated response. That’s probably why you don’t have any comments Because people are extremely stupid.
I’ve literally been bashed, because I fact-check Before I open my mouth.. Or if I give it educated response it’s always too long to read and they don’t have the time… This is typically the response of someone that just can’t read a paragraph lol
@@bobjon7660womp womp
@@bobjon7660
I think that's why it only has 63 likes (including mine) because people are just lazy. Thought this was more informative than the video itself in a way
Glad I'm not considered lazy out of the many that passed by, but that's pretty interesting
Wow great point!!! And another correction from me: in Ancient Rome, Milton Friedman wasn't born yet, and they didn't speak English.
Just wait until they figure out that dollars aren't even backed up by anything anymore
Dollars are backed up by the army today.
@Clemenbee Better not to ask...
Seems like dollars are backed by debt now .....
It's backed by the US military essentially
By “not backed up” what the hell do you mean? Why does currency need to be backed by anything? e.g. bitcoin.
The *generation* of value is what currency in today’s world is based on. As soon as people stop working and producing is when the value drops. The only thing “backing” the economy would be assets.
US Government: "But our money is made of paper, not gold, so it's completely different."
Actually it's not made out of paper at all
It's much closer to "The amount of mined, and exploitable veins of of precious metals on any precious metal standard represents a cap on an economy, and that cap is much lower than our actual production capabilities. Ergo we are backing our money with the 'full faith and credit' of the United States which can be roughly defined by the following: Our ability to generate power, our ability to turn that power into the development and manufacturing of things including intellectual property, and our ability to project military force. If you want to sum it up in one phrase "our overall stability as a nation." If anyone is in a situation where a legitimate concern that a T-bill might not be paid exists, then so much else has gone wrong they don't care about the t-bill anymore.
Note Gold, might hold value in such a situation, but brass, lead, gunpowder, and mercury fulminate are going to be much MORE valuable than gold. Also practical knowledge of chemistry, physics, engineering, and medicine are going to be the most valuable commodities in such a scenario.
It’s more proper to say that the value of US money isn’t based on the precious metal content of the coin or the amount of precious metal the paper bill could be exchanged for. Rather it’s backed by the US government’s power and ability to collect taxes.
@@robertagren9360I came here to post the same thing. It's cotton, in the UK it's polymer.
The US has the lowest rate of inflation among most European countries. What point are you trying to make?
While i see what they were trying to go for here, the problem is that its conflating the debasement of a material based currency with inflation. While the two can occur together, they're separate forces.
Debasing coinage is not the same as inflation. Debasing coins relies on the currency having an inherit value based on the material it is made from. Inflation occurs when there is a larger amount of a currency in circulation, but does not require the coins themselves to be debased, or even have an inherit material value. Otherwise papwr money would be immune to "inflation" because you can't shave off bits to make more dollars.
It was ambitious to assume inflation could be attributed to one single factor or summed up in a YT short.
Fair point
Thank you, this video was infuriating
This feels like PragerU
Yeah, its more right-wing propaganda for children.
I was just about to say this, this seems awfully familiar
Im like 60% sure it is
It is. Their kids show
And it is literally and categorically correct. This is historically what happened. This is the dictionary definition of inflation (an increase in the money supply, not the increase in prices that follow), and this is how currency functions.
I don’t care WHO’S saying it, or how much I hate them. If they’re right, they’re right.
This channel is the embodiment if the "nice argument, but I drew me as the chad and you as the soyjack" meme
This channel makes actual arguments and you made 0 counter arguments. Keep crying...
@@sumirunihon this video explanation is far too oversimplified, and it fail to explain how printing money (on "paper" without values as itself) cause inflation. Moreover, most money currently created are not physical (I'm not an expert, but it has something to do with borrowing money to the banks).
I think this kind of animation are made for kids to catch their interest, but the topics of inflation is largely more complex.
