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Speaker 1: Welcome to Stuff you should Know from house stuff Works

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Speaker 1: dot com. Hey, and welcome to the podcast. I'm Josh Clark,

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Speaker 1: and I'm with Charles W Chuck, Bryan, he's right here

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Speaker 1: with me. So it's stuff you should know. It's also

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Speaker 1: really stuff you should know because Jerry's here too. Oh

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Speaker 1: the chairs not here. It's fake stuff you should know.

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Speaker 1: It's less than vintage stuff you should know. Got you.

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Speaker 1: I mean it's not bad. Yeah, it's not great. Yeah,

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Speaker 1: I'm sure Matt and everyone appreciate that. N listen to

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Speaker 1: this crap? Yeah, Chuck, Yes, how much money do you

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Speaker 1: have on you right now? Cash? Zero dollars and zero cents? Well,

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Speaker 1: that's stupid, because you should have thirty eight in cash

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Speaker 1: on you. I never have cash. Well, you should almost

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Speaker 1: never have cash. You should have thirty eight hundred dollars

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Speaker 1: in cash on you right now. So should I? So

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Speaker 1: should Jerry. Um, but we don't. We don't. It's sad

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Speaker 1: I in my pocket. Okay, Well, let's let's explain why

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Speaker 1: I just said that. Huh was I supposed to? That's

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Speaker 1: all right, I'll do it. Um, I can do it.

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Speaker 1: That's how much if you divide up all the money

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Speaker 1: between all the Americans. That's how much we should all have. Bam, bam.

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Speaker 1: So we're trying to answer a question here, how much

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Speaker 1: money is there in the world. Um, And we'll get

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Speaker 1: to that. There's a there's actually a rough estimate out

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Speaker 1: there that may be right. But instead, first let's talk

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Speaker 1: about how much American money there is in the world.

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Speaker 1: And not just because we're American, but because it is

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Speaker 1: the standard currency worldwide. It's the closest thing to the

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Speaker 1: universal currency that we have, um, the dollar, the green bag. Yeah,

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Speaker 1: but um, that's not, as I guess, um, widespread as

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Speaker 1: it once was. A lot of people have abandoned the dollar,

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Speaker 1: um and now use a basket of currencies to value

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Speaker 1: their currency against very rebellious Um. But still the dollar

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Speaker 1: is generally what's you to say for oil speculation? And

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Speaker 1: imagine the dollars in that basket too though right, maybe

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Speaker 1: maybe not, It depends on how much they hate America. So, UM,

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Speaker 1: what you were talking about though, was all the money

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Speaker 1: divided up by all the Americans coming up to thirty

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Speaker 1: eight dollars. That's called the M zero money supply. Of course,

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Speaker 1: you know how I read that m O. The more

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Speaker 1: money supply. I was like, what and then I read

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Speaker 1: I read it again. I said, it can't be called

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Speaker 1: the more money Supply, and then I realized that was

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Speaker 1: a zero and not an O. It uh, it looks

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Speaker 1: very much like the more money Supply. I wrote this article.

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Speaker 1: I realized it, and I never saw it like that

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Speaker 1: until you just said that. Yeah, I like the more

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Speaker 1: money supply better than the M O. It's good, but

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Speaker 1: it is M O for a reason. There's also the

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Speaker 1: M one, M two, and there wasn't M three, which

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Speaker 1: we'll get to, right. And the people who came up

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Speaker 1: with this was the Federal Reserve Bank, the United States

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Speaker 1: Central Bank, right, And they like to track money. That's

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Speaker 1: one of the things they do to amuse themselves. Count yeah,

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Speaker 1: count money, um, and go to sleep on piles of

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Speaker 1: gold ingots. But the Fed came up with this M

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Speaker 1: I'm sorry, this MO money supply, also known as the

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Speaker 1: M zero supply, and that is all of the bills

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Speaker 1: and coins, all of the actual hard currency that exists

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Speaker 1: in the world anywhere in US dollars and as of

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Speaker 1: July two thirteen, Hey, that's recent. Yeah, that came to

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Speaker 1: a we should say. Catherine Whitbourne from the Coolest Stuff

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Speaker 1: on the Planet update. She updated this, so the fact

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Speaker 1: that this is as up today as it is thanks

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Speaker 1: to her um but the the m so the more

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Speaker 1: money supply as of July two Thousteen is one point

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Speaker 1: to trillion dollars. That's all the cash and all the

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Speaker 1: coins all over the world of American dollars, the real

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Speaker 1: dollars that you can collect and put together you can

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Speaker 1: light your cigars with, yeah, or you can throw into

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Speaker 1: a fountain. Yeah. One point to trillion US dollars. So

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Speaker 1: that's how much money was in the world. But and

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Speaker 1: and we said, also, that's thirty eight hundred for every

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Speaker 1: American man, woman, and child, all three hundred and sixteen million,

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Speaker 1: six hundred and sixty eight thousand, five hundred and sixty

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Speaker 1: seven Americans that were alive in July of two thousand thirteen,

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Speaker 1: each one should have had thirty eight hundred bucks in

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Speaker 1: their pocket. Because we're not talking checking accounts, we're talking

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Speaker 1: in the actual currency that people are walking around with.

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Speaker 1: Since I don't have thirty eight hundred dollars in my

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Speaker 1: pocket and I didn't in July, you don't, Jerry, No,

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Speaker 1: Jerry's got more. Where is this stuff. That's a good question.

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Speaker 1: I wonder how that clock ticks, by the way, the

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Speaker 1: population clock. I'd like to see a real time like

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Speaker 1: three people died, four people born, people died, eight people born,

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Speaker 1: said its wins. I wonder if it ever does go

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Speaker 1: backwards for a second. It's got too because people are dying,

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Speaker 1: but more people are being born than people are dying. Yeah,

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Speaker 1: it depends on the country you're talking about. Yeah, that's true. Um.

