Wednesday September 14, 2016

The Illusion of Money, Part 1

Author Joris Luyendijk describes how terrified insiders were during the financial crisis of 2008 1:48

Listen to Full Episode 53:59

We think we know what money is. We use it every day and our lives are unimaginable without it.  But look more closely and you find that coins and dollar bills aren't "real". They're promises, symbols, ideas.  And exactly what money is has evolved enormously over the ages. IDEAS contributor Anik See explores how we're rethinking one of the most basic features of human society. **This episode originally aired February 24, 2016.


"Money is something we no longer understand. Because it describes a claim on future goods and services, but it's also a store of value, it's used as a productive resource. It's all sorts of different things. And I think it's terrifying because if our economy is the body, then money is the blood and the financial sector is the heart. And if we no longer understand the blood that's keeping our body alive, we're in deep trouble." -- Joris Luyendijk


What money is, how we treat it, and how we've come to regard it has changed a great deal since it was invented. Perhaps then, money is not a thing but an idea.  Yet it seems not a day goes by when we don't hear about money: downturns, growth, rising tuition fees, unstable stock markets, real estate markets with skyrocketing prices.

Participants in this episode:

Serge Onnen - multi-disciplinary artist based in Amsterdam, and author of The Lost Cent.

Felix Martin - macroeconomist and fund manager.

Isabel Rupschus - experimenting with living without money
Luyendijk - journalist and author of Swimming with Sharks

Reading List:

The Lost Cent, by Serge Onnen, published by Onomatopee, 2012.  View the book on Vimeo.

Money: The Unauthorized Biography by Felix Martin, published by Vintage 2014.

Swimming with Sharks: My Journey into the World of the Bankers, by Joris Luyendijk, published by Faber, 2015.