Conversations With History: The Ascent of Money

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University of California Television (UCTV)

15 жыл бұрын

Conversations host Harry Kreisler welcomes Harvard historian Niall Ferguson for a discussion of his new book, "The Ascent of Money: A Financial History of the World." Drawing on insights from the biological sciences, Ferguson describes the rise and evolution of finance focusing on insurance, banks, and the bond market. Using the examples of housing and the U.S. China economic relationship, Ferguson demonstrates the way history can inform our understanding of the current financial crisis. He also reflects on the implications of the financial crisis for American global hegemony. Series: Conversations with History [12/2008] [Humanities] [Show ID: 15580]

Пікірлер: 68

@steinijg 13 жыл бұрын

Just finished reading The Ascent of Money and I have to say it was one of the best books I read this year and in fact one of the better books I've read having to do with economic matters. Would highly recommend it to anyone who wishes to deepen his understanding of the history of the modern economy!

@ungerbn 15 жыл бұрын

Ferguson makes some interesting points, such as de-radicalizing the American Left by trying to make as many citizens property/home owners. However, despite his clarity and articulate presentation, he massively minimizes how the greed of investment banking and insurance companies have lead to unnecessary bubbles and that they no longer seem to "serve" the greater good of the common man.

@october_fest 13 жыл бұрын

@doujin01 However in the group where each child had 4 of each of the 4 varieties of toys, no greed nor negative emotional traits were displayed within the children(they have video of this somewhere, check it out). It is the environment of scarcity and the fact that it is possible to benefit by displaying greed and violence so that one may secure resources for themselves. However it is proven with children that if they are raised in an environment of abundance they will not display this behavior

@benkelly88 11 жыл бұрын

25 mins in he talks about state monopolies in money creation. This is generally true of paper money but as that only accounts for around 3% of money created is missing quite a major point here. Most money creation these days is by banks when they issue loans. Surely worth mentioning

@evanstafford55 10 жыл бұрын

Very high level, thanks.

@TheAa06 14 жыл бұрын

brilliant & an absolute must for anyone who has anything to do with money

@theseanze 12 жыл бұрын

what's with the intro music?

@e7venjedi 11 жыл бұрын

He does talk about the interconnectedness of the so-called "private" banking system and the state. That it is a tangled web, especially now. It is true to say that banks create money by issuing loans [which then become very fragile/risky due to fractional reserve policies], but what determines bank interest rates [and by extension loan frequency]? The Fed. You also have the messy business of private banks and other countries buying government bonds.

@dvdx87 14 жыл бұрын

The music for this is from Apple's Garage Band. I can tell because I have made something very similar to this sound. hmm.....interesting.

@steelpanther88 15 жыл бұрын

my mum bought me this book, im really interested in history, but i got a kind of a crappy grade from my economics course, havent read yet, but hopefully its a nice book that clears up some things.

@iammuradhussain 12 жыл бұрын

His tie is testament to quick thinking when you have diarrhea and no toilet paper, bravo, sir, bravo!

@barumbadum 3 жыл бұрын

Hahahahaha...

@tridentlax13 14 жыл бұрын

I honestly think that this book/program should be mandatory before you can have any legitimate opinion about economics and finance. It's broad and high level, yet very educational for the average person.

@youngian 12 жыл бұрын

Not a fan of Ferguson's politics or his smug delivery but Ascent of Money is a fine piece of work.

@bhushantups 14 жыл бұрын

Well he interviewer is certainly a slow speaker.. very slow speaker apart from that what was noticeable is that Nell has certainly done huge amount of ground work before publishing the book.... GREAT JOB!!!

@CosmoPearl 14 жыл бұрын

I salute your strong mind!! ;-) The only one hear who actually knows something..

@stealthswimmer 15 жыл бұрын

they don't really "control" us but they do regulate a significant part of daily transactions. Ultimately, it's not like they can just do whatever they want.

@stealthswimmer 15 жыл бұрын

The New Deal stuff didn't work as far as I've gathered. More people might have owned homes in 1950 but that was after World War 2...which decreased unemployment because more unemployed people were dead due to the war. Anyways, this is an awesome vid! =)

@october_fest 13 жыл бұрын

@doujin01 One more quick thing, I don't operate under pessimism of optimism, I operated under probability, it is a more effective way to orient myself I feel. There is a much higher probability of corruption under the current system than in the system that I support, therefore I support the option that is more likely to benefit our sustainable existence and the health of our planet.

