Episode 528: Money in the 21st Century

In This Episode This week on Breaking Banks, Money in the 21st Century, a special episode from sister podcast Breaking Banks Asia Pacific. Listen as Breaking Banks Asia Pacific host Charis Palmer sits down with economist and professor of economics Richard Holden to chat about his new book: Money in the 21st Century and why he believes that the US Fed needs to get going with a 'Fedcoin'. They also cover the global economics of #crypto #cbdcs #mobilemoney and #cheapmoney, and how we’ll all transact in our future cashless world. Enjoy the episode! Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Welcome to Breaking Banks The hosts introduce economist Richard Holden and his new book, Money in the 21st Century, exploring the future of money and payments. Chapter 2: [05:30] Three Key Trends in Global Money Richard discusses how low interest rates, mobile money, and cryptocurrencies are reshaping how we transact globally. Chapter 3: [15:15] The Case for a Fed Coin Richard makes a compelling argument for the U.S. to create a digital currency, emphasizing its necessity in a race against China and private digital currencies. Chapter 4: [25:45] The Phasing Out of Cash Examining the inevitability of a cashless future, Richard outlines a phased approach for governments to reduce reliance on physical currency. Chapter 5: [35:30] CBDCs and Financial Inclusion A discussion on how central bank digital currencies can address issues of financial inclusion, particularly for the unbanked in developing economies. Chapter 6: [45:15] Private vs. Public Currencies Exploring the tension between decentralized cryptocurrencies and government-controlled CBDCs, with insights into their potential coexistence. Chapter 7: [55:45] China's Digital Currency Strategy Richard evaluates China's rapid progress in developing the ECNY and its implications for global monetary dominance. Chapter 8: [01:05:30] Global Financial Blocks and Collaboration A look at the role of regional financial blocks like Enbridge in shaping international money transfers and blockchain-based systems. Chapter 9: [01:15:00] Future Roles of IMF and World Bank Closing thoughts on how international institutions might adapt to a world dominated by central bank digital currencies. Related Content: Dr. Richard Besser: A Prescription for Equity in Health Episode 247: The Bankers' Bookshelf - Going Cashless with Digital Currencies Episode 21: What does 2024 hold for fintech in China?  Crazy Cryptocurrency and Watson fixes Regtech Episode 216: Disruption Stories - The Challenges of Integrating Cryptocurrency into Traditional Financial Systems https://youtu.be/q0uNPddxiDo