And that is the essence of inflation. Too much money chasing the same amount of goods and services. So that is a deep concern to me because Great societies always fail first by losing their moral compass, and then secondly, bankrupting themselves. The roman empire, the british empire, the dutch empire, you can walk through all of them, the great empires of China. That's how they decline. (06:10–06:19)
CLAIM
Asserts that moral decline and financial bankruptcy are sequential causes of societal failure.
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