Mikołaj Pisarski: Mises for the Masses

“This is one thing that the state is very successful at.  It has managed to make people feel good about their own complacency.“

Automatically Generated Summary

00:00 Introduction

Section Overview: The host introduces the podcast and mentions his upcoming trip to Portugal and Montenegro. He also previews the topic of discussion for this episode.

00:50 Preview of Upcoming Conversations

Section Overview: The host previews future conversations from Poland, including a discussion about free entrepreneurship and education with Mikołaj Pisarski.

01:18 Introduction to Mikołaj Pisarski

Section Overview: The host introduces Mikołaj Pisarski as the former president of KoLiber Association and current president of Instytut Misesa, Poland’s Mises Institute.

01:45 Discussion Topics

Section Overview: The host outlines the topics discussed in this conversation, including Polish history, democracy, personal responsibility, parenting strategies, anarcho-capitalism, technology, libertarian principles, and Austrian economics.

02:26 Background on Mikołaj Pisarski

Section Overview: Mikołaj Pisarski discusses his background as a former “crazy Lefty” who was introduced to libertarian principles by his younger brother. He talks about how he became interested in environmentalism and equality before discovering Friedrich Augustin Hayek’s “The Constitution of Liberty.”

03:27 Radicalization

Section Overview: Mikołaj Pisarski discusses how he became more radicalized after being introduced to Hayek’s ideas. He talks about how capitalism can generate external effects that harm the environment and why he was concerned about this issue.

04:53 Exposure to Socialism in Poland

Section Overview: The host asks Mikołaj Pisarski about his exposure to socialism in Poland and how it influenced his political views. Mikołaj Pisarski discusses how many people perceive the opposition that fought the Communists as anti-socialistic, but he believes that this is not entirely accurate.

06:24 The Perception of Socialist and Communist Ideas in Poland

Section Overview: In this section, the speaker discusses how socialist and communist ideas are perceived in Poland. He notes that while many people view socialist ideas as noble, they may not fully acknowledge the severity of communist ideas.

Perceptions of Socialist and Communist Ideas

• 06:24 The current ruling party in Poland is highly anti-communistic but interventionist or even socialist.
• 06:45 While communism is widely viewed as bad, socialist ideas are often seen as noble and interesting.
• 07:03 Many people who like socialist ideas may not fully recognize the severity of communist ideas.
• 07:32 People on the left tend to overlook far-left ideologies, unlike those on the right who call out far-right ideologies.

07:32 Remembering Communist Rule in Poland

Section Overview: In this section, the speaker talks about how memories of communist rule have been preserved in Poland. He notes that while there was a significant cultural movement to remember those who fought against communism, younger generations seem to have lost this association.

Remembering Communist Rule

• 08:13 Memories of those who fought against communism were brought back during the speaker’s formative years.
• 08:36 The movement to remember an armed group called “cursed soldiers” was culturally significant but was erased by communists.
• 09:01 Younger generations seem to have lost their association with remembering those who fought against communism.

09:25 Nitpicking Good Things About Communist Rule

Section Overview: In this section, the speaker discusses how some young people are trying to nitpick good things about communist rule in Poland, such as the number of flats built and industrial projects realized. He notes that this is a problem when working with young people.

Nitpicking Good Things About Communist Rule

• 09:25 Young people are trying to nitpick good things about communist rule in Poland.
• 09:47 This is a problem when working with young people, especially in high schools or with younger students.

10:28 Joining KoLiber Association

Section Overview: In this section, the speaker talks about how he joined the KoLiber Association after being introduced to it by his brother. He notes that there has always been a link between conservative and liberal thinking in Poland.

Joining KoLiber Association

• 10:28 The speaker joined the KoLiber Association after being introduced to it by his brother.
• 10:49 There has always been a link between conservative and liberal thinking in Poland, which is why it’s called “conservatively liberalism.”

11:56 Bringing Austrian Economics to Schools

Section Overview: In this section, the speaker talks about how he and his colleagues brought basic principles of Austrian economy entrepreneurship into schools.

