The Stacking Benjamins Show

The 2024 FinTech Disaster: What You Need To Know (AND the Fascinating History of Banking w/ Paolo Zannoni) (SB1529)

Jun 10, 2024

An expert in banking history Paolo Zannoni joins in to discuss the fallout from the FinTech disaster. They cover the relationship between banks, credit creation, minting money, and the long-standing collaboration between banks and governments. The episode also includes insights on helping a daughter set savings goals and explores historical banking ties to warfare and banking evolution from Pisa to Venice.

01:12:21

Episode guests

Paolo Zannoni

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

FinTech disasters can lock millions in funds, affecting popular apps like Yotta.

Historical banking roots from Piza to Venice show recurring economic patterns.

Innovative financial strategies by traders like van Dramin mirror modern financial engineering practices.

Deep dives

Merits of Using State Farm for Small Business Insurance

State Farm offers small business owners personalized insurance solutions that understand the unique challenges of running a business. Small business policies are tailored to fit the needs and budget of the business owner. State Farm agents, being small business owners themselves, provide firsthand knowledge and support.

Intro

2min

Exploring the History of Money and Banks, FinTech Disaster, and Listener Questions

2min

Exciting Dive into Banking History with Special Guest

3min

The Yotta Meltdown and Complexities of FinTech Banking

6min

Exploring a Fintech Company's Recent Issues and Approach to Personal Finance

2min

Managing Uninvested Funds and Financial Disasters in the FinTech Industry

6min

The Purchase of Alaska

6min

Banking in Warfare: Historical Perspectives

5min

The Historical Evolution of Banking in Pisa and Venice

21min

10.

Exploring the Intriguing History of Banking

5min

11.

Exploring the History of Banking and Financial Systems

2min

12.

Financial Planning for Young Adults and Appreciation for Karen Repine

16min

Unlocking the FinTech Disaster: What You Need to Know

You might not know it, but a huge number of people have their money trapped in a recent FinTech crisis. When the middleman company Synapse went bankrupt, it froze funds in many popular FinTech apps, including Yotta, a sweepstakes app that makes saving money fun. Will Yotta and other affected FinTech companies be able to return their users' money? What does this mean for the future of FinTech? Is more legislation on the way to prevent this from happening again? While new updates are rolling in daily, we’ll break down what we know and how it impacts your finances.

The Fascinating History of Banking

Later in the show, we'll dive into the history of banking with our mentor for the day, Paolo Zannoni. Paolo is the deputy chairman of Prada, a historian, and the former head of operations for Goldman Sachs in Russia. He'll reveal that while today's FinTech issues might seem new, they’re part of a repeating historical pattern. Learn how modern banking originated in Pisa, the relationship between banks and credit, how minting money sped up the creation of banks, and how banks and governments have collaborated for centuries.

Better Call Saul... Sehy and OG: Setting Savings Goals

In our Better Call Saul... Sehy and OG segment, a Stacker mom seeks advice on helping her twenty-year-old daughter set savings goals. The young woman is great at saving but isn’t sure what to save for. We always say, "Begin with the end in mind," but what if you don't know what "the end" looks like? We’ll discuss practical steps to find and set meaningful savings goals.

Plus...

Don't miss our memorable back porch discussions, Doug's always-entertaining trivia, and much more!

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The Stacking Benjamins Show

The 2024 FinTech Disaster: What You Need To Know (AND the Fascinating History of Banking w/ Paolo Zannoni) (SB1529)

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Merits of Using State Farm for Small Business Insurance

Crisis in Fintech Meltdown Locks 85,000 Yotta Accounts

Historical Origins of Banking in Venice and Pisa

Bank Overleverage and Collapse

Innovative Financial Strategies

Remember Everything You Learn from Podcasts