@elentwin 10 жыл бұрын

Superb ESP resource with valuable pedagogical implications. Huge 10x.

@CosmoPearl 12 жыл бұрын

@BeaucoupRed Absolutely right! The frustration now is greater than it used to be. People have the choice to know and can actually learn much to make up their own minds, if not through complicated books then via interesting publicly available audiovisual documentaries. Yet, they don't. It's soon categorized as "conspiracy theory". The ruler in thier high seats laugh and say: "what you know! Great secret are easier to hid. They will always be met with public ridicule"

@stealthswimmer 15 жыл бұрын

To the people...not the government. I just wanted to make that a point there. Some folks believe that government and "the people" are one and the same. How do we allow the people to have control over money? Through private institutions...such as banks...but not a central bank. Thus, leaving the control to the market.

@herbs814 15 жыл бұрын

you can never get rid of financial bubbles without getting rid of central banks (fed reserve, bank of england, bank of china, bank of canada, etc). When central planners are given more power, they create bigger catastrophes (and then insist that they must be given more power to prevent the problems that they created.)

@october_fest 13 жыл бұрын

@doujin01 I also hate to say it but I absolutely disagree that greed and desire are some natural attributes, and there is clear evidence against that. There was some memorable research done with children in a daycare, they had control groups of children and in each group each child had a different number of toys. The group where each child had 4 different toys but only one of each toy, led to some children taking the toys from the other children, leading to and unfair distribution.

@rgainsburg 13 жыл бұрын

7 people were creeped out by Harry Kreisler's tie.

@needparalegal 14 жыл бұрын

The stupidity of the public is shocking. When I tried to explain to recent immigrants who were buying houses why the prices could not simply keep going up year after year they thought I was crazy. After the crash they thought I was a genius.

@october_fest 13 жыл бұрын

@doujin01 Also, it is important to be scientific in our pursuit of answers to any problems. We should never use language like "no matter what". The history of humanity is a history of nothing but change and I for one am very curious why so many people hold these "no matter what", "will never change" state of minds. I know that these state of minds were adopted as a reaction to the environment, however I'd be curious to research exactly how. Let's just ask questions and not assert answers.

@philnoll 13 жыл бұрын

@nbm34 I got it from the video. This guy is pretty interesting. His facts are pretty accurate, even if he spins it in support of the banksters, he still lets us know that the world is controlled through finance.

@october_fest 13 жыл бұрын

@doujin01 Doujin I'm not going to go one about this anymore but I will say one last thing, yes money did work before when real scarcity existed however the time of real scarcity is over, now we only have contrived scarcity. I want to ask you; what interest is it to resist a change that is obviously for the benefit of society and of our planet? Do you know where your strong allegiance to this system comes from? Answer these questions for yourself though, and think about them, I don't needa reply

@Riquelme1989 11 жыл бұрын

"beyond the dreams of avarice"

@october_fest 13 жыл бұрын

@doujin01 We don't have a long time especially with the escalating levels of military technology. You will see major impacts of the zeitgeist movement within your life certainly, perhaps when the movement grows and becomes a bit more populous you will join in. Many people will not support something based on an analysis of the cause but only by a bandwagon mentality, perhaps that is you, I can not say. But anyways, if you want to find out more go to the sites. I'm quite busy and cant respond more

@october_fest 13 жыл бұрын

@doujin01 Actually no it became an imperative to change away from a monetary system that inherently results in aberrant behavior and even rewards it, when the nuclear weapon entered the arsenals of military men who do not know how to analyze foundational root causes to problems. These men see "military solutions"(possibly the most cliche word I have ever heard, military action is the worst failure of being unable to solve a problem) that don't solve anything, and may end us all.

@october_fest 13 жыл бұрын

@doujin01 The idea that we still live in a world of scarcity is no longer accurate. We have the capabilities to produce an abundance, think about it factories operate one shift a day at times, or even postpone production altogether because their product is not selling. Food manufactures dispose of "excess" quantities of food to keep the prices higher. Scarcity in the world today is man-made, it is not a result of natural limitations. That is the difference.

