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How money and banking work and why they're broken today.
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There are over 160 currencies in the world today
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and the money supply from most of them increases rapidly
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which persistently and invisibly dilutes people's savings and wages and siphons that value away towards others.
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Money can be printed or lent into existence for corporate interests, bankers,
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or corrupt officials and this purchasing power is taken away from the public in ways
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that are purposely more subtle and harder to detect than taxation.
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And as people try to reach outside of their regions for better money elsewhere,
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capital controls and other points of friction are often used to keep them in.
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Even in wealthy countries, all is not well.
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While inflation may not be as high, the money concentrates toward a smaller and smaller number of hands over time,
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and more and more debt is piled up on the government ledger.
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Political polarization grows, as nobody can agree on who is causing it or why it's happening.
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Improving technology should make things cheaper over time, but central banks' inflation mandates are to ensure
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that prices continually increase instead by continually expanding the amount of money in the system.
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Money affects us all.
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It's how we make contracts, how we coordinate economic activity, and how we store our purchasing power for the future.
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And while the world has improved in many ways, money itself continues to be broken for most people worldwide.
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I'm Lin Alden, and this is a problem I have invested countless hours into understanding.
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I grew up in poverty, which from a young age gave me a strong interest in saving and investing.
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In my adult life, my husband and I split our time each year between the United States and Egypt, since our shared roots, families,
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and friends are in both places.
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So, I see firsthand the troubles that broken money can cause, both subtly in a developed country and more overtly in a developing one.
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I currently analyze and invest in the global financial system as a profession.
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But before that, I was an engineer building, taking apart, and understanding complex systems.
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I view money as another system I must take apart to understand.
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This video aims to distill the knowledge I've gathered on this topic.
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For a deeper dive, refer to my book, Broken Money, Why Our Financial System Is Failing Us and How We Can Make It Better.
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For us to understand our monetary system from the top down, we must start at the bottom and work our way up.
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Let's rip away the complexities and pose a fundamental question.
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What is money?
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Trading goods on the spot is a challenge, as there are more ways a trade can fail than succeed.
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If you have extra spears but lack furs, and I have extra furs but lack spears,
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that's a relatively rare scenario where our needs align.
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When this barter system scales to an economy that produces five different products, it results in 10 unique trading pairs.
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With 20 different products, there are 190 trading pairs.
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And with 100 different products, that number of trading pairs grows to 4 ,950.
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Clearly, a more efficient trading method is needed.
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One way to address this is by making the timing of a transaction more flexible.
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Suppose you have extra spears and are short on furs, while I have extra spears and furs, but I don't need anything from you.
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If you ask me for furs, I could give you some in exchange for an unspecified favor at a later date.
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This is called flexible social credit.
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In settings with family and friends, gifts are exchanged as a form of social credit with no specific expectation of repayment.
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And outside of closed relations, people keep track of who is helpful and who is a burden.
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When a well -laid community member needs help, others are more generous with their offerings because of the social history attached to the person in need.
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In larger settings, credit systems adhere to a more formal type of credit.
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In these systems, a person can borrow some value in the present, but they must promise to repay it later
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and there's often some local authority that sets the rules regarding how credit is handled.
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Suppose a baker needs meat from a butcher, but the butcher already has bread.
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The baker can create, quote, bread credits, where each credit is a promise that could be exchanged for bread in the future.
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If the butcher trusts these bread credits will hold that promise, they make a transaction.
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Still, the butcher takes on some risks.
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In this case, trusting that the baker will remain in business.
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Another solution is to use a commodity as money.
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Rather than finding a person who has what you specifically need, and where you also have what they specifically need, people can use a portable,
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divisible, durable, scarce, and widely desired universal good as one side of every transaction.
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Among hunter -gatherers, shell jewelry beads served as a common form of money.
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They were small, long -lasting, wearable, hard to make, and widely desirable.