@@psychocat1709 well that's just how they do it today. nothing in this video is incorrect per say it just demonstrates how it was done in ancient times with primitive technology.it demonstrates that the problem of inflation is alot older than people think. also this video is just a short so it only has 1 minute to explain it so it could be part of a larger clip explaining the history of inflation or something.
That is definitely one aspect of inflation. It’s not the only factor though.
It is the only factor. ‘Inflation’ is a traditional economic term that simply refers to the increase in the supply of a currency, which will mean a drop in its value- be it gold, paper money, or a bumper harvest of grain in the farming industry. ‘Inflation’ isn’t even the rise in prices- we’ve just started referring to prices rising as inflation over the last few decades. In reality, it is just ‘when have more thing’.
The CAUSES of inflation are complicated, which you are correct about, but the actual inflation itself only ever happens one way:
The currency becomes worth less, because there is more of it (faster than there are more new people), or because it is being debased and disconnected from the value it’s tied to.
At the moment, something like $7 Billion a day has been printed since the 1970’s on average, and over 60% of existing USD were printed in the last five years.
That is inflation. The CAUSES of it are complex, messy and corrupt, but inflation itself is just the simple reality. There is more money now.
Inflation has two primary causes: supply shocks(think the OPEC crisis, the supply chain breakdown from covid) and an overactive economy where demand is high.
In economics, inflation describes the loss in value of a currency, and I guess it means that in general. The reasons for the loss in value don't matter. The most common one is the increase in money supply, but there are many more. Also inflation isn't a bad thing in general. Most countries go for ca 3% inflation a year, because it is economically beneficial.
Well inflation is generally understood as an increase in prices, not in money supply. and that can have various reasons.
After 2008 for example the money supply was increased dramatically with only a slight increase in inflation.
The wall street journal even acknowledges that inflation is also caused by corporate greed. Raising prices just so they can make more money.
Not in "ancient times", but as recently as in the 1960s. USD coins used to be silver.
The U.S government: we’ll take it from here
**Democrats
@@johnkuwik2477come half of gop is trash.... But still only half more... Soon the swamp will be drained
DNC ( Democratic Party ) , Republicans are against printing money .
When you meet the Venezuela government you're gonna faint, since the inflation there made the money worth SO LOW, that it's cheaper to clean you *ss with paper money than buying toilet paper...
@@johnkuwik2477it was Nixon, a republican who terminated the gold standard and opened the doors for mass printing of USD
for a second I thought it was that one AI voice that they use to summarize movies
That doesn't sound like the whole story. I'm a stupid guy but i can tell Someone is feeding me bullshit
Because it isn't; for one the full video is an ad for Coinbase (trying to get people into Bitcoin and the like) and it's also part of the argument people try to use to make the Gold Standard sound good while ignoring why it was abandoned in the first place.
@@ParagonFurywait really? i genuinely thought this was some prageru propaganda, but i guess there's a lot of overlap
@@VHSo_o I thought so too at first, but apparently grifters all share the same braincell, and art style.
@@ParagonFuryI suggest you watch tikhistory bank wars series. I don't have a counter argument against the case he presented
@@UUs2-MVMTIK history is an even bigger crock of garbage.
Wait till you find out the main group who does coin flipping
(((Main))) group
Who is it? Why don't you tell us? Lol
Hmm….🤔 I guess they would rhyme with the word “shoe”.
Its jews btw
I saw a few other clips from this channel and thought that there was something strange about their messaging in these videos. I did some research and I found that the tuttle twins is produced by the Libertas institute which is a lobbyist think tank based out of Utah, they’re funded by donations although most of their donors aren’t publicly known. The institute is also a member of the state policy network which it also receives funding from. The state policy network works with and has received funding from the koch brothers, Phillip Morris, Kraft foods, Facebook, Verizon, AT&T, Comcast, Time Warner Cable. I just want to make sure that any adults who wish to show this to their children just remember that although this channel may appear educational. they maybe the target market of globalist corporations
I mean you can argue that the teacher is a bad person so they shouldn't be instructing your kids but you can't argue that when they teach the kids 2+2=4 that they're wrong.
