The "What is Money?" Show You’ve Been Lied to About the History of Money w/ Richard Werner (WiM576)
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Apr 25, 2025 In this engaging conversation, Richard Werner, a Professor of Banking and Finance, reveals the hidden truths about money's history. He challenges mainstream narratives and discusses how central banks manipulate financial systems to maintain control. Werner traces the evolution of money from ancient Babylon to modern fiat currency, connecting it to societal inequalities. He also explores the misconceptions of banking practices and advocates for decentralized alternatives like Bitcoin. Additionally, he dives into the nutritional benefits of organ meats, linking health to economic choices.
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Traditional Money Definitions Fail
- Traditional definitions of money based on aggregates like M1, M2 are obscure and unstable.
- Money should be defined by its creation process and actual circulation, not by broad deposits or potential money.
Banks Create Majority of Money
- Most people wrongly assume government or central banks create most money supply.
- In reality, about 97% of money is created by private banks through lending.
Babylonian Clay Tablets as Money
- Clay tablets from Babylon show kings deposited gold and received receipts for it.
- These receipts functioned as the original form of money, illustrating early banking credit systems.