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People frequently found use in acquiring more shell jewelry than they currently possessed due to its size,
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wearability, aesthetic appeal, and the value it holds over time.
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So, if you find yourself short on spears, and I have no immediate need for your goods, I might request shell jewelry in exchange,
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even if it's not an immediate necessity for me.
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I can wear the jewelry, and later, when I come across something I desire, I can offer the jewelry for trade.
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As commodity money evolved, gold and silver coins gained popularity across numerous empires.
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These slender disks adhere to standardized shapes, weights, and fineness, simplifying their ability to be verified by anyone using them,
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which in turn enhanced the efficiency of transactions.
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Coins established dominance over all other forms of commodity money for three primary reasons.
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First, gold and silver are harder to increase the supply of relative to other commodities due to their unique properties.
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Second, coinage with guaranteed size and purity makes gold and silver easier to use in transactions than raw bits of metal.
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Third, the acceptance and liquidity of coins issued domestically would generally be higher than that of foreign coins,
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which would ensure widespread acceptance of a standardized unit within that region.
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Ultimately, the answer to the question of what is money is that money is a ledger for payments and savings.
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Ancient monetary systems usually consisted of a blend of commodity money and credit.
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Commodity money represents a ledger whose attributes and constraints are governed by the laws of nature,
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and was useful for determining a society's standard unit that transactions would be denominated in.
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Holding commodity money in one's own possession also served as a way to store value independently, without relying on anyone else's ongoing memory or liability.
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Meanwhile, various credit agreements represent a shared ledger governed by humans, either orally or in writing, and were used to make transactions more efficient,
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either between known entities or the backing of a shared authority.
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And this is what led to the rise of banking.
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In medieval times, a popular paper -based financial instrument in the Middle East and North Africa was the suftaja,
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playing a pivotal role in the development of a system known as hawala.
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Under this arrangement, a Hualadar money changer operated in one city while their business partner worked in another.
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To transfer money between cities, an individual could deposit gold with their local Hualadar,
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and either they or their recipient could redeem the same amount of gold from a Hualadar in another city.
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This system relied on a network of trust and credit among Hualadars, enhancing the efficiency and safety of long -distance money transfers.
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Hualadars with established relationships conducted regular credit -based transactions on behalf of their clients while settling with each other less frequently,
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but under more secure conditions.
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Without this system, merchants would have had to transport bulky and unsafe quantities of gold between cities more frequently.
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This idea of a paper -based credit system eventually made its way into Europe through trade and warfare interactions between
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Christians and Muslims.
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With the advent of the Renaissance in Europe,
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the development of double -entry bookkeeping facilitated increasingly intricate credit arrangements and the emergence of well -known financial institutions.
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The invention of the printing press further enabled the creation of more complex financial paper instruments based around increasing levels of negotiability.
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In financial jargon, negotiability means that a financial instrument can be transferred to another party, which makes it more broadly applicable and liquid it.
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In the initial stage, a simplistic, non -negotiable paper instrument can only be redeemed by the specific party, as specified in its original creation.
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In the second stage, a paper instrument is issued to a specific party and is intended for their redemption,
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yet it possesses negotiability, allowing it to be signed over to another party who can then redeem it instead.
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This involves a more intricate and trusted financial network, connecting a larger number of counterparties.
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In the third stage, a paper instrument, such as a banknote, is an asset that is owned by whoever possesses it,
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enabling it to be freely exchanged between parties, with no need for ownership transfer beyond physical possession.
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This third form relies on the existence of large and widely recognized institutions.
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Otherwise, merchants would not accept these banknotes.
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The foundational issue with banking lies in the necessity for customers to trust banks to effectively manage their reserves.
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In the gold -based banking systems of past centuries, customers expected that their deposits and banknotes could be redeemed on demand.
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However, bankers frequently betrayed that trust as they recognized that most individuals did not redeem all their gold at once,
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which allowed bankers to lend out some of their gold while maintaining only a fraction for customer redemptions.