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Speaker 1: I always drive by the one in Atlanta, you know,

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Speaker 1: on the population clock that's been there forever. When I

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Speaker 1: was a kid, I remember when the top two million

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Speaker 1: it was like whoa, and now it's whatever three points something,

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Speaker 1: is it? Yeah? I mean that's metro Atlanta, right, it's

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Speaker 1: not city of Atlanta. Um, alright, So back to it. Uh,

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Speaker 1: where were we hard to track the more money? No,

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Speaker 1: we were talking about where the thirty eight hundred bucks

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Speaker 1: that should be in our pockets is. Oh well, um,

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Speaker 1: about a half to two thirds of that is overseas.

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Speaker 1: It's an overseas pockets, that's right, or overseas bank account sir. No, No,

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Speaker 1: we're not talking bank accountants. That's just money, that's right. Yeah,

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Speaker 1: So that means that there are people walking around overseas

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Speaker 1: with cash on them American dollar, American dollars, which makes

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Speaker 1: a lot of sense. And so when you start to

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Speaker 1: divide the amount of money at one point two trillion

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Speaker 1: buy a lot more than three and sixteen million people.

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Speaker 1: That explains why I have a single dollar bill on

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Speaker 1: my person right now, why I have nothing? Right and

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Speaker 1: Jerry nothing nothing man, We're sad sex Okay, So that's

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Speaker 1: just the MO money supply. Yeah, the M zero. The

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Speaker 1: M one is all of the more money plus checking

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Speaker 1: account money and other kinds of just accounts that you

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Speaker 1: can you know, track and travelers checks. Yeah, very very

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Speaker 1: liquid types of accounts. Yes, that's the M one. Yeah

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Speaker 1: supply that And it's funny that you were having trouble

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Speaker 1: wrapping your head around the fact that we were talking

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Speaker 1: about cash outside of banks for the M zero supply.

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Speaker 1: I had the same problem too, like it's hard to

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Speaker 1: think of money outside of banks in this day and age. Yeah,

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Speaker 1: you could rarely have cash on hand us like debit

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Speaker 1: cards and credit cards and all that kind of stuff. Yeah,

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Speaker 1: American Express for everything. That's funny that on this audio

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Speaker 1: podcast you just held it up to your face and

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Speaker 1: you said that, um, so that's the M one. In

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Speaker 1: June of of this year, of the M one supply

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Speaker 1: was about two point five trillion, so the more money

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Speaker 1: supply was one point two. The M one was two

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Speaker 1: point five. That's all the accounts and checking accounts, travelers checks.

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Speaker 1: Then there's the M two, which is the M one

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Speaker 1: supply plus UH money market fund, money savings accounts, and

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Speaker 1: CDs under a hundred grand, which they call small c

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Speaker 1: d s, right comes from. That's a pretty good CD,

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Speaker 1: well CD over a hundred grants called jumbo Yeah, I

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Speaker 1: was looking up jumbo rates that used to be something

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Speaker 1: like four and a quarter. Some of them would be

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Speaker 1: like for like a ten year yeah, so you get

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Speaker 1: like twenty two grand back over now I'm sorry, five years.

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Speaker 1: So you go give a bank a hundred grand, say

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Speaker 1: keep this for five years paying me back, and they

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Speaker 1: would give you twenty two interests, So you get a

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Speaker 1: hundred and twenty two cryan not very long ago, a

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Speaker 1: couple of years ago before the crash. You want to

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Speaker 1: know what it's at right now. For a hundred thousand

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Speaker 1: dollar three year I believe c D, a jumbo c D,

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Speaker 1: you get like one point four percent it's only worth

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Speaker 1: your time to give a bank a hundred thousand dollars

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Speaker 1: to keep for three years. They'll give you fourteen hundred dollars.

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Speaker 1: As nine go to the dog track with a hundred

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Speaker 1: thousand dollars and you leave Heroin Addict crying um. Alright,

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Speaker 1: So the M to supply, which like I said, was

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Speaker 1: it was the M one supply plus money market fund

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Speaker 1: saving counts and those smaller CDs. Ten point five trillion.

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Speaker 1: That's virtually all of the American money in the world

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Speaker 1: pretty much, because they got rid of M three basically

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Speaker 1: in two thousand six, because they said, it really doesn't

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Speaker 1: tell us much to know what the larger jumbo CDs

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Speaker 1: are adding to this pile. It doesn't change things that much,

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Speaker 1: I guess. I imagine there's just not that many exactly.

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Speaker 1: So about ten point five trillion US dollars in accounts

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Speaker 1: and in cash um in holdings in the world in

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Speaker 1: about July June July two that's a lot of dough

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Speaker 1: to say. That's a lot of mula, right, and if

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Speaker 1: you want to, yeah, it even says here it did.

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Speaker 1: And that's when I looked up It's like who wrote this?

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Speaker 1: It was like oops. I thought this was well done.

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Speaker 1: Well and I learned how to spell mula. I didn't know.

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Speaker 1: Don't don't pitch now, I'm serious. I literally thought, oh,

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Speaker 1: that's how you spell mula. How do you think you

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Speaker 1: spelled it? I don't know m U l A No,

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Speaker 1: I'm just never thought of I've never seen it spelled

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Speaker 1: out m O O l A. H Uh, that's a

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Speaker 1: p standard exactly. So um this I think we've kind

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Speaker 1: of pointed out it's tough to track money like this. Well, yeah,

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Speaker 1: it's not the easiest thing. They do a pretty good

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Speaker 1: job of it that the FED does specifically because it's

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Speaker 1: just what they do and they love doing that. Yeah,

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Speaker 1: but it's you know, it's an estimate still, Like, no

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Speaker 1: one knows how much cash I have in my house,

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Speaker 1: no one asked me no. But they know how much

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Speaker 1: was printed, They keep track of that kind of stuff,

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Speaker 1: how much is destroyed, how much in circulation, um. And

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Speaker 1: you know there's bank reportings. They know how much a

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Speaker 1: bank has at the FED UM, so they have a

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Speaker 1: It's it's pretty close estimate from what I understand. The

