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Greetings and salutations, my fellow plebs. My name is Walker and this is the Bitcoin

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podcast. It's Tuesday, August 15th, 2023. The Bitcoin block height is 803 311 and the

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value of one Bitcoin is still one Bitcoin. Today's episode is Bitcoin Out Loud and I'm

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going to read you lecture four of Economic Policy, Thoughts for Today and Tomorrow by Ludwig von

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Mises. It's a series of lectures given by Mises and published as a book in 1979. This chapter is

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about inflation and while I plan to read the remaining chapters at a later time, I think

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inflation is a good place to start. It's also a particularly relevant topic for today, August 15th,

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because 52 years ago, on August 15th, 1971, Richard Nixon suspended temporarily the convertibility of

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the US dollar to gold, marking the end of the gold standard and the transition of the US dollar to a

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pure fiat currency. Here's a short clip from Nixon's 1971 announcement. The strength of a

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nation's currency is based on the strength of that nation's economy and the American economy is by

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far the strongest in the world. Accordingly, I have directed the Secretary of the Treasury to

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take the action necessary to defend the dollar against the speculators. I have directed Secretary

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Connolly to suspend temporarily the convertibility of the dollar into gold or other reserve assets,

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except in amounts and conditions determined to be in the interest of monetary stability and in the

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best interest of the United States. Now, what is this action which is very technical? What does

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it mean for you? Let me later rest the bugaboo of what is called defaluation. If you want to buy

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a foreign car or take a trip abroad, market conditions may cause your dollar to buy slightly

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less. But if you are among the overwhelming majority of Americans who buy American-made products in

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America, your dollar will be worth just as much tomorrow as it is today. The effect of this action,

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in other words, will be to stabilize the dollar. Your dollar will be worth just as much tomorrow

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as it is today. Well, 52 years later, it should be clear to anyone with half a brain that Nixon

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was full of shit. Now, for some historical context on the Mises reading today, these chapters were

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originally delivered as lectures in Argentina in 1958 at the University of Buenos Aires and later

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written up in prose from Mises.org. Mises had urged Argentina to turn from dictatorship and

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socialism toward full liberty. So there is a special urgency behind the cool logic employed here.

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So, as you listen to the words of Mises, think about Nixon's words as well. Think about the words

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politicians use today when they talk about inflation. Think about the completely insane and

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unpredictable monetary policy decisions of today's central bankers and governments. And contrast that

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with the absolute predictability of Bitcoin's fixed 21 million supply and clearly defined

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issuance schedule. With that context, let's get into today's Bitcoin Out Loud Read. Economic

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Policy, Thoughts for Today and Tomorrow by Ludwig von Mises. Inflation. If the supply of caviar

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were as plentiful as the supply of potatoes, the price of caviar, that is, the exchange ratio between

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caviar and money or caviar and other commodities, would change considerably. In that case, one could

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obtain caviar at a much smaller sacrifice than is required today. Likewise, if the quantity of money

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is increased, the purchasing power of the monetary unit decreases and the quantity of goods that

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can be obtained for one unit of this money decreases also. When, in the 16th century,

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American resources of gold and silver were discovered and exploited, enormous quantities

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of the precious metals were transported to Europe. The result of this increase in the quantity of

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money was a general tendency toward an upward movement of prices in Europe. In the same way,

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today, when a government increases the quantity of paper money, the result is that the purchasing

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power of the monetary unit begins to drop and so prices rise. This is called inflation. Unfortunately,

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in the United States, as well as in other countries, some people prefer to attribute the cause of

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inflation not to an increase in the quantity of money, but rather to the rise in prices. However,

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there has never been any serious argument against the economic interpretation of the

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relationship between prices and the quantity of money or the exchange ratio between money and

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other goods, commodities, and services. Under present-day technological conditions, there is nothing

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easier than to manufacture pieces of paper upon which certain monetary amounts are printed. In

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the United States, where all the notes are of the same size, it does not cost the government more