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One way around this problem is with full reserve banking.
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In this approach, all demand deposits, which can be redeemed by depositors at any time, must be fully backed by liquid reserves.
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And any loans that a bank makes must instead be funded by time deposits with an equal or longer duration.
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So, if a bank offers a two -year loan, it should be supported by certificates of deposit with at least two years of duration.
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This practice of matching durations leads to a more stable system
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because it avoids making commitments about liquidity that cannot always be fulfilled.
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Much of history has decided against full reserve banking in favor of fractional reserve banking, where demand deposits can be redeemed at any time,
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even though only a fraction of them are kept in reserves for immediate redemption.
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This approach hinges on the assumption that not many people will redeem or withdraw their money at the same time.
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However, during crises, they often do.
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When money is borrowed from a bank, it leads to the creation of additional fractionally reserved deposits.
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These deposits can then be placed in another bank, where they are once again subject to fractional reserve practices and can be lent out immediately,
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repeating the process.
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This cycle results in the double counting, triple counting, quadruple counting, and so on for base money,
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causing the system to be burdened with many times more gold claims than there is actual gold.
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While this system functions well most of the time, it occasionally experiences catastrophic failures.
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Central banks were established to mitigate the impact of fractional reserve banking crises
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and to provide financial support to governments during times of conflict.
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In the absence of a central bank, a system is typically referred to as free banking.
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Under a free banking arrangement, banks safeguard their own gold, issue deposits, and distribute banknotes redeemable for gold,
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although they still normally have to follow regulations placed on them by the government.
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In contrast, when a central bank is established and granted monopoly status by the government,
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all banks are required to deposit their reserves with the central bank, which holds the gold on their behalf.
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This setup involves fractional reserve practices even within the central bank that manages the reserves.
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When a fractional reserve bank faces a run on its reserves, it can borrow from other banks using its loan assets as collateral.
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But during financial crises, mutual distrust among banks can lead to system failures due to excessive claims on money compared to available reserves.
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To counter this, central banks often resort to printing more currency, causing currency devaluation, breaking gold picks, and inflation.
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Eventually, many central banks and governments abandon gold -backed currency altogether to create a new type of global financial system.
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The rails that move money and credit are highly intricate, and their structure evolves over time due to technological advancements and shifts in geopolitical dynamics.
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At its core, the global financial system facilitates international trade settlement and external financing between different countries.
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In a system where each country maintained its own separate central bank currency ledger, often with mutual distrust regarding the soundness of each other's currency,
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a global reserve asset becomes essential to unify various currencies for international trade.
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Since 1871, this system has undergone three structural transformations.
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After the first transformation, the modern financial era began with the International Gold Standard, which spanned from 1871 until the early 20th century.
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By the 1860s, the telegraph revolutionized communication with the completion of the first cross -Atlantic cable,
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enabling instant communication across continents, a feat previously unimaginable.
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The end of the Franco -Prussian War in 1871 marked the onset of a period of European peace
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and the widespread adoption of the international gold standard.
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At the same time, the United States centralized its banking system during the Civil War and joined Europe in adopting the gold standard.
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While the telegraph created new possibilities, it also introduced a challenge.
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Transactions could now occur at the speed of light across countries and continents, but physical settlements of money were constrained by the limitations of physical matter.
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This mismatch created arbitrage opportunities, which banks and central banks capitalized on.
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They held a monopoly over fast, long -distance value transfers,
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utilizing paper and telegraph communication to update each other's ledgers with minimal need to ever physically send and verify actual gold.
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In 1875, William Stanley Jevons published a book titled
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Money and the Mechanism of exchange.
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Similar to my 2023 book, Broken Money, Jevons explored the history of money and the technological advancements surrounding it.
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He highlighted that thanks to the telegraph and other rapid communication methods, transactions could frequently occur with minimal reliance on physical metal.
