Jan 07 2025 31 mins 5
"Define money?" Seems like an easy to answer question on the surface, but then when I tried to explain it to a friend, I found myself confused. How would one define money? How would you explain it to a normie? Is it valuable to even know the answer beyond flexing knowledge? Well, I think it is. In this video, I hope to help you understand the importance of understanding money within these frameworks. Although I use the Australian dollar as the example, this definition can be applied to all fiat currencies. Enjoy!
00:00 The three non-negotiable traits of money
2:37 The double coincidence of wants explained simply
3:36 What makes good and bad money?
5:25 Tool: An easy-to-understand table comparing different forms of money
16:51 Summary: The historical evolution of money
19:25 A snapshot: The Australian Dollar
20:37 Pre-1966: The Australian Pound
21:08 The pegged system
21:26 The Australian Dollar before decimalisation
22:16 1983: Australia floats the currency
23:23 1988: Australia introduces polymer banknotes
24:10 How is the Australian Dollar doing today in 2024?
26:43 Future of the AUD: Best-case scenario
28:19 Future of the AUD: Worst-case scenario
PS if you want to reach out to me or ask me any questions, you can either comment in the section below, message me on the gram @danielpekic or on X @vuklobo
The information provided in this video is for general informational purposes only and should not be construed as financial advice. I am not a licensed financial advisor. Before making any financial decisions, consult with a professional advisor who can consider your individual circumstances. Any actions taken based on this information are at your own risk.
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YT: www.youtube.com/@DanielPekic
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