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Slow Burn

Decoder Ring | How to Make Dollars Make Sense

Slow Burn

Slate Audio

Politics, Society & Culture, History, News, Documentary

4.625.2K Ratings

🗓️ 22 April 2026

⏱️ 35 minutes

🧾️ Download transcript

Summary

Money is everywhere. Money influences just about everything. We think about money all the time. But how much do we really know about it? In this episode of Decoder Ring, we explore the obscure historical forces that make our money what it is and behave the way it does. We ask two simple-sounding questions with surprising answers: Why is our money called the dollar—and where are those dollars really coming from? 


First, you’ll hear from Brendan Greeley, a veteran finance reporter turned economic historian, and author of the new book, The Almighty Dollar: 500 Years of the World’s Most Powerful Money. Then, we get help from Mark Blyth, a political economist at Brown University who teaches about the architecture and plumbing of global finance.


This episode was written by Willa Paskin and Max Freedman and produced by Max Freedman. Decoder Ring is also produced by Katie Shepherd and Supervising Producer Evan Chung. Merritt Jacob is our Senior Technical Director. Thank you to Lizzie O’Leary.


If you have any cultural mysteries you want us to decode, email us at DecoderRing@slate.com or leave a message on our hotline at (347) 460-7281.


Get more of Decoder Ring with Slate Plus! Join for exclusive bonus episodes of Decoder Ring and ad-free listening on all your favorite Slate podcasts. Subscribe from the Decoder Ring show page on Apple Podcasts or Spotify. Or, visit slate.com/decoderplus for access wherever you listen.


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Transcript

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0:00.0

A year ago, Rendon Greeley saw something on television that couldn't have been more up his alley.

0:12.7

Have you seen this skit? Nate Bargatsy was on Saturday Night Live and he's playing George Washington.

0:17.4

No need. I am fearful as well.

0:22.8

Bargatsy, as George Washington, is crossing the Delaware, like in the famous painting,

0:27.1

and trying to inspire his men.

0:29.0

But we will live through the battle ahead because we fight to control our own destiny.

0:34.6

Yeah.

0:35.6

To create our own nation. to do our own thing with the English language.

0:44.6

He then details the linguistic oddities his soldiers are fighting for, like the freedom to call cows and pigs,

0:51.7

beef and pork when they're dead, but for chickens to always just be chicken

0:56.7

and the privilege of having two ways to spell Jeff.

1:01.1

What are the two ways to spell Jeff, sir?

1:04.2

It's the short way with a J and the stupid way with the G.

1:09.8

And so one of those lines is, he's like, and we will have our own currency.

1:14.8

And it will be called the dollar.

1:17.1

The dollar, sir?

1:18.3

Yeah.

1:19.1

And one of the cast members goes, General, why will it be called the dollar?

1:22.3

And he says, nobody knows.

1:26.4

And with that, Brendan's phone lit up. Because it isn't true that nobody knows why it's called

1:33.5

the dollar. I got texts from people. They're like, wait a minute, I know a guy who knows.

1:40.6

Brendan's been a finance reporter for 20 years. He covered the Federal Reserve for Bloomberg and the Financial Times where he still writes a column. And a couple years ago, an editor suggested to him that there might be a juicy book in a biography of the dollar. Literally, someone said, do you want to write a book? And I was like, sure do. I'm definitely going to write a book. I can figure this out. And then I started to figure it out. And I realized how much I didn't know and how much I had to learn.

...

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