Shadowing Practice: How Money & Banking Work (& why they're broken today) - Lyn Alden - Learn English Speaking with Video
Kies een oefenmodus
Elke modus opent een volledig scherm oefenruimte.
322 zinnen
Als zinnen te kort of te lang zijn, klik op Bewerken om ze aan te passen.
1
How money and banking work and why they're broken today.
2
There are over 160 currencies in the world today
3
and the money supply from most of them increases rapidly
4
which persistently and invisibly dilutes people's savings and wages and siphons that value away towards others.
5
Money can be printed or lent into existence for corporate interests, bankers,
6
or corrupt officials and this purchasing power is taken away from the public in ways
7
that are purposely more subtle and harder to detect than taxation.
8
And as people try to reach outside of their regions for better money elsewhere,
9
capital controls and other points of friction are often used to keep them in.
10
Even in wealthy countries, all is not well.
11
While inflation may not be as high, the money concentrates toward a smaller and smaller number of hands over time,
12
and more and more debt is piled up on the government ledger.
13
Political polarization grows, as nobody can agree on who is causing it or why it's happening.
14
Improving technology should make things cheaper over time, but central banks' inflation mandates are to ensure
15
that prices continually increase instead by continually expanding the amount of money in the system.
16
Money affects us all.
17
It's how we make contracts, how we coordinate economic activity, and how we store our purchasing power for the future.
18
And while the world has improved in many ways, money itself continues to be broken for most people worldwide.
19
I'm Lin Alden, and this is a problem I have invested countless hours into understanding.
20
I grew up in poverty, which from a young age gave me a strong interest in saving and investing.
21
In my adult life, my husband and I split our time each year between the United States and Egypt, since our shared roots, families,
22
and friends are in both places.
23
So, I see firsthand the troubles that broken money can cause, both subtly in a developed country and more overtly in a developing one.
24
I currently analyze and invest in the global financial system as a profession.
25
But before that, I was an engineer building, taking apart, and understanding complex systems.
26
I view money as another system I must take apart to understand.
27
This video aims to distill the knowledge I've gathered on this topic.
28
For a deeper dive, refer to my book, Broken Money, Why Our Financial System Is Failing Us and How We Can Make It Better.
29
For us to understand our monetary system from the top down, we must start at the bottom and work our way up.
30
Let's rip away the complexities and pose a fundamental question.
31
What is money?
32
Trading goods on the spot is a challenge, as there are more ways a trade can fail than succeed.
33
If you have extra spears but lack furs, and I have extra furs but lack spears,
34
that's a relatively rare scenario where our needs align.
35
When this barter system scales to an economy that produces five different products, it results in 10 unique trading pairs.
36
With 20 different products, there are 190 trading pairs.
37
And with 100 different products, that number of trading pairs grows to 4 ,950.
38
Clearly, a more efficient trading method is needed.
39
One way to address this is by making the timing of a transaction more flexible.
40
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.
41
If you ask me for furs, I could give you some in exchange for an unspecified favor at a later date.
42
This is called flexible social credit.
43
In settings with family and friends, gifts are exchanged as a form of social credit with no specific expectation of repayment.
44
And outside of closed relations, people keep track of who is helpful and who is a burden.
45
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.
46
In larger settings, credit systems adhere to a more formal type of credit.
47
In these systems, a person can borrow some value in the present, but they must promise to repay it later
48
and there's often some local authority that sets the rules regarding how credit is handled.
49
Suppose a baker needs meat from a butcher, but the butcher already has bread.
50
The baker can create, quote, bread credits, where each credit is a promise that could be exchanged for bread in the future.
51
If the butcher trusts these bread credits will hold that promise, they make a transaction.
52
Still, the butcher takes on some risks.
53
In this case, trusting that the baker will remain in business.
54
Another solution is to use a commodity as money.
55
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,
56
divisible, durable, scarce, and widely desired universal good as one side of every transaction.