The Curriculum

• 11:56 The school curriculum is lacking in teaching basic principles of Austrian economy entrepreneurship.
• 12:18 The Mises Institute of Economic Education was approached by young people to help them prepare a curriculum.
• 12:41 The result was six interconnected lessons on basic economy.

Teaching Experience

• 13:01 Speaker spent two years running a full teacher’s job without salary.
• 13:20 Results were great, especially when teaching about free market and socialism.
• 13:43 A catalytic game using sweets was used to demonstrate how goods are distributed in a free market versus centrally planned system.

Introduction to Abstract School

• 14:28 The Mises Institute offered training through their School of Economics summer program.
• 14:50 This was the speaker’s first proper introduction to the abstract school.

13:01 Catalytic Game Using Sweets

Section Overview: In this section, the speaker explains how they used a catalytic game with sweets to teach students about free markets versus centrally planned systems.

How the Game Works

• 13:01 Students were divided into two groups – one for free exchange and one for centrally planned distribution.
• 15:11 Sweets were distributed unequally so that students would be incentivized to exchange with each other.
• 15:34 Centrally planned group had a ruling body that could take all or most of the sweets from others.

Results of the Game

• 16:42 99% of the free exchange group felt more satisfied after the game.
• 16:42 The centrally planned group had a smaller number of students who felt more satisfied.

17:28 Picking a Leader

Section Overview: In this section, the speaker discusses how leaders were chosen in their school and how they went about picking a leader for their experiment.

Choosing a Leader

• 17:52 Leaders were chosen based on character traits that made them stand out as natural leaders.
• 18:17 The person with the strongest personality was chosen as the leader because they were more likely to hold authority and not be overruled by others.
• 18:49 People who desired to be the leader were more likely to hoard positions or sweets for themselves.

19:10 Free Market Experiment

Section Overview: In this section, the speaker talks about their free market experiment and how it differed from the centralized system.

Free Market System

• 19:49 The class was divided into groups of four or five people to get them familiar with the system before allowing them to exchange and bid for sweets.
• 20:12 The less rules there were, the better the outcome of the free market system.
• 20:32 The former leader from the centralized system did not switch over to the free market side.

20:56 Personal View on Democracy

Section Overview: In this section, the speaker shares their personal views on democracy and why they are skeptical of it.

Skepticism Towards Democracy

• 21:21 As a Libertarian, they refuse democracy on principle due to its inherent proneness to populism.
• 21:45 They argue that there is no good tool to fight back against populism within democratic systems.
• 22:10 They do not support authoritarianism or monarchy as alternatives.

22:58 The Role of Monarchy in Governance

Section Overview: In this section, the speakers discuss the role of monarchy in governance and whether it is better than a democratic system.

Monarchy vs. Democratic System

• 23:20 A monarch thinks long-term, which could be better than a democratic system that changes every few years.
• 23:44 However, it relies on having a good monarch in power.
• 24:08 A monarch considers the well-being of their subjects in the long term when making decisions.
• 24:31 The UAE has some royal families that seem to be very much in favor.

25:24 Anarcho-Capitalism as a Governance System

Section Overview: In this section, the speakers discuss anarcho-capitalism as a potential governance system and its advantages over government involvement.

Anarcho-Capitalism vs. Government Involvement

• 25:49 Anarcho-capitalists believe there is no need for government involvement in production or international relations.
• 26:13 Private companies would be held accountable for casualties caused by poor road systems or traffic laws.
• 26:35 Governments have been unable to provide lasting security, such as with the war in Ukraine.
• 27:05 Publicly-run producers of security are incompetent and lack accountability.

Private Sector Solutions

• 27:33 Designing roads differently could help prevent accidents.
• 27:59 Private companies would be held accountable for casualties caused by poor road systems or traffic laws.

29:10 The American Roadway System and Social Engineering

Section Overview: In this section, the speaker discusses the history of the American roadway system as a public investment project aimed at making people dependent on their automobiles.

