Ask Altucher! EP05: The History of Money - Part 1 | Omid Malekan

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James Altucher

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4.6 • 2.7K Ratings

🗓️ 22 May 2023

⏱️ 52 minutes

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Summary

Why do we use money? How did we get to the point where billions of US dollars can be created by the Federal Reserve with the click of a button for bills that are never printed and have no relation to the finite assets those dollars used to be pegged against? The answer - according to Omid Malekan - is trust, and on today's episode of 'Ask Altucher', he and James take this conversation back thousands of years to the beginning of 'commodity money' and walk through its evolution to the present day.

Transcript

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0:00.0	Today's Ask Outleture is about a topic near and dear to my heart and the hearts of pretty
0:12.7	much everybody, which is money, particularly the history of money.
0:17.2	Why is it important to know the history of money?
0:19.4	Because when you understand the history of money, not only over the past 50 or 100 years,
0:23.5	but over the past 10,000 years, you really understand the points when money has
0:29.9	enough problems with the current form of money that it needs to evolve into something
0:35.3	else.
0:36.3	The way bartering evolved into coins evolved into paper money back by metal, evolved into
0:41.8	paper, and maybe the next evolution might be crypto.
0:44.8	There's all the little mini-evolutions in between.
0:48.1	This helps inform you of what's happening in the economy now in terms of having some
0:53.2	understanding of what inflation is, deflation, and so on.
0:56.4	This is part one of the history of money.
0:58.4	Part two is going to be more crypto-focused and maybe what the future of money might look
1:01.8	like.
1:02.8	But I'm joined by Oman Malacan.
1:04.7	He's been on this podcast many times before.
1:06.8	He was the top guy at City Group for all things crypto.
1:10.6	He's written a book re-architecting trust about money and crypto, such a smart guy, a
1:15.8	pleasure to talk to him about the history of money, and here we go.
1:22.8	This isn't your average business podcast, and he's not your average host.
1:27.7	This is the James Altiger Show.
	...

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