The Philosophy of Money with Andrew Bailey - WBD573

Andrew Bailey is a philosopher, professor, fellow at the Bitcoin
Policy Institute, and co-founder of Resistance Money. In this
interview, we discuss the philosophy of money in respect of what
it is, what makes good money, the traps we can fall into with
money, and why Bitcoin is a bulldozer that makes us rethink money
anew.


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Economists, historians, philosophers, bankers and politicians
have all contended with the concept of money. What it is, what it
can be, what it’s not, what it’s useful for, how it should be
used, how it can be misused: there are a myriad of questions that
have spurned a myriad of theories. Consensus has formed around
different ideas lasting for generations, only to be followed by
sudden shifts as perceived universal truths are dissolved.


Debates and evolving thinking around money have always been a
feature of its existence, certainly within modern capitalist
structures of the past few hundred years. And yet, we do seem to
be in a rare period. Firstly, we are entering a new paradigm of
money, when established norms are suddenly being uprooted.
Secondly, laypeople are joining the ranks of the so-called
specialists in the debate around money.


This change has been spurned by the failures of fiat money.
Suddenly, people realise that the assumed solid ground is
shifting beneath them. Within a short space of time, we have
experienced a flurry of unprecedented events: bank runs, money
printing on a vast scale, massive stimulus packages, huge
volatility in the markets, systemic inflation, and currency
collapses.


The debate has also been spurned by the revolutionary innovation
of Bitcoin. A totally new form of money has enabled a
reevaluation of the principles and qualities of what we use to
store value and what we use to exchange value. This process is
being undertaken at all levels: if Bitcoin can continue to
flourish, it will serve as a check on those in power. It could
for the first time enable money to become pluralistic.


All this means we are living in a time when the debate around
money is live and fluid in which we all get a say. Buying
Bitcoin, developing Bitcoin and orange pilling are all positive
actions that force us to consider these fundamental questions.
And, in this process, we’ll find we are asking the most
fundamental questions of all - what is the essence of a good life
and how does money help to achieve that end?