The American Roadway System

• The American roadway system was a huge public investment project that aimed to make people completely dependent on their automobiles. 29:10
  
• The speaker argues that the zoning laws in Poland force people to live far away from where they work, indirectly forcing them to use cars and inefficient road systems. 30:45
  

29:36 Traffic Flow Management in Europe

Section Overview: In this section, the speaker talks about traffic flow management in Europe and how it is less of a problem than in America.

Traffic Flow Management

• Traffic flow management in Europe is less of a problem because roadways were established before. 29:36
  
• Only recently have cohesive ways to manage traffic flow been introduced in European city centers with light systems and other infrastructure. 30:00
  

30:22 Zoning Laws and City Design

Section Overview: In this section, the speaker discusses zoning laws and how they affect city design.

Zoning Laws

• Zoning laws are one of the most heated political debates regarding how high buildings can be built or how widespread cities should get. Governments are heavily involved in these debates. 30:22
  
• Zoning laws indirectly force people to use cars by forcing them to live far away from where they work. This contributes to inefficient road systems. 30:45
  

31:12 Private Funding for Roads

Section Overview: In this section, the speaker discusses private funding for roads and whether Henry Ford would have been incentivized to fund roads in order to sell his cars.

Private Funding for Roads

• The speaker argues that in the private sector, Henry Ford would have been incentivized to fund roads in order to sell his cars. 31:12
  
• However, it is unclear whether he could ever amass the necessary resources since road construction is one of the most expensive things that governments build. 31:33
  

32:21 Government Inefficiency in Road Construction

Section Overview: In this section, the speaker discusses government inefficiency in road construction.

Government Inefficiency

• The amount of money spent on roads in Poland is completely mind-boggling, yet they are always in a state of complete disrepair. 31:33
  
• Even traveling between two of Poland’s largest cities can be dangerous due to poor infrastructure and inefficient road systems. 31:55
  

33:09 Libertarianism and Free Cities Model

Section Overview: In this section, the speaker talks about libertarianism and the free cities model.

Libertarianism and Free Cities Model

• Libertarians face a universal problem: how to get from dissatisfaction with current conditions to implementing their ideas. The free cities model could be a solution because it allows people to feel more responsible for their little part of society. 33:36
  
• The discussion about cities has been overtaken by the left, who call for more intervention and tight control from central governments. This natural fear may make people hesitant about embracing the free cities model. 33:58
  

35:04 Direct Confrontation with Responsibility

Section Overview: In this section, the speaker discusses the concept of opting into a contract that represents one’s beliefs or needs. However, he emphasizes that taking responsibility for one’s actions is crucial and there is no offsetting in the future.

Opting into a Contract

• People would have the option to opt into a contract that represents their beliefs or needs.
• Taking responsibility for one’s actions is crucial when opting into a contract.
• There is no offsetting in the future.

35:26 Psychological Cost of Responsibility

Section Overview: The speaker talks about how people may be scared of taking responsibility and how it can be psychologically challenging. He also mentions how complacency has been normalized by the state.

Fear of Responsibility

• People may be scared of taking responsibility.
• Complacency has been normalized by the state.

Psychological Cost

• Direct confrontation with responsibility can have a subjectively felt psychological cost.
• This cost may be prohibitive to many people and can cause anxiety.

36:14 Culture of Complacency

Section Overview: The speaker discusses how people feel good about their own complacency even if they are aware of alternative costs such as inflation or government misuse. He believes that addressing this culture of complacency is important for libertarians.

Culture of Complacency

• People feel good about their own complacency even if they are aware of alternative costs.
• Addressing this culture of complacency is important for libertarians.

37:07 Signing Contracts and Safety Nets

Section Overview: The speaker talks about how signing contracts can be prohibitive due to subjective psychological factors. Additionally, he mentions how the culture of using institutions such as insuring companies is not widespread.

Signing Contracts

• The act of signing a contract can be prohibitive due to subjective psychological factors.
• The culture of using institutions such as insuring companies is not widespread.

Safety Nets

• There is no culture of safety nets established yet.
• Insuring oneself for the opportunity of not being able to fulfill obligations or declaring consumer bankruptcy is possible but not widely used.

