Aug 24, 2020
Today, we bring to you a very special 50th show of The Gold Collar Collar Investor podcast.
In today’s show, Pancham is joined by his son, nice years old, Ivan Gupta. Pancham gifted Ivan, Irwin Schiff’s book, The Kingdom of Moltz. This book explains the relationship between taxes, inflation, and money in super-simple terms…and with some clever illustrations. So much so that even nice-year-old Ivan was able to grasp these concepts with ease.
Tune in to this delightful and very special show now! Enjoy!
Timestamped Shownotes:
- 00:43 – A special thanks to our listeners from our main man, Pancham!
- 01:44 – What is the “Kingdom of Moltz” by Irwin Schiff about?
- 03:39 – Pancham reads and explains this short book in simple terms
- 04:30 – Taxes in the Kingdom of M
- 06:40 – Igor II, the King of M decided to raise taxes
- 08:25 – And then, anticipating a rebellion, decides to rethink
- 09:41 – AH-HA moment – Changing the yardstick
- 13:49 – Igor II is amazed by America’s financial system
- 15:03 – Questioning the intrinsic value of paper currenc
- 22:55 – Pancham welcomes his son, Ivan to the show
- 23:10 – Cooped up at home due to COVID…a nine-year-old shares his perspective
- 23:38 – Having read the book, what did nine-year-old Ivan understand about inflation?
- 24:33 – Is the dollar, the unit of measurement, losing its value?
- 25:27 – Why did the US government decide to dollar backed by nothing
- 26:08 – Can you buy less bread with a dollar now?
- 26:59 – Pancham summarizes the entire show; food for thought – is the value of gold going up or the value of dollars going down?
3 Key Points:
- Discussion on Irwin Schiff’s, “Kingdom of Moltz”
- Understanding the many quirks of America’s financial system
- The negative fallout of printing more money
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