1000 Years of Inflation with Rune stgard
\u201cThe people who worked as economists, who were against inflation, they were basically frozen out of the universities, etc. They, the politicians, wouldn\u2019t listen to them.\u201d
\u2014 Rune \xd8stg\xe5rd
Rune \xd8stg\xe5rd is the Author of \u2018Fraudcoin: 1000 Years with Inflation as a Policy\u2019. In this interview, we discuss inflation\u2019s historical introduction and use as an exploitative tool by elites and how, in various phases of history (most recently, the early 20th century), inflation was not viewed as a required economic phenomenon. To Rune, there is no more important subject to understand than inflation.
- - - -
In the 1700s, Scottish philosopher and economist Adam Smith was the first to use the term \u201cinflation\u201d in his book, \u201cThe Wealth of Nations.\u201d Smith argued that inflation resulted from an increase in the amount of money in circulation, which caused goods and services to be more expensive.
But inflation is not a modern phenomenon. It has been in existence for centuries. And historical analysis shows that it has been used as an exploitative tool by elites throughout the ages. Rune Ostgard has traced the use of inflation back to its use in his home country of Norway in 1050 AD, its use by a tyrant King, and its role in the effective ending of the Viking era.
Rune states that it is this historical knowledge that shows firstly how ruinous inflation can be and, secondly, why it is not an inevitable or necessary feature of economic systems. Famously during the 19th century, there was a sustained period when deflationary growth occurred in the United States.
And yet, for the past 100 years, we have been conditioned to accept inflation as an essential economic driver. Its insidious nature has been hidden by a period of low rates of inflation. Now, however, with inflation rising to double-digit levels across many parts of the world, its destructive compounding impacts are more apparent.
We are now, therefore, at a time when it is necessary to question inflations societal value and whether there are other ways of managing our economies. Whilst Bitcoiners have a viable future mapped out, Bitcoin is still viewed by many with suspicion. But, as the fiat system continues to unravel, the value of Bitcoin becomes ever more easy to explain.
- - - -
This episode\u2019s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence
-----
-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patron and get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed
Leave a review on iTunes
Share the show and episodes with your friends and family
Subscribe to the newsletter on my website
Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube
If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.