38:37 YOLO Culture and Personal Responsibility

Section Overview: The speaker discusses how the YOLO (You Only Live Once) culture has affected personal responsibility. He also mentions that there appears to be a small resurgence in the culture of personal responsibility among younger men.

YOLO Culture

• The YOLO (You Only Live Once) culture affects personal responsibility.
• It promotes a do-it-now mentality without considering consequences.

Resurgence in Personal Responsibility

• There appears to be a small resurgence in the culture of personal responsibility among younger men.
• This may be a response to the YOLO culture.

40:55 The Problem with Parenting Today

Section Overview: In this section, the speakers discuss the issue of children spending less time playing outside and exploring the world together. They explore why parents are keeping their kids inside more and how it affects children’s internal locus of control.

Parents Keeping Kids Inside

• 41:17 There is a problem with the way we approach parenting today.
• We are depriving kids of their internal locus of control.
• Parents are keeping their kids inside more, not allowing them to play outside alone or explore the world together.
• The speakers discuss possible reasons for this change in parenting behavior.

Overprotective Parenting

• 41:43 The speakers examine their own decisions as parents.
• Even though they want to let their kids play alone, they feel anxious about something bad happening to them.
• They hypothesize that overprotective parenting may be due to media consistently reporting on scary things, making people think that the world is much more dangerous than it actually is.

Changes in Parenting Behavior

• 42:04 The speakers compare their childhood experiences with those of their children today.
• They remember playing unsupervised and doing risky activities without any issues.
• However, they now feel nervous about letting their own children do these same activities.
• They discuss possible reasons for this change in parenting behavior, including having more resources available to take care of children and an unprecedented growth in literature on child-rearing topics.

Information Overload

• 45:22 The amount of information available on child-rearing topics has increased significantly compared to previous generations.
• While older generations were fine with just one book and only used it when something bad happened, modern parents have access to an unimaginable amount of knowledge on every imaginable topic related to raising children.
• This abundance of information can lead to decision paralysis and anxiety about making the wrong choices.

46:28 Rise of Mental Illness and Impact of Social Media on Young People

Section Overview: In this section, the speakers discuss the rise of mental illness and whether it is a result of better diagnosis or an actual increase in cases. They also talk about the impact of social media on young people’s mental health.

Mental Illness

• 46:49 Anecdotal evidence suggests that mental illness was not as prevalent in the past.
• 47:13 A woman who lived to her 90s wrote about how mental problems did not exist in her time.
• 48:09 With new evidence, more people may be identifying with anxiety and other mental illnesses.
• 48:29 The modern world with technology and information overload may contribute to increased anxiety.

Impact of Social Media

• 48:54 Social media plays a crucial role in changing how young people interact with the world.
• 49:13 Facebook, Twitter, TikTok, and Instagram culture have changed how young people interact with each other.
• 49:39 Schools have tight control over students’ lives which can lead to bullying, muggings, and other offenses that affect quality of life.
• 51:07 Strict zoning laws force students to choose schools based on their parents’ home location. This can lead to toxic environments that are difficult to escape from.

49:39 Tight Control Over Students’ Lives by Public Schools

Section Overview: In this section, the speakers discuss how public schools have tight control over students’ lives which can lead to negative consequences.

Tight Control Over Students’ Lives

• 49:39 Public schools have tight control over students’ lives.
• 50:02 Gangs, bullying, and muggings are common in some schools.
• 50:24 Schools are the sites of the most frequent breaches of the law.
• 50:45 Strict zoning laws force students to choose schools based on their parents’ home location. This can lead to toxic environments that are difficult to escape from.

Alternatives

• 51:32 Homeschooling is becoming more accessible in Poland.
• 51:50 Private education is available as an alternative to public schools.

52:18 The Education System in Poland

Section Overview: In this section, the speaker discusses the education system in Poland and compares it to other systems.

Private vs Public Schools

• 52:42 Even with a system where money follows the student, many students report that school is ruining their lives.
• 53:08 The speaker’s daughter is about to enter Upper School and they have considered homeschooling but also looked at private schools.
• 53:58 Private schools offer culture and manners rather than just academic success.