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Speaker 1: thing is, not every country has a FED like the

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Speaker 1: FED in the US, and that makes it way harder

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Speaker 1: to say how much money is in the entire world,

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Speaker 1: not just US dollars, but all the money in the

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Speaker 1: entire world, and more difficult to control your economy. It

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Speaker 1: is if you if you don't know how much money

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Speaker 1: you have, it's very difficult to sway your economy one

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Speaker 1: way or the other. Right exactly. So, Um, Zimbabwe is

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Speaker 1: a really good example, man, of why it's so hard

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Speaker 1: to track a lot of money, and also what happens

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Speaker 1: when you don't track your money, yeah, or what happens

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Speaker 1: when you decide, in order to fix economic woes, let's

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Speaker 1: just start printing more money, because that's um. If you

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Speaker 1: know nothing about finance and economics, a common thing you

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Speaker 1: might think is, well, they could probably just infuse some

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Speaker 1: some cash flow by printing money occasionally, and they do occasionally.

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Speaker 1: But in Zimbabwe they did it to such an extent

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Speaker 1: with a zim dollar, which I didn't even believe that

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Speaker 1: was right. It's actually called a zim dollar. Sounds like

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Speaker 1: something from a movie. Um, not a good one exactly. Uh.

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Speaker 1: They printed so much money that they encountered hyper inflation

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Speaker 1: like the world has never seen before. Yeah, So it's ridiculous.

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Speaker 1: Numbers yes, this hyper inflation in two thousand and six,

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Speaker 1: it was. It was really bad, and two thousand Zimbabwe

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Speaker 1: started to enter an inflationary spiral. Um In two thousand

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Speaker 1: and six, it was so bad that a sheet, not

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Speaker 1: a roll, a sheet of toilet paper cost four hundred

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Speaker 1: and seventeen Zim dollars. Okay, yeah, a roll of toilet

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Speaker 1: paper cost a hundred and forty five thousand, seven hundred

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Speaker 1: and fifty dollars. Broke so quick and Zimbabwe, well, that's

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Speaker 1: the thing. Everybody would have gone broke. But it wasn't

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Speaker 1: that the toilet paper was very expensive. It was that

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Speaker 1: the Zim dollars had very little purchasing power. And that

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Speaker 1: was because dollars, just like any other commodity, are subject

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Speaker 1: to the influences of supply and demand, and when there's

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Speaker 1: a lot of them on the market, their value decreases.

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Speaker 1: That's how the US government has managed to stay afloat

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Speaker 1: so many times they release a bunch of money, They

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Speaker 1: cause inflation so that the debts that they owe are

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Speaker 1: worth less. So when they pay him off, it hurts

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Speaker 1: the government less. It's a really horrible thing to do

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Speaker 1: to your investors, but it's it's done. But that's the point.

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Speaker 1: When you have a lot of dollars out there, you

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Speaker 1: have less purchasing power per dollar. And that's what was

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Speaker 1: going on in Zimbabwe, and things got really out of

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Speaker 1: hand because they decided to fight this by printing more dollars. Yeah,

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Speaker 1: they really got out of hand. That Some of these

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Speaker 1: stats in here are just staggering. Um, you said that

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Speaker 1: every what you didn't say, You report that it is

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Speaker 1: estimated that it was equivalent to prices doubling in stores

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Speaker 1: every one point three days. Yeah, the most I saw

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Speaker 1: was every twenty four point seven hours. Prices. Essentially, we're

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Speaker 1: being doubled by the way of the dollar losing value, right.

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Speaker 1: Like the kind of inflation that we're looking at right

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Speaker 1: here in America right now is like in the single

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Speaker 1: digit percentiles, and it's being kept low by the Fed

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Speaker 1: on purpose. But we're talking like doubling increase. Like the

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Speaker 1: toilet papers this much the next day is twice as

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Speaker 1: much the next day, it's three times that. And that's

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Speaker 1: just not gonna affect economy. That's gonna like, I mean

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Speaker 1: think about it. Its toilet paper costs that much money.

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Speaker 1: People are gonna stop using toilet paper. That leads to

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Speaker 1: poor sanitation, that leads to you know, it's just a

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Speaker 1: domino effect. Well, there was a joke that the toilet

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Speaker 1: paper was so expensive of the dollar, the zim zim

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Speaker 1: dollar bought such a little toilet paper that it was

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Speaker 1: actually more useful as toilet paper than to buy toilet

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Speaker 1: paper with. Yeah, that's not funny, but well yeah, yeah,

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Speaker 1: appear in Zimbabwe is not. But the annual inflation was

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Speaker 1: um estimated. Like this was watching Zimbabwe if you were

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Speaker 1: a currency or monetary policy economists, it was like a

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Speaker 1: dream come true. Last time something happened this bad it

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Speaker 1: was Hungary in ninety six. I think we talked about that. Yeah, um,

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Speaker 1: I think it was in the super Stuff Guide to

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Speaker 1: Economics or spoken word album. Um. But the the inflation

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Speaker 1: in Zimbabwe was estimated at five hundred and sixteen quintillion percent.

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Speaker 1: That's by the end of two thousand eight. Okay, that's

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Speaker 1: not even the highest that I've seen. Now, the highest

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Speaker 1: I saw is eighty nine point seven sex tillion percent,

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Speaker 1: which is a eighty nine point seven billion trillion percent

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Speaker 1: or eighty nine point seven ten to the twenty one

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Speaker 1: power percent. That was their annual rate of inflation, and

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Speaker 1: that was probably early two thousand nine. Yeah, yeah, because

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Speaker 1: in January two thousand nine they basically said you can

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Speaker 1: start using four in currency again, which helps stabilizings a

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Speaker 1: tiny the tiniest bit, but it it didn't obviously work well.

