"The only reason workers make more money today than they did in the past is because they're more productive, not because their so-called overlords are more generous."
"By the turn of the 20th century in 1900, Norway's GDP per capita had already exceeded those of Germany, France, and the United Kingdom."
"The wealth of the West was not primarily stolen... the wealth in the West is far greater than the entire GDP of the world two hundred years ago."
"In the 1950s and 1960s, 1970s, all of those 'unskilled' workers were able to afford houses, cars, college for their kids."
"Middle class at one time was a guy who didn't even have to go to college, had a job, and could support his wife who didn't have to work, support three or four kids, didn't have any credit card debt, didn't have an auto loan, was able to save for retirement."
"Just 50 years ago, most of Asia was in the same economic situation as most of Africa today."
"Scotland was the second most prosperous nation in the world...industries in the Glasgow area needed workers, and the Irish were a source of cheap labor."
"The study of economic history is the study of human survival."
"In the late Nobel Prize-winning economic historian Douglas North's view, the particular concern to the economic historian is explaining the structure of the institutional structures."
"At one point, black people were capital, and now we are trying to figure out all the ways black people can gain capital."
"Viewing the history of humanity through an economic lens, one could explain the shifts and upheavals through the various stages of economic development and the replacement of older economic systems with new economic systems."
"Capitalism...has done more to drive the progress and advancement of humankind in the last 250 years than any other world historic force in history yet devised."
"We can't get our heads around levels of 8% which is something we haven't seen since the 1970s."
"The main purpose of convict leasing was to keep the southern economy moving with a nearly-free labor force."
"The fur trade... became the region's economic backbone."
"Argentina, 100 years ago, was one of the world's most prosperous nations."
"For most of human history, it hasn't been; India and China becoming the world's largest economies would really just be a return to the status quo."
"The New Deal order...thrived from the 40s through the 1960s...keynesian economics became very instrumental and...was very successful in smoothing out the business cycle."
"We are in a new phase of the long-term debt cycle. Everything we're seeing playing out right now very much mirrors what happened in the 1940s through about 1980."
"This approach would later be adapted into the early economic theory of mercantilism, which argued that there was a fixed amount of wealth in the world and the only way to get rich was to take from those who had more."
"The wealth that was embodied in enslaved human beings was essentially one quarter of the total wealth of the United States."
"Food was one of the original currencies, and it will be again."
"What if this is our DOT com boom? What if the investors that came before us, the lessons that they learned, is there anything that we can learn from it without having to necessarily experience it for ourselves?"
"Capitalism came to grief because it was undermined by the rise of capitalism."
"We fundamentally gave manufacturing away in the sixties and seventies, and in that timeframe, Japan expanded, China expanded."
"The United States was the only major power to avoid economic ruin during the war and it was the sole country equipped with atomic weapons."
"Comparing our modern global economy to even the greatest empires throughout history is like comparing a jet engine to a donkey."
"Between 1989 and 2022, adjusted for inflation, U.S. family wealth has tripled."
"Wall Street didn't build this country. The middle class built the country, and unions built the middle class."
"The Federal Reserve... it's in our system right now. It has been in control since 1913."
"To understand the vast scope of Pierpont’s influence, we must first rewind to a time long before America was an economic powerhouse with a 21 trillion-dollar GDP."
"According to Dobb, there were three decisive moments in the process of transition from feudalism to capitalism."
"So as well as a good understanding of economic history especially monetary history and it gives me a great deal of comfort as I think about the governance of the ecosystem."
"This is the story of how energy privatization bankrupted Britain."
"The story of energy privatization in the UK begins with another TV clip."
"The United States federal government who made money from slavery helped the south to rebuild."
"You drew some really interesting parallels between the 1929 crash and the thirties recession."
"Reparation proposals are incoherent because they rest on the speculative notion that descendants of slaves are in a worse place today than they otherwise would have been if their ancestors were never enslaved."
"The global economy post-colonialism is still affected by colonialism."
"Argentina was one of the 10 wealthiest countries in the world at the turn of the 20th century."
"The middle class built this country, and unions built the middle class."
"Monetary debasement brings the fall of Empires."
"Why were we brought here in the first place? It was about business, baby. It was about making a profit off of us." - Vikki Dillard
"Could there be another Roaring 20s? Well, I think maybe, but for that to happen, we would need to see a correction in prices across the economy."
"There are these brief moments in history where gold and silver become the asset with the most potential gains in absolute purchasing power."