Homeschooling and Digital Schools

• 56:10 The speaker plans to homeschool his children initially and then consider public or private schools.
• 56:30 There is hope for digital schools like “School in the Cloud” which was started recently in Poland to give students an escape from the oppressive system.

58:03 Private School vs Public School in Poland

Section Overview: The speaker discusses the benefits of private schools over public schools in Poland, specifically focusing on a particular private school that has been successful despite government attempts to shut it down.

Private School Advantages

• 58:27 Private schools can select the best teachers due to their ability to pay higher salaries.
• 58:49 The private school discussed is run by young professionals with an IT background, allowing for efficient systems and high-quality education.
• 01:00:51 The private school outperforms even the best public schools in the country.

Government Opposition

• 59:14 The government attempted to shut down the private school due to concerns about funding and accusations of draining resources from public schools.
• 59:59 However, the private school was able to push back against these claims by demonstrating their professionalism and success.
• 01:01:52 Homeschooling is also regulated by the state in Poland, requiring students to pass mandated exams at each level.

Potential Solutions

• 01:01:31 The private school could potentially move their operations to another country, but they would still need to be registered under state programs.
• 01:02:15 Despite regulations, homeschooling allows for specialization at a young age.

01:03:30 Curriculum of Entrepreneurship

Section Overview: The curriculum for entrepreneurship in Poland is government-approved and can be expanded upon by teachers. The government has a tendency to change the curriculum frequently, with the current focus being on turning students into HR specialists.

Government-Approved Textbook

• 01:03:49 A textbook called “Basics of Entrepreneurship” was written and approved by the government.
• It is one of six textbooks that can be used to teach entrepreneurship in Poland.
• The textbook includes information about accounting, but also allows for expansion into more engaging topics.
• Teachers are encouraged to use the provided resources and focus on engaging material.

Economic Theory

• 01:06:28 There is very little economic theory taught in the current curriculum.
• The textbook previously mentioned included information about the banking system, but not much else.
• The government plans to remove inflation from the basic curriculum for business and entrepreneurship lessons.

01:07:14 Changes in Curriculum

Section Overview: The Polish government frequently changes the curriculum for students. Currently, they are focused on turning students into HR specialists rather than accountants.

Political Influence

• 01:07:35 Changes in curriculum are often influenced by those in power who have their own ideas about education.
• Current political stance is focused on creating HR specialists rather than accountants.

01:07:59 Learning Economics

Section Overview: Economics is not heavily taught in Polish schools, with little emphasis placed on Austrian economics or other theories.

Lack of Emphasis

• 01:07:59 Economics is not heavily emphasized in Polish schools.
• Students do not learn much about Austrian economics or other theories.

01:08:10 Personal Background

Section Overview: This section covers how one individual ended up at the Institute.

Economic Lessons for Youth

• 01:08:10 The individual was involved in teaching economic lessons to youth.
• These lessons were part of a program called Caliber.

01:08:57 Becoming President of the Institute

Section Overview: In this section, Mikoi talks about how he became the president of The Institute after serving as the president of a chapter in Krakow and then winning the presidency of a Countrywide Association.

Becoming President of The Institute

• 01:08:57 After serving as the president of a chapter in Krakow and then winning the presidency of a Countrywide Association, Mikoi was invited to join The Institute team.
• 01:09:22 He became the president of The Institute board five years ago.
• 01:10:02 Under his leadership, The Institute has been growing at a rate of over 35 percent per year in terms of revenue.

01:09:22 Caliber’s Economic Lessons

Section Overview: In this section, Mikoi talks about Caliber’s economic lessons and how they were run in cooperation with The Institute.

KoLiber Association Economic Lessons

• 01:09:45 KoLiber Association was just in Poland with over 800 people at that time.
• 01:09:45 They were doing economic lessons all over the country which was basically Austrian economics.
• 01:10:02 KoLiber Association is a student liberty organization that worked with The Institute to teach these lessons.

