1000 Years of Inflation with Rune Østgård - WBD658

Rune Østgård is the Author of ‘Fraudcoin: 1000 Years with
Inflation as a Policy’. In this interview, we discuss inflation’s
historical introduction and use as an exploitative tool by elites
and how, in various phases of history (most recently, the early
20th century), inflation was not viewed as a required economic
phenomenon. To Rune, there is no more important subject to
understand than inflation. 


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In the 1700s, Scottish philosopher and economist Adam Smith was
the first to use the term “inflation” in his book, “The Wealth of
Nations.” Smith argued that inflation resulted from an increase
in the amount of money in circulation, which caused goods and
services to be more expensive. 


But inflation is not a modern phenomenon. It has been in
existence for centuries. And historical analysis shows that it
has been used as an exploitative tool by elites throughout the
ages. Rune Ostgard has traced the use of inflation back to its
use in his home country of Norway in 1050 AD, its use by a tyrant
King, and its role in the effective ending of the Viking
era. 


Rune states that it is this historical knowledge that shows
firstly how ruinous inflation can be and, secondly, why it is not
an inevitable or necessary feature of economic systems. Famously
during the 19th century, there was a sustained period when
deflationary growth occurred in the United States.


And yet, for the past 100 years, we have been conditioned to
accept inflation as an essential economic driver. Its insidious
nature has been hidden by a period of low rates of inflation.
Now, however, with inflation rising to double-digit levels across
many parts of the world, its destructive compounding impacts are
more apparent. 


We are now, therefore, at a time when it is necessary to question
inflations societal value and whether there are other ways of
managing our economies. Whilst Bitcoiners have a viable future
mapped out, Bitcoin is still viewed by many with suspicion. But,
as the fiat system continues to unravel, the value of Bitcoin
becomes ever more easy to explain.