Chapter 12 Curiosities

The most interesting, or thought-provoking part of this video was the time spent on the Brentwood model and fiat currency. I find it absolutely mind boggling that the government is built on made up money without anything to back. I also didn't realize that it was only when Nixon was president that we shifted to fiat currency. Imagine if I went and bought an island that had bountiful land perfect for horse breeding. I could specialize in this and build up trusts with other nations and then just make claims about the amount of backing I had. And it would be okay because every country is already doing it. absolute shambles. I also appreciated his lengthy blurb on trade deficits- it was helpful to here the concept so plainly put.