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to print a bill of $1,000 than it does to print a bill of $1. It is purely a printing procedure

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that requires the same quantity of paper and ink. As an aside, in 2023, they can simply create money

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with a few keystrokes, no printing press required. In the 18th century, when the first attempts were

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made to issue banknotes and to give these banknotes the quality of legal tender, that is, the right

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to be honored in exchange transactions in the same way that gold and silver pieces were honored,

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the governments and nations believed that bankers had some secret knowledge, enabling them to produce

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wealth out of nothing. When the governments of the 18th century were in financial difficulties,

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they thought all they needed was a clever banker at the head of their financial management in order

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to get rid of all their difficulties. Some years before the French Revolution, when the royalty

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of France was in financial trouble, the king of France sought out such a clever banker and appointed

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him to a high position. This man was, in every regard, the opposite of the people who, up to that

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time, had ruled France. First of all, he was not a Frenchman, he was a foreigner, a Swiss from Geneva,

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Jacques Necker. Secondly, he was not a member of the aristocracy, he was a simple commoner. And

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what counted even more in the 18th century France, he was not a Catholic, but a Protestant. And so,

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Monsieur Necker, the father of the famous Madame Mestelle, became the minister of finance, and

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everyone expected him to solve the financial problems of France. But in spite of the high degree of

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confidence Monsieur Necker enjoyed, the royal cash box remained empty. Necker's greatest mistake,

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having been his attempt to finance aid to the American colonists in their War of Independence

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against England, without raising taxes. That was certainly the wrong way to go about solving

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France's financial troubles. There can be no secret way to the solution of the financial

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problems of a government. If it needs money, it has to obtain money by taxing its citizens,

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or under special conditions, by borrowing it from people who have the money. But many governments,

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we can even say most governments, think there is another method for getting the needed money.

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Simply to print it. If the government wants to do something beneficial, if, for example,

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it wants to build a hospital, the way to find the needed money for this project is to tax the

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citizens and build the hospital out of tax revenues. Then no special price revolution will occur,

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because when the government collects money for the construction of the hospital, the citizens,

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having paid the taxes, are forced to reduce their spending. The individual taxpayer is forced to

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restrict either his consumption, his investments, or his savings. The government, appearing on the

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market as a buyer, replaces the individual citizen. The citizen buys less, but the government buys

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more. The government, of course, does not always buy the same goods which the citizen would have

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bought. But on average, there occurs no rise in prices due to the government's construction of a

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hospital. I chose this example of a hospital precisely because people sometimes say, it makes a

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difference whether the government uses its money for good or bad purposes. I want to assume that

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the government always uses the money which it has printed for the best possible purposes,

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purposes with which we all agree. For it is not the way in which money is spent, it is the way

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in which the government obtains this money that brings about those consequences we call inflation,

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and which most people in the world today do not consider as beneficial. For example, without

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inflating, the government could use tax-collected money for hiring new employees or for raising the

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salaries of those who are already in government service. Then these people, whose salaries have

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been increased, are in a position to buy more. When the government taxes the citizens and uses

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this money to increase the salaries of government employees, the taxpayers have less to spend,

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but the government employees have more to spend. Prices in general will not increase.

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But if the government does not use tax money for this purpose, if it uses freshly printed

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money instead, it means that there will be people who now have more money while all other people

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still have as much money as they had before. So those who receive the newly printed money will

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be competing with those people who were buyers before, and since there are no more commodities

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than there were previously, but there is more money on the market, and since there are now

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people who can buy more today than they could have bought yesterday, there will be an additional

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demand for the same quantity of goods. Therefore, prices will tend to go up. This cannot be avoided,

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no matter what the use of this newly issued money will be. And more importantly, this tendency

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for prices to go up will develop step by step. It is not a general upward movement of what has

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been called the price level. The metaphorical expression price level must never be used.