Short version: Billionaires are funding “educational videos” that are essentially propaganda.
Bro, I'm learning. Shut up.
@@Burn_Angel Don't act ignorant even as a joke lol it's literally propaganda
And this is a conservative cartoon! You really can’t win with you guys, huh?
They left out the part where the 5 companies that sell all the consumer goods raise their prices by 25% in two years
By this logic, mining more gold was also bad for the economy
It can be bad if you have so much gold on had you can hand out coins like snickers bars then yeah its not worth much.
@@Jcjcjd-d2olike when the Spanish brought over all the gold form the Americans to Europe every one had to change to silver because so much gold was now in the economy!
It depends. If the amount of money is equivalent to production, there is no problem expanding the monetary base. The problem of inflation comes when the monetary base grows faster than the amount of production.
Mining gold is a good way to increase the monetary base, It's a solid method.
Yes depending how u distributed out. Bc if there’s more gold but only few people have it, it’s just as valuable maybe even more. But if u take it all and evenly distribute it to everyone it becomes absolutely worthless and has no value anymore.
It's all about making someone else work hard for it, and not ourselves.
Inflation is a good thing. High inflation is a bad thing. There is an important disctinction
Not if you are in a growth era. If your economy and goods produced are all skyrocketing, your inflation would hopefully be skyrocketing to prevent currency deflation and match the proportional growth of the economy. Of course, the issue is always gonna be that there's no wealth distribution laws to ensure that the wages don't stay low and the economy growing doesn't cause the rich to take more and more slices of the pie.
@@PhoenixFiresyeah, but his point is in a healthy economy there is a ideal inflation rate.
@@PhoenixFiresThat is true but without inflation people would not spend money
Reminder: Some amount of inflation is healthy for a growing economy. Deflation, when the total pool of money is going down, can also be quite damaging to an economy.
when supply is less than demand, it should cause inflation. increasing demand for building material, services shows nation's growth. but when supply is there and demand is weak then deflation happens, profits are compromised and it's a chain effect as less profit-less demand.
Don't be mistaken, inflation occurs naturally without creating more money. The inflation the government produces is not beneficial for anyone, is cheating and just damages the economy long term for short term benefits.
One woudl argue that deflation is necessary when you have a great supply and a great demand but price is too high. Thats because at that point Q is no longer along the supply demand curve. This can be reflected in an 80% growth in monthly payments from 2020 to 2023 when conpared to a wage growth of 17% in the same time frame. In 2023 4.09 million homes were sold which is the lowest amount sold since 1995 and the overall sale of houses on a decline.
@chandlergarrison7926 One would be wrong. High prices aren't a problem because wages naturally grow to offset them. If prices deflated then wages would deflate to match, making it moot.
The problem is high inflation, not high prices. High inflation disrupts the economy while wages and prices stabilize.
Deflation would be disruptive, too. Possibly more so as the drop in investment and spending would likely trigger a depression.
No, the natural course of prices is deflation because of the positive variation in productivity over time at long term. At short term prices should fluctuate. Inflation at long term is always artificial and damages the productive tissue of the economy.
Every society that figured out money, had figured out scales well beforehand. Yes coins became worth less as time went on because it was a common illegal act to shave your coins then trade them to a local person for some small goods. It’s practically required to have a scale to be a merchant or bankers as most of the time it was assumed that by weight almost every coin was somewhere for 90%-75% of its original value. It’s actually very rare that any governing body would shave their own coins, it much more common to have a new king and mint a new coin with their face or depiction on it at a lower value, by either adding lesser value metals or slightly reducing the size.
The people put in charge to magnate the production of the coins sometimes also clipped the coins, corruption was a thing in every government.
Don’t know history do you
No? Very rarely did empires just have 1 coin, and it wasn’t the manufacturers it was Jews. Hell that’s why the Roman Empire despised them. If memory serves correctly literally the first recorded instance of coin clipping was done by Jews. That’s why coins got ridges
I think the ADL even talked about it
@@laznoland4558 Except the Roman Empire was probably the most documented period in antiquity. From 64AD to end end of the western roman empire there were many, many, many imperial scale debasement events where the silver content of the denarius lower and comparatively much fewer deflationary events where the silver content of the denarius was increased. No amount of shaving can compete with the amount of inflation that was caused by these events.
