At The Money: Paul Vigna Explains "What is Money?"

In this episode of Bloomberg's "At The Money," Barry Ritholtz interviews Paul Vigna, author of "The Almightier," about the nature of money. Vigna argues that money is not a real, tangible thing but rather a belief system, a collective delusion that originated in ancient Mesopotamian temples as a means of tracking resources. He contends that money's value is based on faith and trust in the system, as demonstrated by FDR's efforts to restore confidence in the banking system during the Great Depression. Vigna explains that while gold, dollar bills, or even digital ledgers can represent money, none of these are money itself; money is the agreed-upon system. The discussion covers the historical relationship between money and religion, the role of trust in financial institutions, and the impact of removing the gold standard, ultimately concluding that money's existence relies on a shared belief in its value and the stability of the systems that support it.