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Speaker 1: It ended inflation abruptly because they abandoned these dollars. The

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Speaker 1: currency lost value so much that everybody stopped using it

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Speaker 1: and they went to the South African rand and the

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Speaker 1: US dollar. That took four months from January to April

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Speaker 1: for basically to completely abandon their money, right, so four

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Speaker 1: months in the country's money is literally useless. And when

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Speaker 1: they did, when they did abandon it was actually a

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Speaker 1: pretty good move, Like you couldn't carry the economy with

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Speaker 1: this money any longer because it was so value that

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Speaker 1: they're in bad shape no matter what. But at least

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Speaker 1: they that was a good move, right. And Um, the

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Speaker 1: reason it was a good move because it stopped inflation

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Speaker 1: because there weren't that many dollars and there weren't that

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Speaker 1: many rands around, which means that they were scarce, which

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Speaker 1: means again according to supply and demand, um, they were

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Speaker 1: valuable and that hence they had purchasing power yeah, and um,

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Speaker 1: it's really unbelieved doable. But it got so bad they

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Speaker 1: were printing money in larger and larger denominations because they

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Speaker 1: had to because people couldn't carry around. You'd have to

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Speaker 1: have a suitcase full of money to buy your toilet paper.

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Speaker 1: So they ended up producing a one hundred trillion Zimbabwean

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Speaker 1: dollar note that you can now buy on eBay for

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Speaker 1: about five bucks. Yeah, that's sad. While when it was

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Speaker 1: released it was worth about thirty Yeah, and that's actual

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Speaker 1: conversion rate, Like now it's only worth something on eBay.

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Speaker 1: What there is? Yeah, there is no conversion rate, right, Um,

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Speaker 1: I think I'm gonna get one, not just to have

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Speaker 1: it do it? Yeah, okay, so get you one to thanks.

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Speaker 1: What is it? Three hundred trillion dollar notes? Um, But

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Speaker 1: that's the fact that the Zimbabwean government wasn't tracking their

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Speaker 1: money in the first place, and they didn't track it

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Speaker 1: after they kept releasing it again and again. Yeah, and

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Speaker 1: there was no buy back program. They just said, you

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Speaker 1: guys keep that. Um. They have no idea how many

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Speaker 1: Zimbabwean dollars were released just in the century, let alone

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Speaker 1: how many are out there on the market. So that's

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Speaker 1: why it's virtually impossible to track how much money is

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Speaker 1: out there in the world. But that hasn't stopped at

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Speaker 1: least one guy. Well, actually that's not true. I talked

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Speaker 1: to Catherine Whitbourne today and she was saying that the

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Speaker 1: guy gave up the most recent figures she could find

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Speaker 1: with two dozen ten because he's like, forget this, Yeah,

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Speaker 1: miquet of dollar days with the z dot com um. Yeah,

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Speaker 1: I guess he gave up on a huh that was

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Speaker 1: his blog, his econ blog, and he was tracking a

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Speaker 1: hundred thirty five currencies, uh in a hundred and sixty

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Speaker 1: seven countries, and I guess December two thousand ten, it's

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Speaker 1: probably one of the last stats he has then if

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Speaker 1: that's when he quit. Um in his MO money equal

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Speaker 1: to five point trillion in US dollars in circulation M

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Speaker 1: two was fifty five trillion, So fifty five trillion bucks. Yeah,

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Speaker 1: that's the value of all the money in the world

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Speaker 1: occurring to Mike in US dollars, the US dollar value,

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Speaker 1: but not just US dollars. That's everything, right, So there

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Speaker 1: you have it. Okay, So this would be a lot

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Speaker 1: easier to track and things like what happened in Zimbabwe

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Speaker 1: wouldn't happen. You would never have hyper inflation if we

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Speaker 1: all used a universal worldwide currency. Yeah, let's talk about that.

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Speaker 1: No less than John Maynard Keynes has suggested that, and

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Speaker 1: it's been bandied about for a long time since World

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Speaker 1: War two, well even before then. Yeah, I don't think

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Speaker 1: it's I think it was maybe closest to happening maybe

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Speaker 1: after World War two, well, which wasn't very close. No,

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Speaker 1: there were instances of what were to the people who

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Speaker 1: were using the currency was effectively a universal currency like um,

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Speaker 1: A lot the early imperial powers of China and Rome

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Speaker 1: used a single currency in all the lands they conquered,

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Speaker 1: which is why hordes of Roman silver coins are found

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Speaker 1: in fields in the UK still today. Um. But it's

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Speaker 1: still not technically a worldwide currency. But world War two

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Speaker 1: we came very close, right. Yeah, let's talk about some

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Speaker 1: of the pros. I guess, um, because it's I mean,

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Speaker 1: if you look it up on the internet, there's a

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Speaker 1: lot of debate still going on. Um, some of the pros.

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Speaker 1: Speculators can't short a currency. That scenario you were talking about,

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Speaker 1: like the value and currency to pay back debts, right,

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Speaker 1: that'd be gone because it wouldn't be a commodity. There

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Speaker 1: wouldn't any other currency to exchange it against. So therefore

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Speaker 1: it's just a dollar just can be used to buy

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Speaker 1: something you can't buy and sell it itself. It would

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Speaker 1: be valueless like that. Exporters wouldn't have to worry about

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Speaker 1: price gaps. There would be no conversion fees, which would

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Speaker 1: free up money for like healthcare or whatever, I mean,

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Speaker 1: something good to spend it on. Um. Of course, I'm

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Speaker 1: just this is utopian outlook like, oh yeah, then they

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Speaker 1: could spend it on healthcare ideally, but it would free

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Speaker 1: up money. Um, it would in disputes about a currency manipulation, um,

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Speaker 1: like China. Um. So they're like, there are some pros

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Speaker 1: for sure. You wouldn't have to stand in line at

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Speaker 1: the cambio centers and exchange your money when you traveled. No,

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Speaker 1: and um convenience you mean and I went to Europe

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Speaker 1: this summer and it was nice to not we just

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Speaker 1: exchanged once. Yeah, that hadn't been since the euro It's

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Speaker 1: like everywhere, um, and even in places in Croatia they

365
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Speaker 1: still use their currency, but everybody accepts euros. Yeah, I

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Speaker 1: bet they accept American dollars there too. Um, I kind

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Speaker 1: of enjoyed the different currencies. Oh yeah, it's pretty and

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Speaker 1: it's just neat. I kind of enjoyed the I mean,

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Speaker 1: I guess it was. I didn't see it as a hassle.