"The rest of this economic story is one you may already know after all if you were watching this video you probably lived through it."
"The economic transformation of western Germany from a war-ravaged nation to one of the world's strongest economies within decades."
"Greece: from prosperity to stagnation, a cautionary tale."
"After World War II, the United States is by far the richest nation in the world."
"Every collapse in history has led people back to precious metals."
"The Vikings turned their military outposts into market towns, where traders paid them for protection."
"August 15, 1971 will stand as an important event in economic history for many, many, uh, generations. In fact, you know, hundreds of years from now, people will look back to that day."
"We might be on the exact same path that we saw in the '70s and the '80s."
"Under the gold standard, Sudan was a stable economy. Today, the inflation is more than four hundred percent."
"Most of my schooling was in the Great Depression, but that means I'm one of the very few people that's still alive who deeply remembers the Great Depression. That's been very helpful to me."
"Salt is an important commodity right well worth your weight in salt isn't that the Romans used to say."
"It's not a failure of a blockchain, it's not a failure of that. It's a failure of the types that we saw in the 30s and the bank runs in the 30s."
"Without an intrinsic backing, all paper currencies in history have failed."
"Cuba: from freewheeling capitalism to nationalizing industries under the Communist Party."
"This is more analogous to the 1929 Great Depression than it is to the 2007-2008 Great Recession."
"Sugar profits fueled the foreign policy of the 17th-century world and kick-started economic ventures that led to countries we know today and events so important to our modern identities."
"There are a lot of similarities between the tech stock collapse back in the.com Era and the crypto collapse that we're seeing today."
"No other president frankly would be even thinking about during eight years of the last administration america lost ten thousand factories and nearly two hundred thousand manufacturing jobs."
"Men today earn less than most American men did in 1979, a huge gender gap in education."
"It was free markets and sound money that led to Athens great prosperity."
"This is a collective delusion, like tulip mania."
"It's amazing if you read Adam Smith's Wealth of Nations... things that we can recognize in our economies today."
"Even if you look back at the internet... you call it the internet bubble because trillion dollar companies came out of it."
"Land reforms supercharged agricultural output and set the stage for Taiwan's industrialization."
"Naval ravacant has a really powerful take on this but the reality is everyone can be rich and we can see that by seeing that in the first world everyone is basically richer than almost anyone who was alive 200 years ago."
"The transformation that we're going through economically is genuinely the largest economic transition since the Industrial Revolution."
"We're gonna go back to a period that was sort of like prior to when Volcker broke the back of inflation."
"Every fiat currency throughout history has failed."
"Lowering interest rates was the basic strategy used until the 2008 financial crisis."
"Now we are currently at the longest economic cycle that lasted for more than 10 years since the housing bubble."
"The second world war basically ended the great depression."
"The violent economic dispossession of black people created America as this powerful beast in the world, moving through with all the fat and all the money and everything, is on our backs."
"This is the largest, fastest accumulation of wealth in all human history."
"The volume of this trade increased significantly with the establishment of Roman Egypt."
"You've discovered your value and that's something that can't be compromised."
"A change in the world order that ultimately led to gold multiplying in price over 20 fold within 15 years..."
"Textiles were at the forefront of all of that."
"We notoriously had a paper money regime in the early days of the republic."
"Gold has been sound money for what 8,000 years plus."
"Throughout history, gold has maintained its value better than any other asset on planet earth."
"Debt occupies a pretty central role in the history of humanity."
"Better labor relations and international coordination could have improved the stagflation period."
"Black businesses are a threat to white supremacy."
"They don't realize that enslaved people built the wall after which Wall Street is named."
"People in non-slave areas, Britain, and free US states routinely did business with slave owners and slave commerce."
"The rich are wealthier than they've ever been since the 20s."
"They were the biggest industrial workforce in England, fueling the economy."
"Anyone who has read economic history knows the key to lifting countries and people out of property out of poverty."
"There are many instances of money printing through human history, and I can't find a single one that just doesn't end with economic inequality getting much worse."
"France savored her first taste of a bull market."
"Bitcoin was created as a response to the 2008 financial crash."
"Inflation is inevitable even without Central Bank look at Rome Ottomans they always Meed coins but they always all those Empires also all collapsed right."
"We have moved from transacting in gold to pieces of paper that were transferable to gold to just regular pieces of paper and now today most of our transactions happen with digits on a computer screen."
"The wartime boom helped to diversify the country's industry."
"Their solution for most of the history of the civilization was a centrally planned economy for the big picture stuff with a pinch of personal liberty."