Also there's more incidences of tax collectors (which was a job that was sold to the highest bidder) shaving coins than there are Jews.
Now we have the stock market that basically requires inflation in order to work properly. Companies need to make “record profit” year over year to incentivize the sale and trade of their stock.
Bullshit, the stock exchange is over 300 years old. There's a lot of companies with no growth and a good dividend yield, which makes them great too.
Absolutely loved this. Explains the term incredibly easy. Makes sense too
Inflation is more complicated than that, whilst it is causes by printing and minting, it is also caused by shortages.
What? No. Currency is defibed same as any other price in economy, offer and demand
Yeah if you don't print money and there isn't enough anymore, people will resort to other currencies so inflation will still happen lol
@@irokosalei5133 no, if its not enough you ll just ve a deflation.
Shortage = deflation
@@irokosalei5133 no, you ll just ve a deflation 🙄
That did happen, but it wasn't only the government that were coin clippers.
That's why counterfeiting is a crime.
@@CigaretteCrayon Except when it's the federal reserve, of course.
It was the 🤥🤥🤥
@@Jack-px6mx Titus 1:10 - 1:15 Even the Bible agrees
Firstly no, there is no evidence Jews were clipping coins in the Roman Empire. Secondly if you want to say Jews were bankers back then that's also false.
Just checked the wikipedia page and this seems like a pretty accurate depiction of what happened, with exception to the "governent bad" part and ties to inflation
And except for all of the non precious metal coins that existed at the same time...
Yeah inflation isn't caused by the government printing money. How it works is banks trade out old cash for newly printed cash and the government destroys the old stuff. Thats why old coins are rare and you see new currency showing up in your wallet. (To the extent that cash is even part of the money system at this point) The point of this is to make kids hate the government because they believe this lie by omission (ommitting that this isn't how inflation works anymore) about them being greedy and stupid and devaluing their money.
so basically it's good except the part where it tries to explain inflation using an outdated and disproven theory
@@anarchosnowflakist786What's outdated and what's disproven? Everything about it is true.
@@effervescentrelief
it'd take a long time to explain, and I'm not an econ teacher, but the video fundamentally misunderstands how things work
first of all people didn't use precious metals because they found them valuable, why would you want gold ? do you think they had microchips at the time ? besides, if they found those metals valuable, then it would become common for people to melt coins into things they needed them for, instead people melted metals (mostly lead) into coins and that was called counterfeiting, because the value of these coins came from the understanding that they were money, that is, the understanding that you could exchange them for actually useful stuff, and you could do that because other people believed in the same thing
the reason why gold was used is simple, it doesn't corrode, doesn't burn, doesn't evaporate, and is easy to mold, plus it's shiny and easily recognizable, which made it very useful as a means of replacing the earlier written contracts, which were harder to transport and to keep free from decay (learn more by reading david graeber's "debt the first 5000 years")
we've replaced coins by paper not because we value paper more than gold, but because suddenly we had more transactions happening and a lot more money in our banks that needed to be represented, and not nearly enough gold, in addition, we had improved our technology such that our paper was more resistant, cheaper, lighter and we could make it more impervious to fraud (you can look up all the ways we make paper money specially so regular people can't just print it out or counterfeit it)
so then they talk about how the roman govt shaved the coins, which is true, you can find infographics showing the silver content of denari over time, and yes, its value also shrunk, but this is a correlation, not a causation, as I said, the value of the coins never came from their content, but from their implications, instead as people wanted or needed to make more money when they sold their goods, they increased their prices, which meant that you could buy less for the same amount of money
and this is how we define the "value" of money, you can't exactly say 10 dollars is worth 5 dollars, but you can say 10 dollars today can buy half as many apples as it could X years ago, and if you average this over any number of product, you can quantify inflation