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Speaker 1: Maybe I was young, but I always thought it was

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Speaker 1: kind of neat, Like, let me go turn in my

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Speaker 1: francs for uh, for my German dollars. Well, it just

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Speaker 1: sucks to lose money buying another currency, yeah, or to

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Speaker 1: come out ahead though, that's when you're rocking right sometimes.

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Speaker 1: But it's been a while since that happened. Well, this

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Speaker 1: was in the mid ninety nineties, so the American dollar

377
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Speaker 1: was we were doing pretty well in Eastern Europe. The

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Speaker 1: dollar was sound as the pound, but we got killed

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Speaker 1: in England of course, as always, because your pound is

380
00:22:26,920 --> 00:22:31,040
Speaker 1: so awesome. Well, that was the big discrepancy after World

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Speaker 1: War Two, Like when we came close to adopting universal currency,

382
00:22:35,520 --> 00:22:37,960
Speaker 1: the Americans and the Brits couldn't decide on what to

383
00:22:38,280 --> 00:22:41,320
Speaker 1: value it against the pound or the dollar, and so

384
00:22:41,400 --> 00:22:44,640
Speaker 1: it just fell apart. Well, the Pew Research Center did

385
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Speaker 1: a poll and apparently forty one of Americans believe that

386
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Speaker 1: we will have a universal currency by Um, but the

387
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Speaker 1: article I got that from, the guy speculates that could

388
00:22:55,440 --> 00:22:58,119
Speaker 1: be because we're sort of programmed to think that the

389
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Speaker 1: future will be like that, because every entirely, yeah, like

390
00:23:01,840 --> 00:23:05,240
Speaker 1: every sci fi movie ever, it's like, you know, universal credits.

391
00:23:05,280 --> 00:23:08,520
Speaker 1: It's not even like cash. So people just kind of

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Speaker 1: have that in the back of their minds. So there's

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00:23:10,560 --> 00:23:14,159
Speaker 1: a lot of like drawbacks to a universal currency as well.

394
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Speaker 1: There's some clever things you can do if you are

395
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Speaker 1: in charge of your own currency and it's valued against

396
00:23:20,640 --> 00:23:24,399
Speaker 1: other currencies. One of them is, if your economy is sluggish,

397
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Speaker 1: you can release a lot of your currency, create inflation,

398
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Speaker 1: drive prices down in your country compared to the um

399
00:23:37,840 --> 00:23:41,720
Speaker 1: the buying power of a foreign currency, and attract that

400
00:23:41,800 --> 00:23:46,120
Speaker 1: foreign currency and get your economy kick started again. If

401
00:23:46,160 --> 00:23:48,359
Speaker 1: you're using the same currency as all these other countries

402
00:23:48,400 --> 00:23:52,040
Speaker 1: that you're training with, sure there's not that that gap, right,

403
00:23:52,119 --> 00:23:55,200
Speaker 1: the currency gap, But you also can't do that nice

404
00:23:55,200 --> 00:23:59,119
Speaker 1: little trick that's probably would have bailed out Spain and

405
00:23:59,200 --> 00:24:03,359
Speaker 1: Greece on their own had they not been trading the

406
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Speaker 1: Euro or using the Euro the last couple of years. Yeah,

407
00:24:06,640 --> 00:24:09,399
Speaker 1: that's a good point. Um, Some pundits think that the

408
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Speaker 1: gold standard, if they were going to go to a

409
00:24:12,359 --> 00:24:15,800
Speaker 1: universal currency, it would should be based on something like

410
00:24:15,840 --> 00:24:18,879
Speaker 1: the gold Standard again or the gold standard period. But

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00:24:19,000 --> 00:24:22,159
Speaker 1: a lot of other people say, no, that's antiquated and

412
00:24:22,280 --> 00:24:26,240
Speaker 1: just a bad idea. Yeah, potentially dangerous. I wonder how

413
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Speaker 1: I would be dangerous. I don't know we should do

414
00:24:30,160 --> 00:24:31,560
Speaker 1: one on the gold standard. I mean they got rid

415
00:24:31,560 --> 00:24:34,000
Speaker 1: of it for a reason, so I don't know something

416
00:24:34,040 --> 00:24:36,000
Speaker 1: about going back to something that but it was Nixon

417
00:24:36,000 --> 00:24:38,080
Speaker 1: and got rid of it. So it's makes you think

418
00:24:38,080 --> 00:24:42,000
Speaker 1: it's inherently evil getting rid of the gold standard, you know. Yeah.

419
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Speaker 1: The other thing too, is who's going to run the show?

420
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Speaker 1: Is really the big I think that's probably the biggest

421
00:24:46,080 --> 00:24:48,680
Speaker 1: stumbling block. It's a huge one. Is it's there's got

422
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Speaker 1: to be a universal body, an international reserve bank, central

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Speaker 1: bank that has the authority on issuing these things buying

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Speaker 1: them back. And yeah, I mean like every since the

425
00:25:00,359 --> 00:25:03,000
Speaker 1: Clinton there, everybody has been nervous about that kind of thing.

426
00:25:03,400 --> 00:25:08,000
Speaker 1: But even if you're not a paranoid type, you may

427
00:25:08,080 --> 00:25:11,880
Speaker 1: just think that this body by definition would be incompetent

428
00:25:12,040 --> 00:25:14,959
Speaker 1: just from looking at like the U, n UN has successes.

