Author and podcaster Jacob Goldstein says we don't think of money as a technology, but we should. He traces the first paper currency to China's Sichuan province, and ponders the Fed's next move.
Still, given the choice between having the Federal Reserve regulate the flow of currency in the U.S. and delegating the task to Congress, Goldstein sides with the Fed.
"In the long run, it's reasonable to think we'll be better off with some amount of short-term pain now that comes from raising interest rates," he says."The belief is that politicians who have to answer to voters in a month won't be able to make those trade offs of short-term pain for long-term gain. And I think that's a reasonable belief. I think I buy it."I came to thinking about money pretty late in my life.
So some merchant in Sichuan has this idea where he tells his customers, 'Look, it's terrible having to carry around all these iron coins. I'll tell you what let's do. You leave a bunch of your iron coins with me, leave, say 1,000 iron coins with me, and I'll write you a receipt like a claim check.
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