The greatest force in human history you've never heard of.
Ideas to take with you.
- 01
Creative destruction is one force, not two – the same strengths that make incumbents successful are what prevent them from adopting the disruption that eventually kills them.
- 02
Incumbent behavior – lawfare, lobbying, buyouts, share buybacks, bailouts – is not malicious, it is rational under the incumbent's own incentives, which is precisely why it is so durable.
- 03
Debt-based fiat money is the ultimate incumbent because it provides the cheap capital that lets every other incumbent stave off its own disruption indefinitely.
- 04
When progress is artificially blocked, the pressure of creative destruction routes to the tool doing the blocking – which is why the disruption now arrives at the money itself.
- 05
The original problem fiat solved – the slow transaction velocity of gold – is no longer the problem; the persistence of that solution is now generating the dominant problems of the era.
