Challenges and Opportunities in Currency Systems

Every summer at a mountain resort in Wyoming, the Federal Reserve Bank of Kansas hosts a symposium of central bankers and academics to discuss the global economy. This year at Jackson Hole, the outgoing Governor of the Bank of England, Mark Carney, grabbed headlines by calling for a new global monetary system to replace the US dollar as the world’s main currency reserve. A new digital currency, he said, based on a basket of currencies and provided by the public sector, could be more stable and sustainable than the dollar in today’s volatile, multi-polar world. But what would such a shift mean? Is this actually an old idea, revived by our digital age? And how could the rise of the private crypto-currencies such as Facebook’s Libra change the way money - and governments - work? Join Chris Morris and our panel on The Real Story this week as we ask: how is money changing, and could different systems be better for people and countries?