The Future of Money

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I think we need a new type of monetary unit. I'm not saying go back to the gold standard, but this, the fiat currency that we've been playing around with for the last 50 years since the collapse of Bretton Woods. It's associated with high inflation and then these series of asset price bubbles and financial crises. We can design a financial system in which banks actually don't take leverage. The your deposits are not levered into long dated loans. And there is a future in that for FinTech, if you want,. There is afuture in that for for banks going closer to what's called the Chicago model where they simply own short dated government debt to come with their liabilities

On this episode, financial historian Edward Chancellor joins Nate to give a meta-history of interest rates and human societies. With recent news of global financial turmoil in response to rising interest rates, taking a look at our history could help us interpret our present and plan for the future. How deeply entangled is this financial predicament that we’ve gotten ourselves into? Can we learn from the past to reshape a more stable monetary policy in the future, or are inflating financial bubbles (and popping them) simply in our human nature?

About Edward Chancellor:

Edward Chancellor is a financial historian, journalist, and investment strategist. He is the author of Devil Take Hindmost: A History of Financial Speculation and his latest book, The Price of Time, where he explains the story of capitalism is really the story of interest: the price that individuals, companies and nations pay to borrow money. He is currently a columnist for Reuters Breakingviews and a contributor to the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times.

For Show Notes and More visit: https://www.thegreatsimplification.com/episode/67-edward-chancellor

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