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[ame]
the most important part here is actually left out.
at 4:30 he explains how the serfs acquired land.
but here is the crux of the issue.
they redeemed the land with fiat money issued by the czar.
gold/silver was no longer needed as a medium of exchange.
thus the volume of money Made money worth intrinsically Less while at same time redeemable in something of great worth.
This one sought to acquire money but not to keep it. And thus the velocity of money increased greatly.
Posted : 08/02/2019 10:27 am