57
Among hunter -gatherers, shell jewelry beads served as a common form of money.
58
They were small, long -lasting, wearable, hard to make, and widely desirable.
59
People frequently found use in acquiring more shell jewelry than they currently possessed due to its size,
60
wearability, aesthetic appeal, and the value it holds over time.
61
So, if you find yourself short on spears, and I have no immediate need for your goods, I might request shell jewelry in exchange,
62
even if it's not an immediate necessity for me.
63
I can wear the jewelry, and later, when I come across something I desire, I can offer the jewelry for trade.
64
As commodity money evolved, gold and silver coins gained popularity across numerous empires.
65
These slender disks adhere to standardized shapes, weights, and fineness, simplifying their ability to be verified by anyone using them,
66
which in turn enhanced the efficiency of transactions.
67
Coins established dominance over all other forms of commodity money for three primary reasons.
68
First, gold and silver are harder to increase the supply of relative to other commodities due to their unique properties.
69
Second, coinage with guaranteed size and purity makes gold and silver easier to use in transactions than raw bits of metal.
70
Third, the acceptance and liquidity of coins issued domestically would generally be higher than that of foreign coins,
71
which would ensure widespread acceptance of a standardized unit within that region.
72
Ultimately, the answer to the question of what is money is that money is a ledger for payments and savings.
73
Ancient monetary systems usually consisted of a blend of commodity money and credit.
74
Commodity money represents a ledger whose attributes and constraints are governed by the laws of nature,
75
and was useful for determining a society's standard unit that transactions would be denominated in.
76
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.
77
Meanwhile, various credit agreements represent a shared ledger governed by humans, either orally or in writing, and were used to make transactions more efficient,
78
either between known entities or the backing of a shared authority.
79
And this is what led to the rise of banking.
80
In medieval times, a popular paper -based financial instrument in the Middle East and North Africa was the suftaja,
81
playing a pivotal role in the development of a system known as hawala.
82
Under this arrangement, a Hualadar money changer operated in one city while their business partner worked in another.
83
To transfer money between cities, an individual could deposit gold with their local Hualadar,
84
and either they or their recipient could redeem the same amount of gold from a Hualadar in another city.
85
This system relied on a network of trust and credit among Hualadars, enhancing the efficiency and safety of long -distance money transfers.
86
Hualadars with established relationships conducted regular credit -based transactions on behalf of their clients while settling with each other less frequently,
87
but under more secure conditions.
88
Without this system, merchants would have had to transport bulky and unsafe quantities of gold between cities more frequently.
89
This idea of a paper -based credit system eventually made its way into Europe through trade and warfare interactions between
90
Christians and Muslims.
91
With the advent of the Renaissance in Europe,
92
the development of double -entry bookkeeping facilitated increasingly intricate credit arrangements and the emergence of well -known financial institutions.
93
The invention of the printing press further enabled the creation of more complex financial paper instruments based around increasing levels of negotiability.
94
In financial jargon, negotiability means that a financial instrument can be transferred to another party, which makes it more broadly applicable and liquid it.
95
In the initial stage, a simplistic, non -negotiable paper instrument can only be redeemed by the specific party, as specified in its original creation.
96
In the second stage, a paper instrument is issued to a specific party and is intended for their redemption,
97
yet it possesses negotiability, allowing it to be signed over to another party who can then redeem it instead.
98
This involves a more intricate and trusted financial network, connecting a larger number of counterparties.
99
In the third stage, a paper instrument, such as a banknote, is an asset that is owned by whoever possesses it,
100
enabling it to be freely exchanged between parties, with no need for ownership transfer beyond physical possession.
101
This third form relies on the existence of large and widely recognized institutions.
102
Otherwise, merchants would not accept these banknotes.
103
The foundational issue with banking lies in the necessity for customers to trust banks to effectively manage their reserves.
104
In the gold -based banking systems of past centuries, customers expected that their deposits and banknotes could be redeemed on demand.