429
00:25:16,000 --> 00:25:19,680
Speaker 1: Piece keeping missions are frequently very helpful and can add

430
00:25:19,680 --> 00:25:22,760
Speaker 1: stability to a region. And then you have things like

431
00:25:22,800 --> 00:25:28,920
Speaker 1: the International Panel on Climate Change, which releases its um

432
00:25:28,960 --> 00:25:33,840
Speaker 1: it's opinions on climate change based on politics and diplomacy

433
00:25:33,920 --> 00:25:36,840
Speaker 1: rather than science. Yeah, and you can't if you if

434
00:25:36,840 --> 00:25:39,280
Speaker 1: it's a World Bank, there's too much at stake to

435
00:25:39,480 --> 00:25:42,200
Speaker 1: make mistakes. And we already have a World Bank. It's

436
00:25:42,280 --> 00:25:46,560
Speaker 1: just not in charge of every currency. And if it were,

437
00:25:46,640 --> 00:25:50,240
Speaker 1: I mean, there could be problematic, It could be helpful,

438
00:25:50,240 --> 00:25:52,199
Speaker 1: it could be problematic. I don't really fall down on

439
00:25:52,200 --> 00:25:55,920
Speaker 1: either side of this. Yeah, I don't mean, I don't know.

440
00:25:56,720 --> 00:25:58,800
Speaker 1: You know how I feel about economics. It's just as

441
00:25:58,840 --> 00:26:01,400
Speaker 1: long as I can go buy my stuff and pay

442
00:26:01,440 --> 00:26:04,840
Speaker 1: my mortgage. Yeah, I don't care if it's at the

443
00:26:05,000 --> 00:26:10,480
Speaker 1: end or the dollar or the or the the community

444
00:26:10,640 --> 00:26:15,600
Speaker 1: Financier dea freak, Frank, do you care if it's that? No,

445
00:26:16,800 --> 00:26:18,159
Speaker 1: I had never heard of that. I didn't know. I

446
00:26:18,160 --> 00:26:22,080
Speaker 1: thought the euro was sort of the only consolidator. But um,

447
00:26:22,160 --> 00:26:25,760
Speaker 1: apparently in Africa, eight West African nations do share that

448
00:26:26,200 --> 00:26:32,080
Speaker 1: West African CFA franc African Financial Community, Another six Central

449
00:26:32,119 --> 00:26:37,560
Speaker 1: African nations share a Central African CFA franc which is

450
00:26:37,600 --> 00:26:40,520
Speaker 1: weird because they're interchangeable. Yeah, two currencies that they can

451
00:26:40,600 --> 00:26:42,800
Speaker 1: either one's fine. Yeah, I guess it's like when you

452
00:26:42,840 --> 00:26:45,760
Speaker 1: go to Costa Rica or Mexico, you can use your dollars,

453
00:26:45,840 --> 00:26:48,280
Speaker 1: you can use your paces. Yeah, I guess so. But

454
00:26:48,359 --> 00:26:51,920
Speaker 1: apparently from interchangeable, I read that to mean like their

455
00:26:52,200 --> 00:26:54,800
Speaker 1: valued the exact same, which is like, why I have

456
00:26:54,840 --> 00:26:57,359
Speaker 1: two different currencies that are so similar that are the

457
00:26:57,400 --> 00:26:59,600
Speaker 1: same value. Just make one c F a franc. Yeah,

458
00:26:59,600 --> 00:27:02,000
Speaker 1: that's good. Um. And then there was a lot of

459
00:27:02,040 --> 00:27:07,520
Speaker 1: talk about hemispheric and regional unified currencies in Central America

460
00:27:07,600 --> 00:27:10,199
Speaker 1: and South America, and they came very close, but the

461
00:27:10,280 --> 00:27:14,080
Speaker 1: recent troubles from the Eurozone have made a lot of

462
00:27:14,119 --> 00:27:18,040
Speaker 1: people back off about it. And in North America there

463
00:27:18,119 --> 00:27:23,200
Speaker 1: was going to be the North American Union, which is Canada, Mexico,

464
00:27:23,240 --> 00:27:26,439
Speaker 1: and the United States. Supposedly we're going to be fused

465
00:27:26,440 --> 00:27:29,320
Speaker 1: together into one. It was like yes, and Canada was

466
00:27:29,400 --> 00:27:33,280
Speaker 1: like right. America was like, well, we were going to

467
00:27:33,359 --> 00:27:36,159
Speaker 1: come up with the amaro a m E r oh

468
00:27:37,119 --> 00:27:39,439
Speaker 1: was the name of the unified currency that would have

469
00:27:39,480 --> 00:27:45,960
Speaker 1: been interesting. Well, it's a conspiracy theory. At least, there

470
00:27:45,960 --> 00:27:47,920
Speaker 1: you go. That's how much money is in the world.

471
00:27:48,080 --> 00:27:50,320
Speaker 1: Any kind of weird. That not weird, but that America

472
00:27:50,400 --> 00:27:54,919
Speaker 1: sandwich between such two different countries. It is like Canada Mexico.

473
00:27:55,040 --> 00:27:59,639
Speaker 1: That's like, you can't get any more opposite. Yeah, I

474
00:27:59,680 --> 00:28:05,359
Speaker 1: guess I'm at people, food economy, and then America's right

475
00:28:05,359 --> 00:28:08,520
Speaker 1: in the middle. It's kind of fitting where the melting

476
00:28:08,560 --> 00:28:11,320
Speaker 1: pot of Canada in Mexico. We are where it all

477
00:28:11,320 --> 00:28:15,800
Speaker 1: comes together. America's had in America's pants. I can't remember

478
00:28:15,800 --> 00:28:19,200
Speaker 1: what you've called Mexico before shoes m I don't think,

479
00:28:19,240 --> 00:28:23,080
Speaker 1: so let's just call it Mexico. Uh, okay, So that's

480
00:28:23,080 --> 00:28:24,760
Speaker 1: how much money there is in the world. If you

481
00:28:24,800 --> 00:28:26,800
Speaker 1: want to read this article, you can type that into

482
00:28:26,840 --> 00:28:29,600
Speaker 1: the search bar at how stuff Works dot com. And

483
00:28:29,880 --> 00:28:32,080
Speaker 1: since I said search part, it's time for message brick

484
00:28:51,080 --> 00:28:54,479
Speaker 1: uh and Chuck, what time is it now? It's time

485
00:28:54,560 --> 00:29:04,960
Speaker 1: for it again, folks. This is when we thank people

486
00:29:05,040 --> 00:29:07,360
Speaker 1: for sweet gifts that they send us in the mail.

