Is money a fictional thing?
What exactly is money? Where did it come from? Yes, bills and coins are real and have value. But only because people invented it! So how did our current financial system come about? And what can the history of money teach us about how it works better for us?
Hear Jacob’s reasons why money is a fictional thing
Let the money we earn work for us
Jacob Goldstein is an NPR correspondent and co-host of the #1 money podcast, Planet Money. Before joining NPR, he worked as an editor for NPR Wall Street JournalThe Bozeman Daily Chronicle and the Miami Herald. Jacob is also the author of the new publication, Money: The True Story of an Invented Thing. In this episode of Queer Money®Jacob joins us to explain why money is a made-up thing and offers insight into why finance isn’t the zero-sum game most of us think of. He introduces us to the origins of modern capitalism and examines some of the practical things we can do to combat income inequality and make the system work for more of us. Listen to Jacob’s take on what the future of money might look like and learn how understanding the history of money can change the way it impacts YOUR life! 
Topics that deal with money are a fictional thing
Why Jacob sees money as a made-up thing
- Money does not exist in nature
- People are constantly rethinking and reinventing themselves
The origins of modern capitalism
- Economist John Law planted the seeds in the early 18th century
- Basis of the financial and economic world in which we live
Why money is not a zero-sum game
- Productivity increases = produce more in the same time
- There is more to do than in the past
Why so many believe that money is a zero-sum game
- Gold Standard Mentality (limited quantity available)
- Productivity gains largely go to the very rich
Jacob’s insight into the changing rules of money
- Inflation, interest rates and unemployment low
- At the same time, the US government has incurred large amounts of debt
The difference between public and private debt
- The USA can print money, other countries want to give out loans
- Households limited (cannot print their own money)
The concept of a mixed economy
- Capitalist system but with a safety net
- Things like school, healthcare and child care are free
How societies function without using money
- Strict rules of reciprocity built over time
- Only works in small companies
How we could use greed to manage money better
- Channel selfishness for socially useful purposes
- Allow greed as long as it is not harmful
What we can do to combat income inequality
- Increase taxes on capital gains
- Expand the earned income tax credit
- Make it easier to access healthcare without working
- Raise wages for low earners
- The Federal Reserve keeps interest rates low
How technology affects the economic system
- Concerns about job losses due to machines
- Get better at helping people in transition
Work to change capitalism or create a new system
- The growing gap between rich and poor since the 1960s
- The way money works changes over time
Jacob’s predictions on the future of money
- Crypto won’t be widely adopted any time soon
- Big changes are coming