How A New Type Of Money Helped Cause The Great Financial Crisis
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 7 September 2020
⏱️ 46 minutes
🧾️ Download transcript
Summary
It's fun to talk about what money is, but often it's hard to connect the dots and make it actually relevant to the discussion of the economy and markets. But, in this episode, we do just that. Our guest is Jacob Goldstein, a co-host of Planet Money and the author of the new book, “Money: The True Story Of A Made-Up Thing”. He explains the story of money market mutual funds, how they constituted a new form of money, and how they contributed to the Great Financial Crisis.
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| 0:00.0 | Together we have the opportunity to build a more sustainable and inclusive future. |
| 0:06.0 | At the Bloomberg New Economy Forum, we help make this possibility a reality |
| 0:11.0 | by cultivating new connections among global leaders that transcend geographies, industries |
| 0:16.3 | and ideologies. |
| 0:18.4 | Because when global leaders work together, the outcomes benefit all of us. |
| 0:23.0 | Learn more at Bloomberg New Economy.com. Hello and welcome to another episode of the Odd Lots podcast I'm Tracy Allaway. |
| 0:45.0 | Tracy Allaway. |
| 0:48.0 | Tracy, you know, it's pretty dumb. |
| 0:50.0 | You're going to have to narrow that down, I think. |
| 0:55.0 | It's dumb that we haven't written a book at it. |
| 0:58.0 | Like all this time and we like kick around book ideas, but we never do it. |
| 1:01.0 | Yeah, I mean, both of us are pretty busy with our day jobs, but yes, I would love to write a book and |
| 1:08.0 | we have discussed some ideas. |
| 1:10.0 | Yeah, we have. |
| 1:12.0 | We talked about maybe doing one on bubbles. |
| 1:15.0 | They talked about maybe one doing one on this crisis perhaps. |
| 1:19.4 | And also one of our recurring themes on the podcast is the question of what is money and we've even talked about |
| 1:24.8 | maybe doing a book just think about what money is from our perspective. |
| 1:28.7 | Now first of all you're giving away all our good book ideas and some people are going to rush out and do them before we get a chance. |
| 1:35.6 | But yeah, I mean, we've done so many episodes at this point about the nature of money and how it works. I mean stretching from sort of anthropological |
| 1:46.7 | takes way back in prehistory and all the way up to cryptocurrency and digital money and things like that. |
| 1:55.0 | Anyway, you're right. I mean, the thing is at this point though, |
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