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The global financial system was gravitating towards centralization, particularly around London, where bankers could efficiently transact through a centralized clearinghouse.
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Jevons also recognized the substantial risks accompanying this growing efficiency.
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He emphasized that there are approximately 20 times more claims for gold than actual gold reserves.
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He cautioned that bankers should never forget that these fractionally reserved claims essentially represented promises for gold,
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even though they were rarely redeemed as such.
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Even if just 5 % of people simultaneously demanded their gold, the system would crumble.
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Fast forward four decades, and this scenario unfolded during
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World War I.
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The era of European peace came to an end,
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leading to money printing for wartime purposes and widespread defaults on gold redemption within a heavily leveraged financial system.
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Taxing for wars is unpopular and can lead to revolts and revolutions by the people.
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So, governments often turned to currency dilution and other less transparent methods to pay for them.
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In earlier centuries, when governments aimed to debase their currency for war financing, the process unfolded slowly.
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There is no swift method to diminish the value of coins held by people.
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Instead, it required taxation, melting, re -minting, and reintroducing lower quality coins into the economy.
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However, in a scenario where individuals predominantly hold deposits and paper claims backed by gold stored in central bank vaults,
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the ability to sever gold redemption becomes a matter of a stroke of a pen, allowing for the rapid printing of vast amounts of money.
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Governments were no longer restricted by the quantity of gold in their reserves.
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They could continue fighting until they depleted the liquid savings of their entire citizenry.
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The second period of the modern financial era unfolded after
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World War II and extended until 1971.
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During the war years, gold pegs collapsed worldwide, with some nations even outlawing gold ownership for their citizens.
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Following the war, most countries, except the United States, faced severe devastation.
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So, the United States, representing over 40 percent of the global economy, assumed a central role in a new international financial system.
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In 1944, as the Allied forces neared victory, representatives from 44 countries convened in Bretton Woods,
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New Hampshire, to design the future global financial system.
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Britain advocated for a system centered around a neutral reserve asset called a banker, while the United States pushed for pegging all currencies to the dollar,
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with the dollar itself tied to gold.
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The U .S proposal prevailed, leading to the establishment of what we now recognize as the Bretton Woods system.
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Under this system, it remained illegal for Americans to own gold, and they couldn't redeem dollars for gold.
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but foreign central banks had that privilege.
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The creation of the World Bank and International Monetary Fund followed the Bretton Woods Conference, serving as a key components for enticing,
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enforcing and regulating the system.
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Once again, the Achilles heel was fractional reserve banking.
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Between 1950 and 1970, the number of dollars in circulation tripled due to bank lending and government deficits,
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even as US gold reserves diminished through foreign redemptions offshore dollars further multiplied,
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essentially forming one fractional reserve system on top of another.
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By the late 1960s, it became evident that the system was destined to fail, prompting President Nixon to terminate gold redeemability in 1971.
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The third and current era of the modern financial system commenced in the 1970s, following the collapse of the Bretton Woods system.
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After 1971, the world found itself in an entirely unbacked monetary system, marking a significant departure from previous eras.
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While governments could compel their citizens to use currency for domestic transactions, the challenge lay in trusting other governments' unbacked ledgers for global trade.
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During this period, the United States still held the world's largest economy, military power and global dollar network effects from the Bretton Woods era.
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In 1974, the Nixon administration struck a deal with the Kingdom of Saudi Arabia, requiring that Saudi Arabia would exclusively sell its oil in dollars,
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accumulate dollar surpluses, and invest those surpluses in U .S government bonds as reserves.
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In return, the U .S would offer lucrative arms deals and military protection.
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This practice extended to other OPEC countries, giving rise to the petrodollar system, that for a substantial period,
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almost all global energy trade was denominated in dollars.