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When people talk of a price level, they have in mind the image of a level of liquid which goes

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up or down according to an increase or decrease in its quantity, but which, like a liquid in a

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tank, always rises evenly. But with prices, there is no such thing as a level. Prices do not change

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to the same extent at the same time. There are always prices that are changing more rapidly,

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rising or falling more rapidly than other prices. There is a reason for this. Consider the case

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of a government employee who received the new money added to the money supply. People do not buy

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today precisely the same commodities and in the same quantities as they did yesterday. The additional

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money which the government has printed and introduced into the market is not used for the

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purchase of all commodities and services. It is used for the purchase of certain commodities,

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the prices of which will rise while other commodities will still remain at the prices

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that prevailed before the new money was put into the market. Therefore, when inflation starts,

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different groups within the population are affected by this inflation in different ways.

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Those groups who get the new money first gain a temporary benefit. When the government inflates

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in order to wage a war, it has to buy munitions and the first to get the additional money are

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the munitions industries and the workers within those industries. These groups are now in a very

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favorable position. They have higher profits and higher wages. Their business is moving. Why?

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Because they were the first to receive the additional money and having now more money at

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their disposal, they are buying and they are buying from other people who are manufacturing

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and selling the commodities that these munitions makers want. These other people form a second

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group and this second group considers inflation to be very good for business. Why not? Isn't

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it wonderful to sell more? For example, the owner of a restaurant in the neighborhood of

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the munitions factory says, It really is marvelous. The munitions workers have more money. There

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are many more of them now than before and they are all patronizing my restaurant. I am very

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happy about it. He does not see any reason to feel otherwise. The situation is this. Those

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people to whom the money comes first now have a higher income and they can still buy many

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commodities and services at prices which correspond to the previous state of the market, to the

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conditions that existed on the eve of inflation. Therefore, they are in a very favorable position.

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And thus inflation continues step by step from one group of the population to another.

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And all those to whom the additional money comes at the early state of inflation are

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benefited because they are buying some things at prices still corresponding to the previous

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stage of the exchange ratio between money and commodities. But there are other groups

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in the population to whom this additional money comes much, much later. These people

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are in an unfavorable position. Before the additional money comes to them, they are forced

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to pay higher prices than they had paid before for some or for practically all of the commodities

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they wanted to purchase, while their income has remained the same or has not increased

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proportionally with prices. Consider for instance a country like the United States during the

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Second World War. On the one hand, inflation at that time favored the munitions workers,

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the munitions industries, the manufacturers of guns, while on the other hand it worked

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against other groups of the population. And the ones who suffered the greatest disadvantages

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from inflation were the teachers and the ministers. As you know, a minister is a very modest person

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who serves God and must not talk too much about money. Teachers likewise are dedicated

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persons who are supposed to think more about educating the young than about their salaries.

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Consequently, the teachers and ministers were among those who were most penalized by inflation

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for the various schools and churches were the last to realize that they must raise salaries.

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When the church elders and the school corporations finally discovered that, after all, one should

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also raise the salaries of those dedicated people, the earlier losses they had suffered

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still remained. For a long time, they had to buy less than they did before to cut down

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their consumption of better, more expensive foods and to restrict their purchase of clothing,

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because prices had already adjusted upward while their incomes, their salaries, had not

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yet been raised. This situation has changed considerably today, at least for teachers.

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There are therefore always different groups in the population being affected differently

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by inflation. For some of them, inflation is not so bad. They even ask for a continuation

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of it, because they are the first to profit from it. We will see in the next lecture how

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this unevenness in the consequences of inflation vitally affects the politics that lead toward

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inflation. Under these changes brought about by inflation, we have groups who are favored

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and groups who are directly profiteering. I do not use the term profiteering as a reproach

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to these people, for if there is someone to blame, it is the government that established

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the inflation. And there are always people who favor inflation, because they realize

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what is going on sooner than other people do. Their special profits are due to the fact

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that there will necessarily be unevenness in the process of inflation. The government

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may think that inflation, as a method of raising funds, is better than taxation, which is always

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unpopular and difficult. In many rich and great nations, legislators have often discussed

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for months and months the various forms of new taxes that were necessary because the

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parliament had decided to increase expenditures. Having discussed various methods of getting

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the money by taxation, they finally decided that perhaps it was better to do it by inflation.