"For 150 years, capitalism in America gave more real income to the bulk of its working class."
"Education is college because that industrial [__] of taking care of your family with a blue collar job that got wiped out in the late 70s."
"Adam Smith laid the foundation for economic rules and principles that guide the decision-making of nations."
"Adam Smith realized there was more though, the advent of steam power and the popularization of industrial processes that was taking place during the inception of the Industrial Revolution."
"Money begins replacing direct trade of goods, or bartering, when you start having issues with what is called a ‘coincidence of wants’."
"This is the story of how Japan experienced one of the wildest financial bubbles of all time."
"Our economy was booming when the highest marginal tax rate was between seventy and ninety one percent."
"While early Scandinavian society became more organized and benefited from trade between the far north and the far south its appetite for wealth earned or stolen grew its ability to organize a predatory economy grew with it."
"The bourgeoisie has created more massive and more colossal productive forces than have all preceding generations together."
"California's economic woes: from military decline to the rise of Silicon Valley."
"Indeed, by the reign of Philip II, the American colonies provide one fifth of the royal revenue."
"Haiti became one of the poorest countries in the world while bankers in France and the United States made a fortune."
"The purchasing power of the dollar has been declining since the installation of the Federal Reserve."
"We had the best economy... in modern American history possibly American history ever."
"Making money is right, but that kids are simply been like this going all the way back well over a thousand years ago."
"The Great Depression should be a warning that loose regulations and poor government oversight can lead to disaster."
"What's made the US such a powerful economic nation historically is because we were the first great democracy."
"All fiat-based currency systems collapse... there is no example in all of history that has been tried thousands of times it doesn't work."
"President Trump delivered the best economy in nation's history."
"Spain's official unemployment rate was stubbornly high in the 80s and 90s."
"Here's a hundred thousand dollars and then on to the next generation. It should not be particularly surprising that discrimination in the past has impact on the actual income of people who are living in the areas that were denied loans."
"The period of astonishing growth that follows becomes known as the German economic miracle."
"We've seen this movie before to me we did that to the manufacturing workers in the Midwest and those communities have not recovered."
"We've had the worst start since the Great Depression, but what's fascinating is anytime we've had one of these substantial declines... we have followed up with some substantial gains."
"The modern capitalist economy was almost entirely their creation."
"Socialism can go anywhere just like Cuba. Look at Cuba if you go back a few decades it was a beautiful country roaring economy and then if you look at it today you'll see that it's completely different."
"The problems of inflation that plague us today trace directly from the problem of deflation that plagued us from 1929 to 1933."
"By 1975, Nauru was per capita the second richest nation on earth."
"The entire world's economy is affected as this silver just explodes over the Americas, crosses the Pacific, crosses into Europe, and there's an enormous burst of prosperity."
"Inflation will Jerome win, like Volcker won against inflation, except Jerome's doing the opposite."
"If you want to explain America’s economic growth in a nutshell chalk it up to G, D, and L: Geography, Demography and Law."
"By 1890 2/3 of Americans worked for wages, rather than farming or owning their own businesses."
"All the growth that they talked about happened during protectionism... without NAFTA the growth that they talked about would not have been sustainable."
"Oil as the key commodity during the 20th century performed well in all three inflationary decades."
"During the Reagan years, middle-class incomes went up twenty-two percent."
"Slavery was a big business, a highly productive economic system. It was suitable for various tasks like mining, construction, farming, and factory labor. It generated a huge amount of wealth in a short period of time."
"The presentation here is just loaded with love and care."
"London: The world's first great capitalist economy."
"The camps distorted the Soviet economy, taking far longer than it should have to become mechanized." - Anne Applebaum
"Oh no, not my 37 fur pouts! How will my economy recover from this? Oh, probably using the giant pile of tobacco that we've just started shipping back from the Caribbean. Cheers for that, Spain."
"As Spartan families became poorer, they could not afford to pay for the equipment."
"The history of money is human beings looking for some system that they can use to store and trade value."
"The labour theory of value essentially arose with the rise of capitalism."
"If we go back to before the 2000.com bubble bursting..."
"There's a lot more wealth and historical wealth as well still residing here."
"All the baby boomers who are now mortgage-free homeowners went through paying interest rates three times what they are now."
"The banking system that was truly free market funded the greatest increase in the middle class literally in any part of human history."
"So, you know, many times through history we've had currency collapses every single time traditionally it's gone to Gold specifically and there's reasons for that."
