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00:01:42.500-->00:01:45.300
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The experience of Germany in the early 1920s
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00:01:45.300-->00:01:46.880
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is the classic horror story
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00:01:46.880-->00:01:50.000
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told by those who urge a return to the gold standard
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00:01:50.000-->00:01:53.700
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as the best way to stop inflation and stabilize economies.
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00:01:53.700-->00:01:57.320
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As prices rose, the government printed more and more currency
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00:01:57.320-->00:01:59.720
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and prices soared again.
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00:01:59.720-->00:02:02.340
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Eventually, the German Mark literally was not worth
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00:02:02.340-->00:02:04.420
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the paper it was printed on.
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00:02:04.420-->00:02:07.340
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Bundles of paper money were needed to buy a loaf of bread,
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00:02:07.340-->00:02:11.180
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and a postage stamp cost millions.
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00:02:13.400-->00:02:15.400
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[DR. DANIEL KIM -- December 27, 2019]
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00:02:15.400-->00:02:19.400
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What is the situation for scarcity? Why do we even need cryptocurrency?
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00:02:20.140-->00:02:23.400
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Let's look at the everyday money that we use.
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00:02:23.500-->00:02:25.160
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There's the US dollar,
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00:02:27.360-->00:02:29.240
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the Euro, and the Swiss franc.
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00:02:29.480-->00:02:31.540
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And what I'm showing here is
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00:02:31.780-->00:02:34.400
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official government statistics as to
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00:02:34.560-->00:02:37.340
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the amount of money in circulation.
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00:02:37.440-->00:02:39.960
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This is M1, which is
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00:02:40.260-->00:02:41.640
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paper money, currency
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