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Throughout these three eras, the gold standard, where nations supported their currencies with gold reserves,
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the Bretton Woods system, characterized by the United States substantial gold holdings and other countries pecking their currencies to the dollar,
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and the petrodollar system, where the U .S dollar and U .S government bonds serve as the pillars of global trade,
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one can see a gradual shift toward two defining features, centralization and abstraction.
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Since the invention and deployment of the telegraph in the latter half of the 19th century,
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the global financial system has witnessed a consolidation of power and a separation from reality.
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The ability for transactions to occur globally at the speed of light, while physical monetary settlements can only happen at the pace of material transfer,
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requires a level of credit abstraction to work.
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This shift granted banks and central banks significant power as they effectively monopolized fast, long -distance value transfers.
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Eventually, they could just drop material transfer from the system altogether and define money entirely around central bank ledgers.
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Central banks took on the role of managing the ledgers for their respective countries.
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And notably, the Bank of England in the past and the U .S.
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Federal Reserve in the present have also served as the global ledgers that bound international trade together.
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As a result, there are approximately 160 different currencies worldwide, each holding a local monopoly within its own jurisdiction,
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with limited or no acceptance beyond its borders.
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Currencies of wealthy nations tend to lose value slowly, while most currencies lose value quickly.
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The anchor of this global financial architecture between all these currencies
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is the U .S dollar countries maintain dollar -denominated assets in reserves, denominate significant portions of international trade contracts in dollars,
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and access dollar -denominated financing from foreign creditors.
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This greatly benefits the United States geopolitically, even though it doesn't necessarily benefit all Americans.
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For instance, the United States can devalue the dollar through softer monetary policies, thereby diminishing the purchasing power of currency reserves held by creditor nations.
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Or the United States can strengthen the dollar through tighter monetary policies,
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increasing the value of liabilities owed by debtor nations and sending them into financial crises.
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The failure rate for currencies around the world is very high.
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In the 1990s, Brazil, at the time the fifth most populous country in the world, experienced severe hyperinflation.
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Since the 1980s or later, hyperinflation has impacted other nations such as Argentina, Yugoslavia, Zimbabwe, Venezuela, Poland, Kazakhstan,
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Peru, Bulgaria, Ukraine, Lebanon, and several others.
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Additionally, countries like Israel, Mexico, Vietnam, Ecuador, Costa Rica, and Turkey grappled with triple -digit inflation during this period,
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which is on the brink of hyperinflation.
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Many other countries experienced recurring periods of double -digit inflation.
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Nigeria, with a population of over 200 million people, has witnessed an annualized price inflation rate of 13 % over the past decade.
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Turkey and Argentina, both esteemed members of the G20 nations with a combined population exceeding 130 million people,
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have struggled with runaway inflation for years. In 2016,
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Egypt, home to over 100 million people drastically devalued its currency by half relative to the dollar
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and repeated this devaluation again in 2022.
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Both actions taken at the bidding of the International Monetary Fund.
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When such devaluations occur, not only do people see their savings lose value, but their ongoing wages, denominated in local currency units, also suffer.
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Over the past 50 years,
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very few developing countries have attained developed status the absence of currency stability forces them to rely on external currency financing,
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which ironically contributes significantly to their currency instability, creating a destructive and nearly inescapable cycle.
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Even in wealthy countries, money often doesn't make sense.
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From 2016 to 2021, Europe and Japan grappled with negative yielding bonds valued at over $18 trillion.
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Instead of earning interest for lending to governments and major corporations, individuals had to pay for this privilege.
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This upheaval in the financial system inverted incentives, and a global inflation surge in the ensuing years greatly eroded the purchasing power for those bondholders.
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Between 2020 and 2022, the United States increased its public debt by over $8 trillion,
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a significant portion of which was effectively printed by the country's central bank.
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This equates to more than $60 ,000 per American household.
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However, the average American family has not received anywhere near this amount of stimulus.
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With more than 160 currency jurisdictions worldwide, these governments, including the United States, possess substantial authority to erode the value of people's savings and wages,
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often channeling this value opaquely to various parties situated closer to the source of money creation.
