[00:00] Wouldn't money just not exist anymore? And wouldn't robots just do everything for us? And wouldn't everyone get some kind of universal basic income? Personally, I think the answer depends on what we think money actually is.
[00:12] The experiment we're living through is called the Keynesian theory of economics. Every nation in the world is living through it. It starts with a very simple assumption. People are dumb. Economies are not stable on their own. If we leave the economy alone, it would fall into a recession or a depression,
[00:27] which causes a lot of suffering, unemployment, makes a lot of people sad. Therefore, the governments and central banks have to help us during those times of crises. They help by making it easier to borrow money, by lowering interest rates, running deficits, and maybe injecting some
[00:44] money into the system so that people keep on spending money. In a Keynesian economy, stopping a collapse is way more important than letting the market reset, even if that means we're going to have higher debt, even if it means the price of stuff like real estate gets inflated and makes
[01:00] more people renters. Why would we want to encourage people to spend rather than to save? It's our constant spending that forces us to innovate, to create better things. That's the Keynesian point of view.