Follow the Money: The Podcast Plenty of money (but not for you)
Dec 3, 2025
Thomas Bollen, a journalist and author known for his insightful examination of the banking industry, discusses the hidden mechanics of money and its societal impact. He reflects on how the 2008 financial crisis reshaped his understanding of banking, emphasizing the interconnectedness that led to systemic failures. Bollen highlights the issues of inequality exacerbated by quantitative easing and critiques the promise of cryptocurrencies, revealing how big players have co-opted their original intent. He advocates for a digital euro as safe public money and explores the balance between privacy and banking data.
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Author's Moment Of Confusion In 2008
- Thomas admitted his economics training didn't explain the 2008 crisis, so he relearned how money works.
- That personal journey led him to follow monetary reform movements and write his book.
Banks Create Money By Lending
- Banks create new money when they issue loans, so money supply expands with credit.
- Thomas Bollen found this explanation only after studying the 2008 crisis and relearning how the system works.
Interconnected Banks Amplified The Crash
- The 2008 crash happened because banks overvalued mortgage portfolios and stopped lending each other money.
- Interconnected lending and sudden stops in money creation caused systemic breakdowns requiring public backstops.