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As money is continually diluted with ever -growing supply, sometimes value is funneled to corrupt government officials.
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Other times it is funneled toward financiers with privileged access to credit and bailouts.
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The details vary by country, and although there is plenty of blame to go around, the important point is that the incentives themselves are corrupt.
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The heart of the problem does not lie with specific individuals taking advantage of the system, or even those maintaining the system.
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The problem is that the system itself is simply broken and outdated.
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Perhaps what is needed is an entirely new system, one that cannot be changed at the flip of a switch,
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one that is decentralized, one that is permissionless, one that is open source.
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Since the development of the internet, cryptographers have sought methods for creating decentralized digital currency. In 1982,
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David Chawm published a research paper on how mutually distrustful groups could use cryptography to maintain a shared database or ledger.
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During the 1990s and early 2000s, figures like Adam Back, Nick Szabo,
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and Hal Finney explored ways to create digital tokens supported by electricity and processing power, a concept known as proof of work.
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In 2008, an anonymous programmer using the name Satoshi Nakamoto published the Bitcoin white paper, which expanded on these earlier ideas.
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It outlined a method for creating a decentralized digital currency using a distributed network of nodes
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and transaction timestamping through cryptography and proof of work.
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In 2009, Nakamoto released the open source application to implement his design, and thus the Bitcoin time chain was born.
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What makes Bitcoin remarkable is its ability to enable bearer asset final settlements at the speed of light.
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It effectively closes the speed gap between transactions and settlements that has persisted since the late 19th century.
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In other words, it's the first workable way to quickly send money long distances without relying on centralized intermediaries and credit.
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And it comes with its own finite unit of account that cannot be diluted.
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For the past 15 years, Bitcoin has been refined in various ways, tested to see how robust it is to attacks,
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and copied by competitors to see if there's any way to do it better.
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So far, it has continuously remain the largest, most liquid, most decentralized, and most secure cryptocurrency.
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Although it has been volatile, Bitcoin has reached higher highs and higher lows of market value and adoption, cycle after cycle.
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Bitcoin works because anyone can run an open source node on a simple device such as a laptop,
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and these nodes all store the full history of the ledger.
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Users possess private keys, enabling them to sign transactions and pay fees to move coins or fractional coins between addresses.
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Miners contribute electricity
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and processing power to add new transaction blocks to the ledger in exchange for receiving transaction fees
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and new coins that are generated in each new block during the early years of the network.
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No individual entity, including the network's creator, can change the rules, dilute people's coins, or censor transactions.
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The network can, however, be updated over time in a backwards compatible way by a revolving set of contributing open source developers whenever
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there is enough consensus by the node operators and the miners to do so.
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While additional layers can enhance
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Bitcoin speed, transaction throughput, or programmability, the base layer remains simple and robust.
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With an eventual fixed supply of 21 million Bitcoins generated by miners over time in a pre -programmed deflationary pattern since inception,
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Value can be sent to anyone with an internet connection or brought with anyone globally.
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Bitcoin is decentralized digital money, offering a viable alternative to inflationary, centralized banking ledgers.
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This technology is helping to pierce the 160 different fiat currency bubbles that people are trapped in.
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Cash and gold can be blocked in airports, and bank transfers are tightly controlled, but people can send Bitcoins directly to others across borders
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or bring their bitcoins with them as they move around the world just by writing down
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or memorizing 12 words representing their private key people can protect themselves against monetary dilution
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and financial censorship in a world where half of the population lives under varying shades of authoritarianism
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and billions of people live with persistently high inflation the ability to fracture these 160 currency silos
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and connect them together should not be underestimated however this
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This technology has also catalyzed the development of more centralized digital currencies.
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Private stablecoins, for instance, enable collateralized dollar tokens to trade on multiple blockchains providing people
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in numerous highly inflationary countries easier access to U .S dollars for savings.
