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59-year-old Jon Stewart finally learns how fiat money works, “Oh my lord! It’s a mass delusion”
59-year-old Jon Stewart finally learns how fiat money works, "Oh my lord! It’s a mass delusion" from Bitcoin
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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
– Henry Ford
There is nothing wrong learning about bitcoin at older age. Once u understand bitcoin u see everything differently.
He’s talking about it this way so that listeners can understand it. He obviously knows what he’s talking about when he’s interviewing the person about the subject. Lol we get it you like bitcoin
Fiat currency: created from thin air, *backed by* nothing at all.
Note: Within the context of money, the phrase *backed by* has a very specific meaning. Banks used to issue gold (or silver) backed bank notes. It was printed right on the notes that the bearer could bring the note back to the bank and exchange it for the amount of gold (or silver) printed on the note.
Now, you cannot take your Federal Reserve Notes (dollar bills) to the bank and exchange them for gold, or silver. You cannot exchange them for anything, because they are not *backed by* anything.
You cannot exchange them for amounts of “full faith and credit,” “military power,” “US economy,”or “men with guns”. Therefore, US dollars are not *backed by* any of those things.
It is difficult for some of us to admit to ourselves that the money we’ve blindly used all of our lives is just fancy ink printed on rags, and nothing more. In fact, 90 percent or more of all US dollars are not even printed, they exist only as digits within the banking system’s computers. Fiat currency is created from thin air and *backed by* nothing at all.
Meanwhile, think about this: The US dollar *used to be* “backed by” gold.
Question: What backs gold?
Answer: Nothing.
Gold cannot be printed, nor can it be created by typing numbers into a computer terminal, as is the case with fiat currency. So, gold does not need to be *backed by* anything.
Bitcoin is also not *backed by* anything, nor does it need to be. Like gold, Bitcoin cannot be printed, nor can it be created by merely typing huge numbers into a computer terminal.
it’s not a delusion that guns are pointed, if indirectly also obviously, at you forcing you to do things, namely accepting and using fiat.
What video is this from? Would like to watch the whole thing
The one thing that gives fiat dollars value is the legal necessity to pay your taxes with them
Stewart 2024
Did Stewart just get orange-pilled?
Bitcoin is the answer to mass delusion with limited supply of 21,000,000, not 30 trillions of ~~shitcoins~~ dollars printed out of thin air.
i really hope this whole world is actually a simulation and we reaching that point where we realize the bugs in this current build. a lot of things would actually start making sense.
I’m not sure why you think Bitcoin is any different; the value of Bitcoin is also “faith-based”, it relies on people believing Bitcoin will continue to hold its value and be accepted as payment for goods and services in the future.
Inflation = Legal counter-fitting
Counter-fitting = Illegal Inflation
Food for thought.
Bitcoin also requires this delusion since there is also nothing backing it.
Im surprised that the Elites let this one slip through the cracks.
One by one. This one probably convinces two though.
“Well”…
That last “well…” With the nod was so spicy
Jon Stewart is gold
How bout that! When I found out what fiat money was I bought BTC !
Genuine question.
If the USD is a faith based currency.
How is BTC different from that, people that use BTC have faith in it, apart from the block chain technology what backs Bitcoin?
One must understand especially for the younger generation is that these people that you see on the screen are MASTER MANIPULATORS. Yes Bitcoin is great as a technology but the people should never trust these people by handing your keys to how one should live. Remember that Bitcoin was built so that you are your OWN Government, anything less than that then you become an even bigger prisoner than you are today. Blockchain is very very powerful but the POWER must stay with you no matter what.
eye opening
Bitcoin on the other hand most certainly wasn’t created out of nothing, and assigned an arbitrary value.
The argument should be about asking who controls the reins, and accountability, not this nonsense.
And then people go buy shitcoins.
Bitcoin only.
You’re never too old to get red pilled
A bitcoin is no less fiat than a dollar. Both rely solely on the mass market’s attribution of value to them.
The difference is only that the system that bitcoin relies on is independent of governments and isn’t directly manipulated. This is a stupid post.
It’s not a mass delusion. It’s a mass threat of violence. It’s a “believe us, or we’ll drop bombs on you.”
Fiat money = fake money
It-s funny how people see bitcoin the same way bitcoiners see fiat. A mass delusion that is not backed by anything.
I like Jon Stewart but this is really weird. He’s super smart and especially since his brother was Larry was fairly prominent within the NYSE, I thought he would’ve understood this concept about fiat in general.
I’ll always remember the debate he had with Bill O’Reilly a long time ago where he didn’t understand the difference between total national debt and deficit. https://www.youtube.com/watch?v=McKeX8THyh8
The guy is just an ex MTV vjay who had writers that made him seem knowledgable.
man rarely does a post usually blow me away, but its truly bizarre someone as politically active as john stewart (who admittedly i find myself agreeing with often) doesn’t understand this basic, obvious part of fiat currency and USD specifically. the fact he didnt know how the FED or central banks work or that the gold standard was abandoned decades again is truly mind-blowing.
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i think it reflects badly on him that he didnt know this stuff tbh, but on the flip side his reactions were exactly what every human being’s should be upon learning about it.
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also another reminder those who are politicly involved don’t necessary know anything about economic policy.
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though one thing i will say is the fiduciary aspect of fiat is actually the same as bitcoin. sure bitcoin has no centralized policy maker and a fixed supply, but it similarly relies on people’s faith and confidence in it to decern its value. the entire world economy is like that. loss of faith and thus spending is what causes recessions more than anything.
Yes, that’s correct, John. Welcome to the world of those of us in know. It’s scary here, though. And lonely.
Stewart is an idiot
It’s a religion, a con game.
Is there a youtube link for this clip?
Zeitgeist was right once again. I really hope we can create the resource based economy Jaques Fresco imagined.
“It’s a fiduciary system”
*Right*
“It’s all faith based”
*Oh my lord!*