The Most Important Thing You Don't Know About Money

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March 21 (Bloomberg) -- “Money” Author Felix Martin discusses Bank of England monetary policy and Bitcoin on Bloomberg Television's “Bloomberg Surveillance.” (Source: Bloomberg)

It is 320 years old.

The bank of england needs a major reform.

That is according to mark carney.

He is attempting to drag them into the 21st century.

We take money for granted.

Carney, yellen, and draghi do not.

Felix martin is in author of a new book and he joins us from london.

Congratulations on the reviews.

Your book is getting rave for use.

What does my audience not know about money?

The most important thing that one needs to know is that -- the story of where it comes from is not one you usually learn from a textbook or from books f or children.

In the beginning, we barter, then someone has a medium of exchange.

Then people accepted that and went it out.

That is not true.

Governor carney is the focal point.

What does he need to do?

I think he has done some pretty impressive stuff.

First of all, the people that he has appointed -- he has made them in from the imf.

He has brought in andrew as the chief economist.

These are impressive people, of the caliber that most central banks would kill to get.

I think that is important.

The really big question is not technical.

It is political.

I think he has made another important move.

He is introduced this new mission statement for the bank.

It is promoting the good of the people.

You have a chapter -- the national history of the vampire squid.

Is it bank of england or federal reserve?

Vampire squid is a reference to the moniker that was given to goldman sachs.

Mr.

carney is an alumni.

The real history of taking cash where it came from and how it started and what is the significance.

You're calling for increased global coronation.

Do you feel that they have the lyrical license to make international agreements?

That is absolutely the key point.

Mark carney is doing the right thing in the u k by making clear that central banks have a much more broad mandate than we thought before the crisis.

They were narrowly focused on price stability.

He is saying we need to look a great deal more to ensure monetary stability.

In this globalized world, there needs to be international cooperation.

That is where you need political license.

I'm not sure any banker has that.

In her book, the subtext is the unauthorized biography.

You chronicled the role of money throughout history.

Where does bitcoin fit in?

Bitcoin is a very interesting phenomenon.

It has two aspects.

One is a red herring.

One is potentially quite revolutionary.

The red herring is when people have focused on so far.

That is the private money.

Bitocincoin themselves.

There have been lots of private money send they can work.

That is great.

They tend to have a limited appeal.

The other aspect is the payment system.

The distributive public ledger is incorporated.

That is a revolutionary advance.

Can anyone get rich by investing in bitcoin?

No, that would be concentrating on the first aspect.

It is a speculative asset.

It has a small appeal but a global audience.

That could grow into something

This text has been automatically generated. It may not be 100% accurate.

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