so, we have many theories of how to model the economic reasons that make it so people need to and can increase their prices and drive down the value of money, but while it is a popular idea, there is no inherent value to money, and it is not the cheating on its value that caused it to decrease in value
en.wikipedia.org/wiki/Hyperinflation#Models
finally, we arrive at the end of the short, in which they say it is cheating, which, I mean it kind of is since it's illegal, but the govt is the one that makes the laws so... and then they use this to justify an unexplained logical leap that they hope you do not notice :
from "the roman government cheated to get more money, and this caused the money to lose value" to "governments do it all the time (implied, today and with paper money), creating more money is cheating (implied, simply by printing money) and it drives down the value of money, which means you need more money to buy the same things (instead of the opposite)"
of course by this logic the switch from gold to paper money should have caused massive inflation long before they removed the gold standard, but they hope you don't think about it too much, here's what the gold standard was in case you want to learn more :
en.wikipedia.org/wiki/Gold_standard
and the idea that they're trying to pass by transforming "lowering the size of money caused it to be worth less" into "creating more money caused it to be worth less", is that it is the amount of money that exists that causes inflation, this idea is called monetarism, and the video is very obvious in showing that it exists only to convince you that it is true
I'm not going to explain it further here, but here's the wikipedia article :
en.wikipedia.org/wiki/Monetarism#Decline
I've specifically linked the part about its decline, because the important part is that nowadays, we have realized that this theory was always misguided, but as is mentioned, while economists now realize it was false, non economists, especially the ones who hold the power to make policy and to spread their ideas, are still largely clinging onto this theory
What the extremely rich writers of the show won't tell you is that inflation can be fought with higher taxes. Printing money is turning on the faucet. What do you do to make sure the sink doesn't overflow? You drain some out of the bowl. All money comes from the government.
That is true and it'd be my dream if it happened well. However, what I see is that, the more money a government is allowed to spend, higher it gets indebted. At least it's how it seems to work in my country, Brazil. They had made a ceiling for the government spend (what would make any extra taxe help the financial health of the State), but just in a few years it got debunked by another law.
Ahh yes. it was the "Romans" shaving the Coins.
👃lol
Israel isn’t real 🇮🇱
@@bostonmarketfeministbookclub Not anti-semitism at all, just historic fact.
@@derisgaming9773 109 countries and counting are antisemitic.
@@bostonmarketfeministbookclub correct, and warranted.
"Won't that make them worth...less?" 😂
I love how they try and say that the Roman's were the ones that created coin clipping 😂😂😂
They literally didn't.
@woodwizard6167 I know, because we all know ((((who)))) did, lol.
If you're going to say that it wasn't, it would be more interesting to know who it was. It certainly was Nero that got famous for it.
@jeschinstad Yeah, Nero... The one emperor who infamously slaughtered all of the christians ,then fled and converted to Judaism. Who had clear ties and favor towards the jewish elites/rabbis in Rome. Yeah, it was totally Nero, lmao. More like Nerostein 😂
@@gilbertwilson9093: You have damaged your brain too much.
Best and the most simplest definition of inflation
Fun fact native Americans didn't give two shits about gold. It's arbitrary money as arbitrary gold has no worth other than what we give it. It's useful in electronics though that is its inherent worth. It's conductivity. It's a resource.
Who cares? What does Native Americans view on gold have to do with anything
Shiny beads were legit
Native Americans had their fair share of currency with "no worth" bro. They had currency just not gold currency.....
@@powderedphantom5765 because a gold backed currency is still a fiat based currency, just with one extra step. Gold is valuable because we say it is, just like a dollar
No they just liked glass beads and seashells lmao
Yeah...the romans skimmed gold coins
Well, the people that did certainly had big noses like the Romans...
Yeah "they" did.... 😉🤫
I've been battered around by UA-cam's algos recently... And suffered my first 24 hour ban... All since 7th October last year 🤔...
But yes! This IS cheating!!! And this whole sorry house of cards will collapse one day soon!
