Money doesn't grow on trees

Friday, March 20, 2009

The Federal Bank’s latest move to inject $1 trillion into the economy has created quite a stir this week. But what does it mean when the bank of all banks creates money from what some may see as “thin air”? Many may ask where does money come from anyway? Since the 1970s U.S. currency is not measured against the gold standard, so how do we measure it these days?

Helping us to decipher what this all means is Dan Gross, columnist at Newsweek and Slate and author of the new book, Dumb Money: How Our Greatest Financial Minds Bankrupted the Nation. He joins us today from WSHU in Connecticut.

Want to see how money is really made? Here's a clip from Modern Marvels:

Guests:

Daniel Gross

Hosted by:

Farai Chideya

Contributors:

Stephanie Loleng

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