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Additionally, governments have explored and sometimes launched central bank digital currencies, which are digitally native, even more centralized versions of fiat currencies.
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This era marks a fork in the road, offering two distinct paths going forward.
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Over the past century and a half, within the telecommunication age, the global financial system has gravitated toward increased centralization,
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abstraction, and inflation, driven by the gap in speed between transactions and settlements, and relying on ever -expanding credit to bridge this gap.
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Most technologies in the past that made money more efficient have come at the cost of making it more centralized and controlled.
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On one path going forward, central bank digital currencies can continue the prior trend of ever more centralized systems
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that enable precise control and authority and dilution by nation states over their citizens.
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On the other path, the emergence of Bitcoin
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and other open source cryptographic technologies facilitating rapid digital settlements without
308
the need for credit in a peer -to -peer manner charts a course that diverges from this trend, leading toward a more decentralized,
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streamlined, and deflationary monetary system.
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Money is a shared ledger, prompting the central question of who governs this ledger.
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Early credit systems were governed by local communities, commodity money abided by natural laws, fiat currencies came under the jurisdiction of banks and nation states,
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and open source decentralized money like
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Bitcoin is governed by its users and selected by market forces.
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In modern times, our money has been broken because it has been centralized, closed, and corrupted in 160 different ways.
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If we're going to fix it in the digital age, a powerful method would be to make it more decentralized,
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open, and transparent so that it can strengthen people as individuals
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while at the same time shattering the financial silos that separate us.
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With open source money, anyone can hold it, anyone can send it, anyone can bring it with them,
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anyone can build new technologies that make it better, and everyone across borders can be connected by it.
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If you enjoyed this video, share it with a friend.
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If you want to learn more about these topics, check out my book, Broken Money,
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Why Our financial system is failing us and how we can make it better.
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The Real Reason We Left the Gold Standard
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If you Don't Understand CREDIT, You Don't Understand Money
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Vocabolario e note di pronuncia per questa lezione
Questa lezione di conversazione si basa sul video “How Money & Banking Work (& why they're broken today) - Lyn Alden”. Le parole che ritornano più spesso: gold, bank, financial, reserve, credit. Questo video contiene 322 frasi e 5012 parole da ripetere con lo shadowing. Il parlato dura 32:28. Chi parla ha un ritmo naturale di circa 154 parole al minuto, vicino a una conversazione quotidiana. Solo il 75% delle parole rientra nelle 3.000 più comuni dell’inglese, quindi il lessico è impegnativo.
Vocaboli chiave di questo video
15 parole del video che vale la pena imparare, con pronuncia e significato:
| Parola | Pronuncia | Significato |
|---|---|---|
| currency sostantivo | /ˈkʌɹ.ən.si/ | valuta |
| deposit sostantivo | /dɪˈpɑ.zɪt/ | deposito, versamento |
| coin sostantivo | /ˈkoɪ̯n/ | moneta |
| inflation sostantivo | /ɪnˈfleɪ.ʃən/ | inflazione |
| monetary aggettivo | /ˈmʌnɪtəɹi/ | monetario |
| commodity sostantivo | /kəˈmɑdəti/ | prodotto, bene |
| enable verbo | /ɪˈneɪ.bəl/ | permettere |
| instrument sostantivo | /ˈɪnstɹəmənt/ | strumento |
| fur sostantivo | /fɜː/ | pelliccia, vello |
| telegraph sostantivo | /ˈtɛl.ɪ.ɡɹɑːf/ | telegrafo |
| banker sostantivo | /ˈbæŋkəː/ | banchiere, banchiero |
| jewellery sostantivo | /ˈd͡ʒʊ-/ | gioielleria, bigiotteria |
| spear sostantivo | /spɪə̯(ɹ)/ | lancia, asta |
| occur verbo | /əˈkɜː/ | verificarsi |
| liquid sostantivo | /ˈlɪk.wɪd/ | liquido |
I phrasal verb che sentirai
| Parola | Significato |
|---|---|
| check out verbo | investigare |
| come across verbo | dare l'impressione, avere l'aria |
| hand over verbo | cedere, trasferire |
| write down verbo | sottoscrivere, annotare |
La grammatica di questo video
Le strutture che chi parla usa di più, con le parole esatte del video:
| Struttura | Nel video |
|---|---|
| Present perfect have/has + participio passato — un’azione passata che conta ancora adesso | has improved · have invested · I've gathered |
| Forma passiva be + participio passato — conta ciò che accade, non chi lo fa | can be printed · is taken · is piled |
| Frasi relative who / which + frase — un’informazione in più su una persona o una cosa | person who has · party, which makes · deposits, which can |
Pronuncia a cui fare attenzione
Chi parla usa 8 contrazioni e forme ridotte, come doesn't, couldn't, don't. Pronunciale nella forma breve, così come le senti.