👍🏼
@@stevecooper7883 Jews?
@@sdwoneI’ve been banned twice in 3 months. I wasn’t even being that bad.
One I was writing about history.
Fun fact:
The U.S. and most of the world run on Fiat Currencies these days. We don't live in Roman times.. thank goodness...
Yeah, but with fiat currencies they don't have to recall all our literal dollars to devalue them.
Fiat is a much easier system for the political and corporate elites to exploit.
Print a few trillion, give the bulk of the new money to the elites via below-market-rate loans and other mechanisms, pass out some crumbs to the general population via stimulus checks to give them a "taste", and you're golden.
Most people remain ignorant of the theft, and will even defend it once they're bought off with their small share of the loot.
People don't realize that not only are some costs rising, but also their dollars are worth much less now than even 5 years ago. So it simply takes more of the less valuable (i.e. devalued) currency to purchase the same goods or services. Even if costs weren't rising.
Suffering from the combined effects of rising costs AND currency devaluation, it's looking bleak for a lot of people.
And still fiat currencies can have over 250% inflation.
You're being sarcastic with that last part, right?
@@theaveragejoe___I don't think he is. And I think he is right. The gold standard effectively means that the entirety of the economy is determined by how much gold is mined. Fiat currency effectively pegs the economy to how much people (including government people) value the current labour of people - a much better measure of the economy.
@@brendanh8193Yeah exactly this- every time I hear people complain about us no longer having a gold standard- I’m like- you didn’t take a single econ course did you?
This actually makes sense, thanks for the explanation.
Just so people actually understand, the equivalent of coin clipping in the government today is the government printing money. They aren’t EXACTLY the same thing, but a slightly improved version as the bills don’t retain value in themselves. Coins are the exception, but that’s why they have standard sizes and coins REALLY aren’t worth much anymore without a large quantity.
I mean, its kind of hard to equate the inflation of Ancient Rome ( a system that valued the material of the coin that predates modern banking) with that of a modern economy, where the value of the dollar is valued because of the institution behind it.
And to REALLY blow people's minds, gold isn't any more inherently valuable than paper money. Nothing has inherent value. It takes a person wanting something for it to have value.
@@stoptryingtomakemeusemynam7829 very true
@@stoptryingtomakemeusemynam7829 The only thing with value is value itself.
The Romans didn't do this often it was pretty rare, they often just supplemented with something else of value salt being a big one it is where the saying "worth your salt" comes from. It was mainly from counterfeiters it is why coins have often images and eventually ridges on the edges of the coins so you can tell if they have been shaved. They also based the coins on their weight as scales were in common usage so each coin needed to have a certain weight and their methods of forging weren't as precise as ours so coins often needed to be trimmed or shaved so they were the correct weight.
Never knew Mr. Incredible’s boss was gonna teach me about inflation today
*B O B*
_Inconceivable!_
He didn't teach you about how inflation works
It's wrong though
IM NOT HAPPY, BOB. *N O T . H A P P Y .*
He’s right, coins do make cents!
This oversimplifies the problem. If you have a population of 10,000 and have produced 10,000 coins then everybody can have a coin. If you increase the population to 20,000 without finding more gold, you have to somehow produce 10,000 more coins or you automatically create a class that can have no money. In this case gold becomes more valuable so you can either make the coins smaller or you can add other metals to keep them physically the same size. Again that is a very simplified explanation but it's something that those who demand that we go back to the gold standard don't seem to be able to grasp.
Only problem with that is your getting paid the same as before. Making it harder and harder to keep living.
Exactly! And most of the time it’s happening behind the scenes so you don’t know about it!
He is literally explaining inflation and how your money, therefore your wage, is worth less *because* of the goverment, not the company.
Wages should keep up with inflation in the long run unless you are in a dying feild.
@@nickt6980Guess why they don’t? Because the person paying you didn’t get any extra money, they still have the same number but it’s worth less.
Actually price of item increase salary is the same
"This seems like cheating"...because it is, "Cuz the Government does it all the time". People forget that, as a Native American, i will hold this to heart.