01:10:50 Focus on Education

Section Overview: In this section, Mikołaj Pisarski talks about his passion for education and how it led him to join The Institute.

Passion for Education

• 01:10:50 Mikołaj’s passion for education led him to join The Institute as its president.
• 01:11:11 He finds fulfillment in promoting Austrian School Economics and teaching future economists in Poland.
• 01:11:35 The Institute focuses on economic theory and political philosophy of libertarianism.

01:11:35 Devolving Power

Section Overview: In this section, Mikołaj talks about devolving power and how The Institute teaches the efficacy of it.

Devolving Power

• 01:11:57 The Institute teaches the efficacy of devolving power.
• 01:12:16 They run the largest open database of articles on economics and political philosophy to expose people to these ideas.
• 01:13:02 They respond to market needs by starting a school of political philosophy focused on libertarian ideas.

01:13:02 Inspiring Ideas

Section Overview: In this section, Mikołaj talks about how The Institute inspires people with new ideas.

Inspiring Ideas

• 01:13:24 The Institute exposes people to new ideas in an inspirational osmotic kind of way.
• 01:13:45 They see people reaching out to them for help with essays or dissertations because they are writing about these ideas.
• 01:14:10 They aim to inspire people with new ideas that they would not have learned otherwise.

01:14:33 The State of the Austrian School in Europe

Section Overview: In this section, the speaker talks about the state of the Austrian School in Europe and how it has grown over time.

Growth of the Austrian School

• 01:15:00 The chapter published by colleagues Matoshmachai and Christoph Torovsky last week discusses the state of the Austrian School in Europe.
• 01:15:24 The Institute began 20 years ago with a focus on translating academic texts into Polish. Now, there is a whole Cathedra of Economics at the University of Rodswaff run by Austrians.
• 01:16:28 The community of Austrian scholars has become vibrant, with people cropping up in places like Prague and Madrid.
• 01:16:52 Next generations of followers are very original thinkers and very productive ones who publish in high graded academic journals.

01:17:17 Advocacy for Free Markets

Section Overview: In this section, the speaker talks about advocacy for free markets and how politicians are influenced by Austrian tradition.

Influence on Politicians

• 01:17:42 There is at least one open libertarian politician in Poland who quotes Von Mises during proceedings.
• 01:18:27 Even politicians from parties hostile to market ideas are well-read in Austrian tradition. For example, current Minister for Education quoted Austrians in his doctoral thesis.
• 01:18:52 However, it’s difficult for politicians to advocate for smaller government unless it gets more votes.

01:19:25 Future of Freedom Ideas

Section Overview: In this section, the speaker talks about their optimism regarding freedom ideas and free markets.

Pragmatic Optimism

• 01:19:53 Despite many people being fixated on politics in Poland, the speaker remains optimistic about the future of freedom ideas and free markets.

01:20:38 Anarcho-Capitalistic State of Affairs

Section Overview: In this section, the speaker discusses how the only thing preventing an anarcho-capitalistic state of affairs is the mass Act of Will. There are no internal contradictions or fixed human nature things that would prevent it from happening. The only thing needed is a more technical language for Baseline adoption rate for these ideas.

Emergence of Specializing Community

• 01:20:59 The speaker talks about how the emergence of a specializing community has been surprising and exceeded all expectations.
• 01:21:27 They mention how there are now conferences with over 400 people attending, speakers from Europe and other parts of the world.
• 01:22:10 The speaker mentions that people in Georgia and Ukraine have also shown interest in libertarianism due to their confrontation with losing their freedom to Russian authoritarianism.
• 01:22:56 Despite having limited resources, Georgian students for Liberty have gathered around 800-900 people speaking Georgian on their conferences.

Staying Within the Movement

• 01:23:24 The speaker notes that people are staying within the movement because they move from being supporters to volunteers, playing more active roles for a year or two before starting families or earning money. They then come back as donors, members of boards, aspiring scientists writing and engaging in this exchange of ideas.
• 01:24:06 Finally, they’ve reached a point where there’s a truly emerging specializing community in Poland.

