The idea of the invention of money is cool but it talks about how money was created and why sometimes there is some fiction about it. They talk about the 2008 and the great recession and how the money and how they use it in Brazil. But the American Dream is to have as much money in your pockets and have a good paying job which is the whole part people come to the USA for a better life. The money around the world is much different from the USA because they have a different currency than we do and the money that makes up a dollar is much different than other counties. Also, the inflation could vary depending on the country in which you live in because some can be much higher than the others. In the 21st century the world is more on media and they don’t use cash, but they use credit cards and debit cards nowadays.
As for in the NPR’s Broadcast episode “The Invention of Money” The host his name is Jacob Goldstein and how he talks and discusses the thought about the 2008 crisis and what happened during that time. Also, the stock market crashed as well in 2008 that caused a lot of people to lose a lot of money and the banks to not have enough money to give to the customers. All the properties lost their value because of the crash of 2008 and it was catastrophic for the real-estate agents. Even the rent was cheaper because of the stock market crash of 2008. Plus the banks didn’t have enough money to provide who needed loans for rent and stuff like that. On the other hand it was a rough year for families and business because people lost their jobs and couldn’t put food on the table. Even something interesting that was in the broadcast that stood out to me is that the inflation during the 2008 crisis was pretty high.
The Island of Stone Money by Milton Freedman who compared Yap’s monetary system to the gold standard. Also, how the money system works and how it has flaws and how it’s not always precise. Even the bank transferred gold to the Bank of France by embarking gold in its vaults. On the other hand the money on the Island is crucial because they need it to pay the workers and employees. The money on the Island helps people who work hard when they work every single day. The harder the people work the more opportunities s they can get in terms of getting money. “The result of was headlines in the financial newspapers about “the loss of gold,” the threat to the American financial system, and like. U.S. gold reserves were down, French reserves were up. The markets regarded the U.S dollar as weaker, the French franc is much stronger. The so-called “drain” of gold by France from the United States was one of the factors that ultimately led to the banking panic of 1933″ (Friedman, 1981, 6). This is what happened resulting of the 2008 financial crisis. Also, the banks suffered a great deal because of the the crash of 2008.
The Bubble bursts on e-currency Bitcoin is about “Many saw it coming, but that didn’t stop the Bitcoin bubble from bursting: after rising to dizzying heights, the digital currency suffered its first true crash this week. The price of the virtual “geek” currency had soared through the stratosphere in recent weeks, trading for a high of $266 on Wednesday — only to come hurtling back to Earth in just three days” (Renaut, 2013,Yahoo News). The Bitcoin dropped also due to the financial crisis of 2008, but it was built back better and made more money after it was over. Bitcoin saw a massive drop in people who use their app and had a hard time making money because of the Great Recession. Even Bitcoin couldn’t pay all of their employees because of the Great Recession. After, the entire rescission was over everyone got payed and the app was doing really well and improved after the great recession. On the other hand Bitcoin wasn’t used by a lot of the customers because of the great recession.
In conclusion, I learned so much how the 2008 stock market crash and how we overcame it as a nation and how it made us stronger. Even from the Broadcast, Bitcoin, and the invention of money taught us that no matter much the nation may struggle though tough times we get though them together. The more we learn about the value of the money maybe we wouldn’t have a great recession like the one in 2008 when Barack Obama was president. The 2008 great recession showed this country that all of us aren’t making good choices with money. If we use our money wisely on a daily bases then there shouldn’t be a recession in the future of our great nation.
Friedman, Milton. “The Island of Stone Money.” Diss. Hoover Institution, Stanford University, 1991.