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But of course, the word inflation was not used. The politician in power who proceeds

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toward inflation does not announce, I am proceeding toward inflation. The technical methods employed

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to achieve the inflation are so complicated that the average citizen does not realize

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inflation has begun. One of the biggest inflation in history was in the German Reich after the

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First World War. The inflation was not so momentous during the war. It was the inflation

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after the war that brought about the catastrophe. The government did not say, via proceeding

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toward inflation, the government simply borrowed money very indirectly from the central bank.

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The government did not have to ask how the central bank would find and deliver that money.

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The central bank simply printed it. Today, the techniques for inflation are complicated

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by the fact that there is checkbook money. It involves another technique, but the result

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is the same. With the stroke of a pen, the government creates fiat money, thus increasing

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the quantity of money and credit. The government simply issues the order and the fiat money

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is there. The government does not care at first that some people will be losers. It

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does not care that prices will go up. The legislators say, this is a wonderful system,

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but this wonderful system has one fundamental weakness. It cannot last. If inflation could

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go on forever, there would be no point in telling governments they should not inflate.

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But the certain fact about inflation is that, sooner or later, it must come to an end. It

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is a policy that cannot last. In the long run, inflation comes to an end with the breakdown

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of the currency. It comes to a catastrophe, to a situation like the one in Germany in

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1923. On August 1st, 1914, the value of the dollar was four marks and twenty fennigs.

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Ten years and three months later, in November 1923, the dollar was pegged at 4.2 trillion

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marks. In other words, the mark was worth nothing. It no longer had any value. Some

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years ago, a famous author, John Maynard Keynes, wrote, In the long run, we are all dead. This

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is certainly true, I am sorry to say. But the question is, how short or long will the

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short run be? In the eighteenth century, there was a famous lady, Madame de Pompadour, who

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is credited with the dictum. Après nous les deluges, after us will come the flood.

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Madame de la Pompadour was happy enough to die in the short run. But her successor in

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office, Madame de Belly, outlived the short run and was beheaded in the long run. For

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many people, the long run quickly becomes the short run, and the longer inflation goes

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on, the sooner the short run. How long can the short run last? How long can a central

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bank continue inflation? Probably as long as people are convinced that the government,

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sooner or later, but certainly not too late, will stop printing money and thereby stop

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decreasing the value of each unit of money. When people no longer believe this, when they

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realize that the government will go on and on without any intention of stopping, then

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they begin to understand that prices tomorrow will be higher than they are today. Then they

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begin buying at any price, causing prices to go up to such heights that the monetary

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system breaks down. I referred to the case of Germany, which the whole world was watching.

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Many books have described the events of that time. Although I am not a German, but an Austrian,

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I saw everything from the inside. In Austria, conditions were not very different from those

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in Germany, nor were they very much different in any other European countries. For several

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years, the German people believed that the air inflation was just a temporary affair,

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that it would soon come to an end. They believed it for almost nine years, until the summer

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of 1923. Then finally, they began to doubt. As the inflation continued, people thought

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it wiser to buy anything available instead of keeping money in their pockets. Furthermore,

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they reasoned that one should not give loans of money, but on the contrary, that it was

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a very good idea to be a debtor. Thus, inflation continued feeding on itself. And it went on

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in Germany until exactly November 20, 1923. The masses had believed inflation money to

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be real money, but then they found out that conditions had changed. At the end of the

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German inflation, in the fall of 1923, the German factories paid their workers every

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morning in advance for the day, and the working man who came to the factory with his wife

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handed his wages all the millions he got over to her immediately. And the lady immediately

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went to a shop to buy something, no matter what. She realized what most people knew at

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the time, that overnight, from one day to another, the mark lost 50% of its purchasing

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power. Money, like chocolate in a hot oven, was melting in the pockets of the people.