@october_fest 13 жыл бұрын

@0hmyy0utubeusername Please youtube search the video awakening by tzmsocialevolution. Please watch that and it will give you a more clear explanation of the withholding of efficiency and of the willing production shortages when real demand for the product still exists. It is not simply ok to consider what products someone needs based on the purchasing power of an individual. The money system was acceptable in a world of natural scarcity but we live in a world of scarcity by profit motivation.

@doujin01 13 жыл бұрын

@0hmyy0utubeusername I just don't get your pessimism with the idea. Just remember I not defending it or anything like that, I'm just curious of why you make the assumption that money is only bad? Like I said before, money can be good as well, it is an just a way of "dealing" with the world. That all I'm just curious really.

@philnoll 13 жыл бұрын

The bubble will always burst.

@ytartapo 15 жыл бұрын

It baffles me how no one seems to call it like it is. The cause of our current economic woes is your neighbour's inflated lifestyle expectations. Oh, and his neighbour too. Here's look'n at ya!

@Jenzel_Ria 15 жыл бұрын

I didn't like the interviewer. The Andrew Denton look a like when he's sixty, Harry whats-his-name. Also the intro music was awful, and having a blurred churched with a cheap typeset over it, didn't make sense. What the hell was all that about? However, interested in buying this book, and seems a good nutshell about it...cheers

@philnoll 13 жыл бұрын

@nbm34 Suddenly it gets a little colder, and a whole bunch of creatures die.

@doujin01 13 жыл бұрын

@0hmyy0utubeusername Actually I do have one thing to say. While it is only "inevitable" (But not for along time) I think we should make the most of it until actually appropriate to "remove" it. I'm just saying.

@aeconger 15 жыл бұрын

Ferguson is Scottish. I think he was being modest.

@doujin01 13 жыл бұрын

@0hmyy0utubeusername alright then, in all honest the reason why i said that is well put it this way, through out history that there were certain traits/events/moments that happened so "many" times and for so long that it "seems" that "if it happen in the past, it going to happen again". I always believe that if anything can be good or bad or "the middle". And the fact is, "HOW" do you make good? "HOW" do you make it bad? Its the how.

@coolgreyoneabby 13 жыл бұрын

@TheCameo86 No, He specifically talks about the push to get those who cannot afford mortgages into the market with more complex products that they do not understand. Those mortgages were bundled and securitized then sold to far off investors. That would clearly fall under lending standards. Interest rates were merely the trigger that brought down the house of cards. Idiot he is not.

@doujin01 13 жыл бұрын

@0hmyy0utubeusername Well, I have read read the "venus Project" on wikipedia. I find the idea/concept fascinating but do you think that going to be easy to remove such an idea as money? Why was it created in the first place? That is what you got to ask before challenging something/anything. That all I'm saying. I could go on but it just to tiresome in all honesty.

@doujin01 13 жыл бұрын

@0hmyy0utubeusername Well the thing is about money is first of all the 'concept' of money has been with us so god damn long, well its was well the only such thing to work. Also about money that if being "rewarded" is given for pollution, negligence, crime, etc. I think it can work/reward that other side of the spectrum as well. You have to remember that we live and exist in a world of scarcity that the idea money is only logical as well the idea of money might go away. So what I think about it.

@doujin01 13 жыл бұрын

@0hmyy0utubeusername already then if you stand by that go ahead. I have no problem.

@stealthswimmer 15 жыл бұрын

lol

@adrian_V99 2 жыл бұрын

In 47 minutes Ferguson imparts the knowledge it would take a full-year university course to achieve. It is tragic that the rudiments are not taught in high school.

@doujin01 13 жыл бұрын

@0hmyy0utubeusername Just as I said before, if it can be bad than it can be good.

@stealthswimmer 15 жыл бұрын

Ya RLY. U mad? :p

@JordanMargetts 12 жыл бұрын

@justnotcricket I agree, his economic history is great, but when it comes to international political history he's a typical flag waving imperialist.

@doujin01 13 жыл бұрын

@0hmyy0utubeusername Ok. Ok I get what you are saying. But you know what? There always going to be greed/desire no matter what.

@maitri74 10 ай бұрын

IndiaThe Americans never learn don't they, Very short memory. They have started the money as weapon. It will accelarate the decoupling with grave consequences not only USA but more severely to those hanging on their coat tails.