Governments controlled by a certain group of people that originated in eastern europe. Nowadays they call themself Zionist and use the fake label they gave themself Jew to make everyone be 2 scared to tell the truth and kick them out
Because native Americans did nothing wrong ever
Indian
The interesting thing. The tuttle twins are a very ... I dunno which words may be blocked.
I mean. The tuttle twins are a channel that sipport the version of the government that is not great.
To be more exact
Their books and Videos are meant for example as material for kids being homeschooled because the parents belong to churches non white people might prefer to avoid.
No one cares
Sure buddy it was “romans” doing the coin clipping.
Right? Lol
It was “them”
yes, it was the romans who were clipping the ROMAN coins
The English did it as well, later on, during the reign of King Henry V, I think (one of them). Coins were clipped, and mixed in with less precious metals.
It was immediately followed by economic downturn and hardship.
It is famously a major reason for Romes eventual collapse, so I have read.
They did a good job with the sound effects
This is also why coins have ridges so they cant cut it to make new money because the others will notice it
Currency is always arbitrary though.
The key phrase is “metals they found valuable”. Well, now they find coins valuable. What’s the difference except that you waste less effort in mining gold?
I know it causes inflation but so does mining more gold
There's a limit on the rate of expansion of gold supply. That puts a limit on the inflation rate.
@@What-he5prgood explanation
@@What-he5pr yeah but inflation is better than market crashes when something affects the gold supply or population growth outpaces mining
@Nameless13th the money supply in those days could not wildly swing around like today because they didn't have fractional reserve banking. And economic output strongly correlated with population in the preindustrial times. Meaning you wouldn't have a jump in output without a jump in mining labor available.
When I was in MBA school, I was the black sheep for advocating a return to the Gold Standard! As a matter fact, I was probably the only student who understood what was going on 😁
"we're not paying you to ask questions"
"Excuse me, you're paying me money to MAKE MONEY?!!"
Specious argument. The value of currency isn’t in the material of the currency, it’s in the trust people have in its exchange value.
Fiat currency does not have a natural system in place to regulate its value, the value of money is determined by a few individuals, the value is just trust in the government. Trust should never dictate the value of something you get in exchange for value you create. You should never be dependent on a government to determine your value.
@@opal9450 currency is literally valued to the extent there is mutual trust. If you use currency, it will literally depend on whatever mechanism is most widely accepted, which makes it institutional by nature. I agree that the value can and is manipulated, but what you’re talking about is essentially barter.
Which should be governed by the non-arbitrary realities of supply and demand. If it isn't, you get a currency that's disconnected from the realities of the market... aka inflation.
@@neosapienz7885 There is naturally going to be trust in something with intrinsic value, there cannot be real trust in something without intrinsic value. Trusting in money that isn't intrinsically valuable means you are only putting your trust in people, people make errors and are corruptible. Material currency is self-regulating and intrinsically valuable, anything else is artificial.
@@neosapienz7885 Real trust can only exist in a currency based on intrinsic value, money not based on materials forces people to put trust in an artificial system created by other people, you have to trust other people, people are corruptible and can make errors.
Good. Now explain this to the Journalist that said Inflation is good because of higher wages 🤦🏻♂️
That's only true if wages match the inflation rate. It's not even close. "journalists" are nothing but paid propagandists with salaries well above the average salary. They never feel the affects of inflation.
“The put that in a way even an idiot could understand, and that really resonates with me for some reason”
That right there is the true definition of inflation!!
I'm pretty sure it wasn't the governments known for that...
Ok… so if the top 1% have 99% of the money….. hear me out…..
Yeah? You have the floor Mr pierce.
They literally dont but go off.
We grind them up! Did I do it right?
Yeah, capitalism broke real quick.
@@appletherapynot as quick as communism, socialism, and fascism
"Roman Venezuela Isint Real!"
Roman Venezuela:
Wait til these kids find out what the federal reserve is doing lmao
they grow up so fast! one day they will even learn that inflation isnt cheating and that a small amount of it makes money in the economy work.