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This last phase of German inflation did not last long. After a few days, the whole nightmare

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was over. The mark was valueless, and a new currency had to be established.

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Lord Keens, the same man who said that in the long run, we are all dead, was one of

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a long line of inflationist authors of the 20th century. They all wrote against the

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gold standard. When Keens attacked the gold standard, he called it a barbarous relic,

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and most people today consider it ridiculous to speak of a return to the gold standard.

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In the United States, for instance, you are considered to be more or less of a dreamer

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if you say, sooner or later the United States will have to return to the gold standard. Yet

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the gold standard has one tremendous virtue. The quantity of money under the gold standard

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is independent of the policies of government and political parties. This is its advantage.

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It is a form of protection against spend-thrift governments. If, under the gold standard,

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a government is asked to spend money for something new, the Minister of Finance can say, and

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where do I get the money? Tell me first how, and I will find the money for this additional

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expenditure. Under an inflationary system, nothing is simpler for the politicians to

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do than to order the government printing office to provide as much money as they need for

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their projects. Under a gold standard, sound government has a much better chance. Its leaders

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can say to the people and to the politicians, we can't do it unless we increase taxes.

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But under inflationary conditions, people acquire the habit of looking upon the government

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as an institution with limitless means at its disposal. The state, the government, can

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do anything. If, for instance, the nation wants a new highway system, the government

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is expected to build it. But where will the government get the money? One could say that

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in the United States, and even in the past under McKinley, the Republican Party was more

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or less in favor of sound money and of the gold standard, and the Democratic Party was

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in favor of inflation. Of course, not a paper inflation, but a silver inflation. It was,

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however, a Democratic President of the United States, President Cleveland, who at the end

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of the 1880s vetoed a decision by Congress to give a small sum, about $10,000, to help

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a community that had suffered some disaster, and President Cleveland justified his veto

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by writing, while it is the duty of the citizens to support the government, it is not the duty

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of the government to support the citizens. This is something which every statesman should

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write on the wall of his office, to show the people who come asking for money.

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I am rather embarrassed by the necessity to simplify these problems. There are so many

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complex problems in the monetary system, and I would not have written volumes about them

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if it were as simple as I am describing them here. But the fundamentals are precisely these.

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If you increase the quantity of money, you bring about the lowering of the purchasing

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power of the monetary unit. This is what people whose private affairs are unfavorably affected

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do not like. People who do not benefit from inflation are the ones who complain. If inflation

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is bad, and people realize it, why has it become almost a way of life in all countries?

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Even some of the richest countries suffer from this disease. The United States today

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is certainly the richest country in the world, with the highest standard of living. But when

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you travel in the United States, you will discover that there is constant talk about

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inflation and about the necessity to stop it. But they only talk. They do not act.

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To give you some facts, after the First World War, Great Britain returned to the pre-war

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gold parity of the pound. That is, it revalued the pound upward. This increased the purchasing

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power of every worker's wages. In an unhampered market, the nominal money wage would have

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fallen to compensate for this, and the worker's real wage would not have suffered. We do not

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have time here to discuss the reasons for this. But the unions in Great Britain were

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unwilling to accept an adjustment of money wage rates downward as the purchasing power

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of the monetary unit rose. Therefore, real wages were raised considerably by this monetary

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measure. This was a serious catastrophe for England, because Great Britain is a predominantly

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industrial country that has to import its raw materials, have finished goods, and food

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stuffs in order to live, and has to export manufactured goods to pay for these imports.

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With the rise in the international value of the pound, the price of British goods rose

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on foreign markets, and sales and exports declined. Great Britain had, in effect, priced

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itself out of the world market.