105
However, bankers frequently betrayed that trust as they recognized that most individuals did not redeem all their gold at once,
106
which allowed bankers to lend out some of their gold while maintaining only a fraction for customer redemptions.
107
One way around this problem is with full reserve banking.
108
In this approach, all demand deposits, which can be redeemed by depositors at any time, must be fully backed by liquid reserves.
109
And any loans that a bank makes must instead be funded by time deposits with an equal or longer duration.
110
So, if a bank offers a two -year loan, it should be supported by certificates of deposit with at least two years of duration.
111
This practice of matching durations leads to a more stable system
112
because it avoids making commitments about liquidity that cannot always be fulfilled.
113
Much of history has decided against full reserve banking in favor of fractional reserve banking, where demand deposits can be redeemed at any time,
114
even though only a fraction of them are kept in reserves for immediate redemption.
115
This approach hinges on the assumption that not many people will redeem or withdraw their money at the same time.
116
However, during crises, they often do.
117
When money is borrowed from a bank, it leads to the creation of additional fractionally reserved deposits.
118
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,
119
repeating the process.
120
This cycle results in the double counting, triple counting, quadruple counting, and so on for base money,
121
causing the system to be burdened with many times more gold claims than there is actual gold.
122
While this system functions well most of the time, it occasionally experiences catastrophic failures.
123
Central banks were established to mitigate the impact of fractional reserve banking crises
124
and to provide financial support to governments during times of conflict.
125
In the absence of a central bank, a system is typically referred to as free banking.
126
Under a free banking arrangement, banks safeguard their own gold, issue deposits, and distribute banknotes redeemable for gold,
127
although they still normally have to follow regulations placed on them by the government.
128
In contrast, when a central bank is established and granted monopoly status by the government,
129
all banks are required to deposit their reserves with the central bank, which holds the gold on their behalf.
130
This setup involves fractional reserve practices even within the central bank that manages the reserves.
131
When a fractional reserve bank faces a run on its reserves, it can borrow from other banks using its loan assets as collateral.
132
But during financial crises, mutual distrust among banks can lead to system failures due to excessive claims on money compared to available reserves.
133
To counter this, central banks often resort to printing more currency, causing currency devaluation, breaking gold picks, and inflation.
134
Eventually, many central banks and governments abandon gold -backed currency altogether to create a new type of global financial system.
135
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.
136
At its core, the global financial system facilitates international trade settlement and external financing between different countries.
137
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,
138
a global reserve asset becomes essential to unify various currencies for international trade.
139
Since 1871, this system has undergone three structural transformations.
140
After the first transformation, the modern financial era began with the International Gold Standard, which spanned from 1871 until the early 20th century.
141
By the 1860s, the telegraph revolutionized communication with the completion of the first cross -Atlantic cable,
142
enabling instant communication across continents, a feat previously unimaginable.
143
The end of the Franco -Prussian War in 1871 marked the onset of a period of European peace
144
and the widespread adoption of the international gold standard.
145
At the same time, the United States centralized its banking system during the Civil War and joined Europe in adopting the gold standard.
146
While the telegraph created new possibilities, it also introduced a challenge.
147
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.
148
This mismatch created arbitrage opportunities, which banks and central banks capitalized on.
149
They held a monopoly over fast, long -distance value transfers,
150
utilizing paper and telegraph communication to update each other's ledgers with minimal need to ever physically send and verify actual gold.
151
In 1875, William Stanley Jevons published a book titled
152
Money and the Mechanism of exchange.
153
Similar to my 2023 book, Broken Money, Jevons explored the history of money and the technological advancements surrounding it.
154
He highlighted that thanks to the telegraph and other rapid communication methods, transactions could frequently occur with minimal reliance on physical metal.
155
The global financial system was gravitating towards centralization, particularly around London, where bankers could efficiently transact through a centralized clearinghouse.