"There were times in history where African Muslim countries were doing better than European rivals."
"In every hiking cycle from the Fed there has never been a single case, Andreas, where the Fed stopped hiking before nominal fed funds rate were higher than the prevailing year-on-year inflation rate."
"The dollar is going to go in the dust bin of history like all fiat currencies."
"Yesterday's fines are telling her there was once a flourishing family business here."
"So not only did the concept of trading by using money develop independently, it managed to gravitate towards the same metal."
"It couldn't be the fact that we took ourselves off of a gold standard."
"Alberta went from being only a minor oil producer throughout the first half of the 20th century to being the fourth largest oil producer in the world today."
"Every government currency in world history has collapsed, folks, every one of them."
"We're at the end of a 41-year secular bull market."
"Since this economy of America completely rest on free labor after the Civil War was only a matter of time before it returned to that."
"Inflation: the historical mistake leaders repeat over and over."
"The Hamiltonian economy won out. For a while."
"This is the first time that we've made three negative Quarters here since the great financial crisis in 2008."
"Nauru went from rags-to-riches, only to go back to somehow being worse than it started before it struck it rich."
"The gold standard didn't cause the depression... it was an equal and opposite reaction to the bubble."
"Bitcoin today analog is to oil after the development of the kerosene lamps."
"Every fiat currency system since the dawn of mankind has eventually failed."
"The Great Depression was caused by a Federal Reserve."
"Reparations advocates make the unchallenged pronouncement that the United States became rich on the backs of free black labor. That's utter nonsense." - Walter Williams
"Throughout history when people lose confidence and governments or money they've always turned to gold and silver."
"The '70s signaled the changing tide of America's money landscape."
"Republicans don't remember what their policies gave us. The biggest crash since 1929."
"It served as a hub that linked trading caravans between the Mediterranean and Arabian Seas."
"Tariffs didn't build America; America rose in spite of the many ill effects of tariffs."
"Because here's what's happened since 1960 if you look in 1971 we'd attach them to gold standard and from that point on the printing machine has been just printing printing printing printing devaluing your currency."
"There was enormous wealth creation going on even at that time."
"The substantial disparity between the wealth of African-Americans and white individuals today can be primarily attributed to Federal housing policies."
"Colonialism's historical legacy continues to cast a long shadow over the economic structures of numerous African countries."
"The Aksum: The first sub-Saharan empire to mint its own coins."
"Mercantilism was always a fundamentally broken system, one which produced huge numbers trade wars which frequently escalated into actual shooting wars."
"The economic oppression of workers was also an essential feature of the mercantilist system."
"Like in Austria you know after world war one Austria's money hyperinflated like a super expensive place today."
"Fortunately for us, history paints a clear image of what the economic collapse of a nation looks like."
"If you study monetary history throughout thousands of years... paper money has been tried many many times and it never succeeds."
"Asset theft has a long and inglorious history."
"You cannot have wealth without labor, and what whites took from them was their potential to convert their labor to wealth within their own community."
"Remember how the dollar used to measure gold? Now it just measures debt."
"You can't have wealth without labor. White folk stripped black folk of their potential to convert labor to wealth."
"Counterfeiting has been the bane of all money-based economies, and the penalties in former times were surprisingly harsh."
"They say it feels like a continuation of the tens of thousands of jobs that have left Flint over the last many decades."
"Feudalism straight to communism it wouldn't work because you needed the entrepreneur you needed the capitalists to come in and grow industry and create this technology that under communism they just couldn't create."
"The number one reason why investing is important: because look at this... in 1932, $20 would get you 482 gallons of gas, now it will get you seven."
"China and India had half the world's economy... for so long. And the answer... comes back to geography."
"The rich just get richer, it's true, yeah, from the beginning of time, they were staying rich because they did these things."
"The gold window is going to open again, it was closed back in 1971."
"The US made a fortune not just in World War II but in World War one because they were out of World War One up until 1917."
"The middle class build american unions built the middle class of today."
"Economic nationalism in the past has often led to war."
"The empire's focus on trade additionally contributed vastly to its triumphant transcontinental growth."
"Since World War II, there has only been one time where inflation was higher than five percent and we didn't have a recession that followed."
"Venezuela in 1989 and 1998 and then you see Venezuela on the right before the u.s. crashed oil prices inflation dropped from forty seven point eight to twenty seven percent unemployment dropped from ten point six to five point five."
"I know of all the communes and co-ops in history. The available data on worker cooperatives suggest that they're actually quite robust, more durable..."