487
00:29:08,040 --> 00:29:12,760
Speaker 1: And I have a list of books starting with how

488
00:29:13,000 --> 00:29:20,560
Speaker 1: Why How We Do Anything Means Everything? How Colin Why

489
00:29:20,560 --> 00:29:26,080
Speaker 1: How We Do Anything Means Everything? By dove seedman as

490
00:29:26,360 --> 00:29:30,040
Speaker 1: or do d o v yeah do do yeah. I

491
00:29:30,040 --> 00:29:33,240
Speaker 1: appreciate that very nice a dovester. Do you want to

492
00:29:33,240 --> 00:29:37,240
Speaker 1: say one more time? Okay, let's see. We got a

493
00:29:37,280 --> 00:29:40,840
Speaker 1: postcard from Madagascar from Cara Levitt. Thank you very much

494
00:29:40,880 --> 00:29:46,280
Speaker 1: for that. Nice. Another book by Alan Gerstel swing at Colin,

495
00:29:46,360 --> 00:29:49,520
Speaker 1: The Search for My Father Louis Prima. Nobody read this one,

496
00:29:49,560 --> 00:29:53,480
Speaker 1: but it deserves a double Um. We got a letter

497
00:29:53,560 --> 00:29:56,560
Speaker 1: with further insight into the hip hop episode from b

498
00:29:56,560 --> 00:30:02,160
Speaker 1: Boy Anti virus. Nice. How's he doing these doing? Great? Uh?

499
00:30:02,280 --> 00:30:05,320
Speaker 1: Science nearly explained by Dick Maxwell, and that is available

500
00:30:05,320 --> 00:30:09,240
Speaker 1: on Amazon or Kindle nice. Um. We have a postcard

501
00:30:09,640 --> 00:30:12,040
Speaker 1: with a picture of the pair which you'll remember from

502
00:30:12,120 --> 00:30:16,840
Speaker 1: the torture episode from the Museo de Torture from Anna

503
00:30:17,280 --> 00:30:19,640
Speaker 1: Oh nice, thank you very much. Our buddy Roger Ma

504
00:30:20,200 --> 00:30:23,920
Speaker 1: sent us to the Vampire Combat Manual and he's previously

505
00:30:23,920 --> 00:30:27,360
Speaker 1: sinis the Zombie Combat Manual and Roger's good dude. We

506
00:30:27,360 --> 00:30:30,800
Speaker 1: actually finally met him, didn't we. I don't know did

507
00:30:30,840 --> 00:30:32,520
Speaker 1: we meet him. I think we met Roger at one

508
00:30:32,520 --> 00:30:35,360
Speaker 1: of the comic cons. Okay, second, yeah, okay, I think

509
00:30:35,360 --> 00:30:39,920
Speaker 1: you're right, hey Ron. Uh. We got a postcard from

510
00:30:40,000 --> 00:30:44,320
Speaker 1: China from Carry Nice. We got another book called Trunkless.

511
00:30:44,320 --> 00:30:47,360
Speaker 1: It's a children's book and I don't have the author here,

512
00:30:47,360 --> 00:30:50,840
Speaker 1: but it's called Trunkless. I think we did that one before,

513
00:30:50,960 --> 00:30:54,880
Speaker 1: did we? Alright? Double plug? Uh. We got another postcard

514
00:30:54,920 --> 00:30:58,000
Speaker 1: from Bogram Airfield from Amy Lynn, thanks for that. We

515
00:30:58,040 --> 00:31:01,720
Speaker 1: get a book called Verbifor's Feast for a Horse Feast

516
00:31:02,320 --> 00:31:04,080
Speaker 1: by Christie the Word Smith and that was sent in

517
00:31:04,080 --> 00:31:07,920
Speaker 1: by Hillary Nice. Uh. We got a postcard of a

518
00:31:07,960 --> 00:31:12,840
Speaker 1: bear pooping in the woods from Van Nostrin. Thanks Van Nostran. Yeah,

519
00:31:12,960 --> 00:31:15,239
Speaker 1: and we should mention to Van Nostron also sent us

520
00:31:15,240 --> 00:31:18,760
Speaker 1: his CD from his awesome band, The Bangalore's Sasquatch with

521
00:31:18,800 --> 00:31:22,040
Speaker 1: a mullet. Yes, thank you, buddy. Um. We got a

522
00:31:22,040 --> 00:31:25,680
Speaker 1: comic zine called Happy Trails Cowboy Poetry by horse t

523
00:31:26,360 --> 00:31:31,440
Speaker 1: Rushy Beard stash Um. We got a really cool cityscape

524
00:31:31,480 --> 00:31:36,720
Speaker 1: watercolor card that was designed and sent by Alex, Thanks Alex.

525
00:31:37,600 --> 00:31:40,600
Speaker 1: John Lennemeyer wrote a book called How an Average Man

526
00:31:40,800 --> 00:31:43,840
Speaker 1: Lived an Adventurous Life and I haven't read that yet,

527
00:31:43,840 --> 00:31:47,480
Speaker 1: but I'm going to good going, Chuck. Yeah. Um, We've

528
00:31:47,520 --> 00:31:51,000
Speaker 1: got some CDs from Rich Bosick that may or may

529
00:31:51,040 --> 00:31:52,600
Speaker 1: not have been all of them, but thank you very

530
00:31:52,640 --> 00:31:55,520
Speaker 1: much for those. Yeah, and I believe he also sent

531
00:31:55,600 --> 00:31:58,840
Speaker 1: us a DVD called Forgotten Detroit and a nice handwritten

532
00:31:59,400 --> 00:32:06,920
Speaker 1: I'm sorry, inc rendering of ourselves? Right? Did you see that? Yeah?

