Hello BCP crew!

I love your podcasts, but even more so I’m starting to really fall in love with the outro music. Any chance you could start labeling the song/artists used in the podcast, in particular this episode?

Thanks guys, keep up the great work!

Thornton @ 20:11 “What you want with a currency is a stable price. What we want in the United States is a low rate of inflation, right?”
Wrong and wronger. What you (assuming that your goal is economic prosperity and the general flourishing of mankind) should want is prices that are free to move up or down in accordance with the desires of the general populace as expressed through voluntary individual transactions. “Price stability” is just a benign-sounding smoke screen that the Fed uses to justify its perpetual inflation to the unwitting public. In a growing economy with sound money (i.e., money that can’t be infinitely reproduced at the whim of central planners like DL Thornton), prices would tend to gently fall over time as technology improves and capital investment is channeled to its most profitable uses. Gentle price deflation (aka, gently increasing purchasing power) is not something to be avoided at all costs as the Fed’s “dual mandate” suggests. Gentle price deflation would allow you to comfortably retire (or achieve other long term financial goals) simply by accumulating cash in a low (or even zero) yield savings account instead of having to invest in risky assets like stocks. The (not always so) gentle price inflation intentionally created by the Fed forces you to seek yields at least equal to the inflation rate just to avoid having your purchasing power continually eroded. At the Fed’s target rate of 2% annual inflation, the dollar you save out of your first paycheck at age 20 will have lost 55% of its purchasing power by the time you’re ready to retire at age 60. The hard cap on the quantity of bitcoins is a feature that guards against wanton inflation, not a bug that hinders it from becoming a widely accepted currency.