01:24:28 Trade-offs

Section Overview: In this section, the speaker discusses trade-offs between economic growth and volunteer work. Most libertarian organizations are still based on volunteer work which makes it difficult to compete for volunteer hours when entry-level jobs pay well.

Economic Growth vs Volunteer Work

• 01:24:28 The speaker notes that Poland was growing at an average rate of 4.5% of GDP per year until the Injustice put a stop to it.
• 01:24:51 Most libertarian organizations are still based on volunteer work, which makes it difficult to compete for volunteer hours when entry-level jobs pay well.

01:25:17 Inflation Crisis

Section Overview: In this section, the speaker discusses how if enough ideas were enforced or were enough in existence, there might be a resurgence of Austrian thought in fixing the inflation crisis. However, they note that libertarians cannot outbid populists as truth is not the best seller especially in the age of populism.

Fixing Inflation Crisis

• 01:25:17 The speaker notes that if enough ideas were enforced or were enough in existence, there might be a resurgence of Austrian thought in fixing the inflation crisis.
• 01:25:43 They also mention that libertarians cannot outbid populists as truth is not the best seller especially in the age of populism.

01:26:23 Backtracking from Support for Unlimited Money Printing

Section Overview: In this section, the speaker discusses how people are backtracking from supporting the idea that the state can print an unlimited amount of money. They also talk about how people are becoming more educated on economics and inflation through self-education.

Ardent Supporters Backtrack

• 01:26:23 Ardent supporters are having to backtrack from support for the idea that the state can print an unlimited amount of money.
• 01:26:46 People are becoming more educated on economics and inflation through self-education.

Halfway There

• 01:27:08 The speaker believes that people are halfway there in terms of understanding the problems with fiat currency.
• 01:27:36 The speaker is optimistic about the future but doesn’t expect to see significant change within their lifetime.

01:27:56 Polish Central Bank vs Federal Reserve or European Central Banking

Section Overview: In this section, the speaker compares the Polish Central Bank to other central banks such as the Federal Reserve or European Central Banking. They discuss how much liquidity they’re pumping into their respective systems and how they report inflation numbers.

Liquidity Pumping

• 01:27:56 The Polish Central Bank mirrors decisions made by other central banks such as the Federal Reserve or European Central Banking.
• 01:28:18 Over 30 billion zlotys were introduced into Poland’s economy, which is almost one-third of its official budget annual budget.

Reporting Inflation Numbers

• 01:28:45 The Polish Central Bank reports inflation numbers using a basket of goods similar to other central banks.
• 01:29:52 Recent reports show inflation running at 18.4%, which is likely due to how they construct their baskets.

01:30:19 Predictions for the Future

Section Overview: In this section, the speaker discusses their predictions for the future of inflation in Poland. They also talk about how The Institute is more optimistic than the Central Bank itself.

Optimistic Predictions

• 01:30:19 The Institute is more optimistic than the Central Bank about inflation dropping sooner.
• 01:30:42 Demand for new credit has completely halted in Poland, and M1 is decreasing.
• 01:31:04 The speaker believes that unless there are political reasons to do so, inflation might start to drop even sooner than expected.

01:31:26 Imagining a 12-Month Sabbatical

Section Overview: In this section, the speaker imagines taking a 12-month sabbatical and talks about what they would do during that time.

Taking a Break

• 01:31:26 The speaker imagines taking a 12-month sabbatical.
• No bullet points available.

01:31:51 Traveling around the US

Section Overview: In this section, the speakers discuss traveling around the US and the beauty of its wilderness.

The Beauty of US Wilderness

• The US has a lot of open nature and wilderness that is incomparable to anything in Europe. 00:00
• Most states have areas of proper wilderness that people can explore. 00:00

Traveling Around the US

• One speaker almost did something similar to traveling around the US with their family but without a van. They love the freedom and beauty of nature in the US. 00:00
• The other speaker agrees that Americans are lucky to have such beautiful wilderness on their doorstep. They express interest in showing their family this beauty as well. 00:00