533
00:32:07,000 --> 00:32:08,920
Speaker 1: Is it the same guy? I think it's the same guy. Well,

534
00:32:08,960 --> 00:32:12,080
Speaker 1: thank you very much big time. Rich. A book called

535
00:32:12,160 --> 00:32:16,680
Speaker 1: Roman Disasters by Jerry Turner, and a book called the

536
00:32:16,720 --> 00:32:19,280
Speaker 1: Life and Times of Swirly Van Coco stuff you should

537
00:32:19,320 --> 00:32:22,600
Speaker 1: know edition. It's a comic actually from Aaron Dunbar. Yes,

538
00:32:22,720 --> 00:32:25,440
Speaker 1: I remember what else we have, chuck uh. And then

539
00:32:25,480 --> 00:32:26,840
Speaker 1: we have a bunch of music you want to go

540
00:32:26,880 --> 00:32:32,240
Speaker 1: through these? Uh? Column blow double in disguise. That's right,

541
00:32:32,440 --> 00:32:34,680
Speaker 1: Ben from self evidence in his c d s and

542
00:32:35,000 --> 00:32:38,080
Speaker 1: vinyl of the record we built a fortress on short notice.

543
00:32:38,200 --> 00:32:41,960
Speaker 1: We definitely plugged that one before the La La band

544
00:32:42,040 --> 00:32:45,560
Speaker 1: sent us their CD Moonshine Still yep. The group called

545
00:32:45,600 --> 00:32:48,240
Speaker 1: Forging Reverie cent U s a CD called Motion Canvas,

546
00:32:48,440 --> 00:32:51,720
Speaker 1: and that was from Derek. Eric Davis and Sam Gray

547
00:32:51,760 --> 00:32:54,880
Speaker 1: sent us a c D Table People and some authentic

548
00:32:54,960 --> 00:33:01,560
Speaker 1: Korean junk food burke Uh. In graphia and Graphia send

549
00:33:01,600 --> 00:33:05,080
Speaker 1: us download codes for his c D Jazz Animals, Right,

550
00:33:05,760 --> 00:33:09,000
Speaker 1: Katie Center, send us a nice handwritten letter. She's doing

551
00:33:09,040 --> 00:33:11,480
Speaker 1: something called the Letter Project, where she sends a letter

552
00:33:11,520 --> 00:33:14,200
Speaker 1: to somebody who inspires her to ask what are you

553
00:33:14,320 --> 00:33:16,760
Speaker 1: pursuing in your life? And do you know? How do

554
00:33:16,800 --> 00:33:19,280
Speaker 1: you know when you've gotten there? Yeah? And we answered,

555
00:33:20,080 --> 00:33:23,160
Speaker 1: did we? Yeah? I did for both of us. Oh nice,

556
00:33:23,200 --> 00:33:25,080
Speaker 1: thanks man, I know what you I know what you're pursuing.

557
00:33:25,080 --> 00:33:28,480
Speaker 1: I don't even have to do anythinking. Uh. And then

558
00:33:28,960 --> 00:33:32,440
Speaker 1: we have one more vinyl and c D the shape

559
00:33:32,480 --> 00:33:38,600
Speaker 1: of Beach to come from Ben Dick box Us band. Yes,

560
00:33:38,680 --> 00:33:40,840
Speaker 1: that is b N D I K B A K

561
00:33:41,360 --> 00:33:44,760
Speaker 1: S A A S. And she takes these finals. There's

562
00:33:44,760 --> 00:33:46,600
Speaker 1: a couple over there on my desk. And thanks man.

563
00:33:46,680 --> 00:33:49,440
Speaker 1: You got a record player? I do, and mine is busted.

564
00:33:49,760 --> 00:33:51,680
Speaker 1: What happened to your record player? Oh? It's up in

565
00:33:51,720 --> 00:33:53,560
Speaker 1: the attic endword per year or so until I get

566
00:33:53,560 --> 00:33:55,840
Speaker 1: to go in. You should just take the vital I will. Yeah,

567
00:33:55,840 --> 00:33:57,880
Speaker 1: And we appreciate the vinyl. By the way, it's very cool.

568
00:33:58,000 --> 00:34:01,360
Speaker 1: I believe Benedict backs us um. Did we read his

569
00:34:01,480 --> 00:34:07,520
Speaker 1: name for volunteering, no donating to co ED I believe.

570
00:34:07,560 --> 00:34:09,960
Speaker 1: So yeah, well that's the same person then, thanks for

571
00:34:10,000 --> 00:34:14,120
Speaker 1: that doubly. So that is administrative details for now. Thanks

572
00:34:14,160 --> 00:34:16,759
Speaker 1: for the stuff. Yeah, we're all caught up. Very nice.

573
00:34:16,800 --> 00:34:18,640
Speaker 1: I know it feels good. It didn't take like eight

574
00:34:18,680 --> 00:34:21,840
Speaker 1: episodes to cover at all. Uh. If you want to

575
00:34:21,880 --> 00:34:23,919
Speaker 1: send us something, you can get in touch with us

576
00:34:23,960 --> 00:34:26,480
Speaker 1: by tweeting to us at s y s K podcast.

577
00:34:27,040 --> 00:34:29,320
Speaker 1: You can join us on Facebook dot com, slash Stuff

578
00:34:29,360 --> 00:34:31,279
Speaker 1: you Should Know. You can send us an email to

579
00:34:31,400 --> 00:34:34,399
Speaker 1: Stuff Podcast at Discovery dot com, and you can join

580
00:34:34,480 --> 00:34:36,880
Speaker 1: us at our home on the web, the awesome website

581
00:34:36,960 --> 00:34:44,560
Speaker 1: Stuff you Should Know dot com for more on this

582
00:34:44,719 --> 00:34:47,240
Speaker 1: and thousands of other topics. Does it how Stuff Works

583
00:34:47,239 --> 00:34:55,080
Speaker 1: dot com