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The Breakdown

A (Not Quite) Complete History of Money, Feat. Planet Money’s Jacob Goldstein

The Breakdown

Blockworks

Investing, Business

4.8786 Ratings

🗓️ 4 November 2020

⏱️ 39 minutes

🧾️ Download transcript

Summary

Jacob Goldstein is one of the hosts of NPR’s Planet Money. He is also the author of the new book, “Money: A True Story of a Made Up Thing.”  In this conversation, he and NLW discuss: How China invented paper money and then forgot about it for centuries Why the invention of the lightbulb was a pivotal money history moment  How money market funds set the stage for the Great Financial Crisis  Where bitcoin fits in the world that comes next: without cash, without banks and with government printing Find our guest online: Twitter: twitter.com/jacobgoldstein

Transcript

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0:00.0

surprising to me when I was working on the book was how many times money has changed so much.

0:07.8

And I think there is this sort of classic myopia that people get about money where they

0:13.1

assume that whatever is money now, whatever is money in the world where they have been

0:18.4

to be living, is like the natural thing for

0:21.0

money to be and that anything else would be ridiculous. And again and again, you see that that's

0:26.1

wrong and money completely transforms. Welcome back to the breakdown with me, NLW. It's a daily

0:34.9

podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

0:40.1

The breakdown is sponsored by crypto.com and nexo.io and produced and distributed by CoinDest.

0:47.6

What's going on, guys? It is Tuesday, November 3rd, and today I am thrilled to bring you a conversation with Jacob Goldstein.

0:57.1

First, however, just a little bit of housekeeping. It is, of course, election day in the United

1:02.7

States, and my feeling is that many of you are going to be so absolutely fatigued with

1:09.8

political debate and discourse and discussion that it might

1:13.6

be good to, for this week, bring you some different conversations, things that aren't just

1:18.7

me jawboning about whatever everyone else is talking about as it relates to the election.

1:23.7

Now, on top of that suspicion, I'll also be traveling for the next few days, so I'm recording

1:28.3

a few episodes in advance, and I think it'll be a nice change of pace, and maybe hopefully

1:33.6

something that's just a little bit different than what everyone else is talking about.

1:37.4

With that said, let's get back to today's conversation.

1:40.9

Jacob Goldstein is one of the hosts of Planet Money, a show which launched during the financial

1:46.1

crisis and has become one of the longest running and most beloved economics podcasts in the world.

1:52.1

The way they describe it on their website is this. Imagine you could call up a friend and say,

1:57.0

Meet me at the bar and tell me what's going on with the economy. Now imagine that's actually a

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