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The unions could not be defeated. You know the power of a union today. It has the right,

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practically the privilege, to resort to violence. And a union order is, therefore, let us say,

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not less important than a government decree. The government decree is in order for the

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enforcement of which the enforcement apparatus of the government, the police, is ready. You

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must obey the government decree, otherwise you will have difficulties with the police.

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Unfortunately, we have now, in almost all countries all over the world, a second power

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that is in a position to exercise force, the labor unions. The labor unions determine wages,

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and then strike to enforce them in the same way in which the government might decree a

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minimum wage rate. I will not discuss the union question now, I shall deal with it later.

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I only want to establish that it is the union policy to raise wage rates above the level

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that they would be on an unhampered market. As a result, a considerable part of the potential

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labor force can be employed only by people or industries that are prepared to suffer

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losses. And, since businesses are not able to keep on suffering losses, they close their

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doors and people become unemployed. The setting of wage rates above the level they would have

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been on an unhampered market always results in the unemployment of a considerable part

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of the potential labor force. In Great Britain, the result of high wage rates enforced by

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the labor unions was lasting unemployment prolonged year after year. Millions of workers were

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unemployed, production figures dropped, even experts were perplexed. In this situation,

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the British government made a move which it considered an indispensable emergency measure.

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It devalued its currency. The result was that the purchasing power of the money wages upon

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which the unions had insisted was no longer the same. The real wages, the commodity wages,

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were reduced. Now the worker could not buy as much as he had been able to buy before,

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even though the nominal wage rates remain the same. In this way, it was thought real

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wage rates would return to free market levels and unemployment would disappear. This measure,

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devaluation, was adopted by various other countries, by France, the Netherlands, and Belgium. One

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country even resorted twice to this measure within a period of one year and a half. This

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country was Czechoslovakia. It was a surreptitious method, let us say, to thwart the power of

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unions. You could not call it a real success, however. After a few years, the people, the

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workers, even the unions began to understand what was going on. They came to realize that

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currency devaluation had reduced their real wages. The unions had the power to oppose this. In many

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countries, they inserted a clause into wage contracts, providing that money wages must go

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up automatically with an increase in prices. This is called indexing. The unions became

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index conscious. So this method of reducing unemployment that the government of Great

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Britain started in 1931, which was later adopted by almost all important governments,

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this method of solving unemployment no longer works today. In 1936, in his General Theory of

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Employment, Interest, and Money, Lord Keane's unfortunately elevated this method. The emergency

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measures of the period between 1929 and 1933 to a principle, to a fundamental system of policy,

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and he justified it by saying in effect, unemployment is bad. If you want unemployment to

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disappear, you must inflate the currency. He realized very well that wage rates can be too

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high for the market, that is, too high to make it profitable for an employer to increase his

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workforce. Thus too high from the point of view of the total working population. For with wage

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rates imposed by unions above the market, only a part of those anxious to earn wages can obtain

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jobs. And Keane said in effect, certainly mass unemployment prolonged year after year is a very

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unsatisfactory condition. But instead of suggesting that wage rates could and should be adjusted to

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market conditions, he said in effect, if one devalues the currency and the workers are not clever

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enough to realize it, they will not offer resistance against a drop in real wage rates,

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as long as nominal wage rates remain the same. In other words, Lord Keane's was saying that if a

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man gets the same amount of sterling today as he got before the currency was devalued, he will not

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realize that he is in fact now getting less. In old fashioned language, Keane's proposed cheating

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the workers. Instead of declaring openly that wage rates must be adjusted to the conditions of

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the market, because if they are not, a part of the labor force will inevitably remain unemployed.

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He said in effect, full employment can be reached only if you have inflation, cheat the workers.