@@edwxx20001 us tax payers shouldn't be paying interest on federal reserve loans that are created out of thin air. I really hope you're not on the federal reserve's side on this
@@ZiyaB3ast the Fed's job is to maintain 2 to 3% inflation in the economy, they need to do this because 1. deflation is a hell of alot worse 2. they need to be able to react to changes in the market. recently the Fed has been increasing interest rates to reduce the inflation in the economy. they want to inflation to be reduced back down to 2 or 3%. back in 2008 they reduced rates as low as they could, without being negative, and then came up with a buying scheme called quantitate easing to further increase the money supply. this helped the US economy to not enter deflation.
I hope you can understand that there is no perfect options, only a target for the best they can do between 2 bad situations.
@@edwxx20001 let the 1% pay for these created out of thin air loans. Not the working class. That's all I ask
@@edwxx20001 no one man should have all that power either, so I'm not convinced this is a good way of controlling the economy
"The roman goverment"... OY V...
They are libertarians, they would never offend their masters.
Coin clipping got the Jewd banished from England for over 500 years.
SHUT IT DOWN
I finally understand inflation😂😂
Roman coins had less value later on because they were made with less precious metal in them despite being of similar weights.
Coin clipping is a different thing that lead to a financial crisis in middle ages Endland and ultimately led to the Banishment of Jews from England. Which is why coins today have ridges on their circumference
Also this is not inflation. This is cheating the costumer and saying our Gold has higher value Which is not true. It led to inflation once it was discovered because they devalued the gold later.
A good custom that we lost
this was made by PragerU so there's a reason why they're doing it.
I mean if you sprinkle in the truth amongst lies you poison the well and have a lot of very stupid people think this is reality.
And a certain thing is pushed into "conspiracy theory" territory. While it's not ofc but...
That's not what led to the banishment of them. It led to a pogrom I'm pretty sure but the main reason for the banishment was because of economic mismanagement from the prior king.
Who was clipping the coins gentile?
Somehow I don't think they're going to be particularly honest about what group of people were responsible for shaving all those coins.
Cringe
Who?
Tax collectors and criminals?
@@MrLee-cy1pw The Tiny Hat Club
@Ma_Zhongying You're on the right track, just be more specific.
we need more videos like this.
Soldier:
You kid, start training with a lead gladius to have a strong arm, we must crush another rebellion in Judaea.
You girl, either you become a patrician's wife or you start breeding more legionaries!
Old man, to the vineyards with you, we need more wine!
Mmmm and who was clipping the coins?
Just about anyone who thought they could get away with it. This is why most of our coins have ridges on the edge.
THE JEEEEEEEEWWWWWSSSSS
👃
Everyone but the romens
And the romens were doing it to everyone who wasn't the romens
👃🤥
Protect whoever made this at all costs
It doesn’t make the coins less valuable, it makes the gold more expensive
The reason american coins have ridges on the edge is to stop coin clipping because the....'romans' were still doing it when they came over here. And in most 'roman' occupied countries
wonder if our ruling class could watch this
They want us all dead. They couldn't care less if they were hurting society.
Part of the ruling class made this to show it to its voters and their children. LOL. This is politician made and approved. Wouldn’t be surprised if tax money was swindled to pay the costs too.
People just think that inflation is a some special insider information only some few are privy to, and that everyone in power is too dumb to know about it. They know, they just don’t care about it as much as they do about other things, so they choose to not make it a priority.
This is political propaganda meant to change viewers’s minds or strengthen their resolve
They do and laugh at the fact that we can't do anything about it.
Why would they watch a video on something they actively do, they're not idiots, sadly
they made it
Diamonds in Minecraft would be inflated if they weren’t free in Minecraft. But thankfully, you can just mine them. Wish we could get stuff like in creative mode from Minecraft, rather than have to deal with the most unpredictable issue in the world: inflation.
Taxation is theft! Justice for all!!
That's called inflation