May 4 2023
Episode 75: Understanding Money with Phil Denniston & InflationEducation.net
Let me introduce you to Phil. Phil Denniston is founder and CEO of InflationEducation.net, better bedtime stories revealing the secrets of the debt-based fiat money system using the pricnipals of liberty, sound money, Austrian Economics, and Natural Law. Phil holds a BA in Economics from the University of Colorado.
With InflationEducation.net Phil was able to marry his two passions: Understanding the history and mechanics of our monetary system AND using story-time with his four children (ages 5-14) to reveal the wizard behind the curtain, preparing them for the debt-based fiat money system that awaits.
It’s common knowledge that our country is in financial trouble. And most of us, as parents realize that we need to a step back and begin educating our children – and sometimes ourselves -about money and for financial stability. But I noticed when I was reading your bio, that you mentioned the “debt-based fiat money system” These are terms that not all of our parents will be familiar with can you take a minute to help us better understand? (read more below)
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Phil’s Response:
One challenge for parents’ intent on preparing kids for the world that awaits is finding materials or curriculum revealing how the money system works. By that we mean not just the basics of finance – saving, spending, investing, compound interest, and borrowing – but the essence of money: What is money, what works in the role, what are its historical properties, and how is money created?
Most parents (and school systems) cannot touch the subject because they don’t even know themselves. All of us were raised to believe today’s money is just what it should be, and the only way it could be. Instead, we’re living – right now – in a historical aberration, using unbacked, debt-based fiat money.
Debt growth (both public and private) has exceeded economic growth (or our ability to repay) for decades, and the inflation that is now accelerating – $7 dollars for a dozen eggs? – is the signal that the money system itself is breaking down, unraveling in plain sight, as ‘fiat’ money always does.
Taking a step back, fiat means ‘by decree’. Thus, fiat money like the US Dollar bill, means ‘money because the government says so’, not money that’s backed by anything real or has been chosen to be in the role by the free market. For 5,000 years, what’s worked best as money is gold or silver. Paper notes or digital representations are fine, if exchangeable at fixed rates. This is called a “gold standard”.
Article 1, Section 10 of the US Constitution calls for just that-
“No State shall… make anything but gold or silver coin a legal tender”.
America’s founders understood the importance of money backed by a measured weight of gold or silver. This is unlike today’s money that can be conjured from thin air by banks and bureaucrats.
At InflationEducation.net, we use ‘better bedtime stories’ to help prepare your family, revealing the secrets of debt-based money using the principles of America’s founding – liberty, sound money, Austrian Economics, and Natural Law. These delightful, full color hardcovers bring it all to light, creating indelible memories for your kids as you mix them in with all the classics during that nightly ritual.
Our customers like to be prepared, thus lean heavily homeschooled. We back it with an unconditional Alliance Guarantee. Buy the bundle, save 40% now and forever, and if you don’t like them, we’ll refund 100% of