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The most interesting fact, however, is that when his general theory was published, it was no longer

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possible to cheat, because people had already become index conscious. But the goal of full

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employment remained. What does full employment mean? It has to do with the unhampered labor market,

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which is not manipulated by the unions or by the government. On this market, wage rates for every

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type of labor tend to reach a point at which everybody who wants a job can get one, and every

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employer can hire as many workers as he needs. If there is an increase in the demand for labor,

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the rate will tend to be greater, and if fewer workers are needed, the wage rate will tend to

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fall. The only method by which a full employment situation can be brought about is by the maintenance

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of an unhampered labor market. This is valid for every kind of labor and for every kind of

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commodity. What does a businessman do who wants to sell a commodity for $5 a unit? When he cannot

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sell it at that price, the technical business expression in the United States is, the inventory

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does not move. But it must move. He cannot retain things because he must buy something new.

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Fashions are changing. So he sells at a lower price. If he cannot sell the merchandise at $5,

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he must sell it at $4. If he cannot sell it at $4, he must sell it at $3. There is no other choice

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as long as he stays in business. He must suffer losses. But these losses are due to the fact that

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his anticipation of the market for his product was wrong. It is the same with the thousands and

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thousands of young people who come every day from the agricultural districts into the city trying

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to earn money. It happens so in every industrial nation. In the United States, they come to town

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with the idea that they should get, say, $100 a week. This may be impossible. So if a man cannot

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get a job for $100 a week, he must try to get a job for $90 or $80 and perhaps even less.

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But if he were to say, as the unions do, $100 a week or nothing, then he might have to remain

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unemployed. Many do not mind being unemployed because the government pays unemployment benefits out of

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the taxes levied on the employers, which are sometimes nearly as high as the wages the man

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would receive if he were employed. Because a certain group of people believes that full

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employment can be attained only by inflation, inflation is accepted in the United States,

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but people are discussing the question, should we have a sound currency with unemployment or

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inflation with full employment? This is in fact a very vicious analysis. To deal with this problem,

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we must raise the question, how can one improve the condition of the workers and of all other

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groups of the population? The answer is by maintaining an unhampered labor market and thus

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achieving full employment. Our dilemma is, shall the market determine wage rates or shall they

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be determined by union pressure and compulsion? The dilemma is not, shall we have inflation or

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unemployment? This mistaken analysis of the problem is argued in England, in European industrial

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countries and even in the United States. And some people say, now look, even the United States is

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inflating, why should we not do it also? To these people, one should answer first of all,

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one of the privileges of a rich man is that he can afford to be foolish much longer than a poor man.

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And this is the situation in the United States. The financial policy of the United States is very

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bad and getting worse. Perhaps the United States can afford to be foolish a bit longer than some

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other countries. The most important thing to remember is that inflation is not an act of God.

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Inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation

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is a policy, a deliberate policy of people who resort to inflation because they consider it to

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be a lesser evil than unemployment. But the fact is that in not the very long run, inflation does

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not cure unemployment. Inflation is a policy and a policy can be changed. Therefore, there is no

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reason to give in to inflation. If one regards inflation as an evil, then one has to stop

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inflating. One has to balance the budget of the government. Of course, public opinion must support

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this. The intellectuals must help the people to understand. Given the support of public opinion,

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it is certainly possible for the people's elected representatives to abandon the policy of inflation.

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We must remember that in the long run, we may all be dead and certainly will be dead. But we should

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arrange our earthly affairs for the short run in which we have to live in the best possible way.

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And one of the measures necessary for this purpose is to abandon inflationary policies.

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And that's a wrap on this Bitcoin Out Loud episode. You can listen to all the episodes of

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00:40:03,840 --> 00:40:11,560
The Bitcoin Podcast at bitcoinpodcast.net or wherever you get your podcasts. You can find

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00:40:11,560 --> 00:40:18,800
me on Noster by going to primal.net slash Walker. If you want to follow The Bitcoin Podcast on

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Twitter, go to atwalkeramerica and at titcoinpodcast. You can also find the video version of this

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podcast and others at youtube.com slash atwalkeramerica. Bitcoin is scarce. There will only ever be 21

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million. But Bitcoin podcasts are abundant. So thank you for spending your scarce time to

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listen to another fucking Bitcoin podcast. Until next time, stay free.