- I suoni “th”: wealthy /ˈwɛl.θi/, altogether /ɔl.tuˈɡɛð.ɚ/, strengthen /ˈstɹɛŋ(k)θən/
- I suoni “sh” e “zh”: transaction /tɹænˈzækʃən/, inflation /ɪnˈfleɪ.ʃən/, redemption /ɹɪˈdɛmpʃən/, substantial /səbˈstænʃəl/, efficient /ɪˈfɪʃənt/
- Parole lunghe — attenzione all’accento: monetary /ˈmʌnɪtəɹi/, commodity /kəˈmɑdəti/, efficiency /ɪˈfɪʃ.ən.si/, continually /kənˈtɪnjuəli/, monopoly /məˈnɑpəli/
I suoni difficili per chi parla italiano:
- /h/ — va soffiata, non è muta: behalf /bɪˈhæf/, adhere /ædˈhɪə/, household /ˈhaʊshoʊld/, helpful /ˈhɛlp.fl̩/, whoever /huˈɛvɚ/
- Consonante finale — senza aggiungere una vocale dopo: deposit /dɪˈpɑ.zɪt/, instrument /ˈɪnstɹəmənt/, telegraph /ˈtɛl.ɪ.ɡɹɑːf/, liquid /ˈlɪk.wɪd/, asset /ˈæsɛt/
- /æ/ — più aperta della “e”: transaction /tɹænˈzækʃən/, banker /ˈbæŋkəː/, substantial /səbˈstænʃəl/, asset /ˈæsɛt/, rapid /ˈɹæp.ɪd/
Come esercitarsi con questo video
- Ascolta tutto il video una volta senza parlare e annota le parole che non conosci.
- Inizia a velocità 0,75×, fai shadowing frase per frase e torna alla velocità normale quando diventa facile.
- Registrati e confronta con l’originale, facendo attenzione a parole come currency, deposit, coin.
Cos'è la tecnica dello Shadowing?
Shadowing è una tecnica di apprendimento delle lingue supportata da studi scientifici, originariamente sviluppata per la formazione dei traduttori professionisti e resa popolare dal poliglotta Dr. Alexander Arguelles. Il metodo è semplice ma potente: ascolti un audio in inglese di madrelingua e lo ripeti immediatamente ad alta voce — come un'ombra che segue il parlante con un ritardo di solo 1–2 secondi. A differenza dell'ascolto passivo o degli esercizi di grammatica, lo shadowing costringe il tuo cervello e i muscoli della bocca a elaborare e riprodurre simultaneamente i modelli di discorso reale. La ricerca dimostra che migliora significativamente la precisione della pronuncia, l'intonazione, il ritmo, il discorso connesso, la comprensione dell'ascolto e la fluidità del parlato — rendendolo uno dei metodi più efficaci per la preparazione alla prova di speaking dell'IELTS e per la comunicazione reale in inglese.