156
Jevons also recognized the substantial risks accompanying this growing efficiency.
157
He emphasized that there are approximately 20 times more claims for gold than actual gold reserves.
158
He cautioned that bankers should never forget that these fractionally reserved claims essentially represented promises for gold,
159
even though they were rarely redeemed as such.
160
Even if just 5 % of people simultaneously demanded their gold, the system would crumble.
161
Fast forward four decades, and this scenario unfolded during
162
World War I.
163
The era of European peace came to an end,
164
leading to money printing for wartime purposes and widespread defaults on gold redemption within a heavily leveraged financial system.
165
Taxing for wars is unpopular and can lead to revolts and revolutions by the people.
166
So, governments often turned to currency dilution and other less transparent methods to pay for them.
167
In earlier centuries, when governments aimed to debase their currency for war financing, the process unfolded slowly.
168
There is no swift method to diminish the value of coins held by people.
169
Instead, it required taxation, melting, re -minting, and reintroducing lower quality coins into the economy.
170
However, in a scenario where individuals predominantly hold deposits and paper claims backed by gold stored in central bank vaults,
171
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.
172
Governments were no longer restricted by the quantity of gold in their reserves.
173
They could continue fighting until they depleted the liquid savings of their entire citizenry.
174
The second period of the modern financial era unfolded after
175
World War II and extended until 1971.
176
During the war years, gold pegs collapsed worldwide, with some nations even outlawing gold ownership for their citizens.
177
Following the war, most countries, except the United States, faced severe devastation.
178
So, the United States, representing over 40 percent of the global economy, assumed a central role in a new international financial system.
179
In 1944, as the Allied forces neared victory, representatives from 44 countries convened in Bretton Woods,
180
New Hampshire, to design the future global financial system.
181
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,
182
with the dollar itself tied to gold.
183
The U .S proposal prevailed, leading to the establishment of what we now recognize as the Bretton Woods system.
184
Under this system, it remained illegal for Americans to own gold, and they couldn't redeem dollars for gold.
185
but foreign central banks had that privilege.
186
The creation of the World Bank and International Monetary Fund followed the Bretton Woods Conference, serving as a key components for enticing,
187
enforcing and regulating the system.
188
Once again, the Achilles heel was fractional reserve banking.
189
Between 1950 and 1970, the number of dollars in circulation tripled due to bank lending and government deficits,
190
even as US gold reserves diminished through foreign redemptions offshore dollars further multiplied,
191
essentially forming one fractional reserve system on top of another.
192
By the late 1960s, it became evident that the system was destined to fail, prompting President Nixon to terminate gold redeemability in 1971.
193
The third and current era of the modern financial system commenced in the 1970s, following the collapse of the Bretton Woods system.
194
After 1971, the world found itself in an entirely unbacked monetary system, marking a significant departure from previous eras.
195
While governments could compel their citizens to use currency for domestic transactions, the challenge lay in trusting other governments' unbacked ledgers for global trade.
196
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.
197
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,
198
accumulate dollar surpluses, and invest those surpluses in U .S government bonds as reserves.
199
In return, the U .S would offer lucrative arms deals and military protection.
200
This practice extended to other OPEC countries, giving rise to the petrodollar system, that for a substantial period,
201
almost all global energy trade was denominated in dollars.
202
Throughout these three eras, the gold standard, where nations supported their currencies with gold reserves,
203
the Bretton Woods system, characterized by the United States substantial gold holdings and other countries pecking their currencies to the dollar,
204
and the petrodollar system, where the U .S dollar and U .S government bonds serve as the pillars of global trade,
205
one can see a gradual shift toward two defining features, centralization and abstraction.
206
Since the invention and deployment of the telegraph in the latter half of the 19th century,
207
the global financial system has witnessed a consolidation of power and a separation from reality.
208
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,
209
requires a level of credit abstraction to work.
210
This shift granted banks and central banks significant power as they effectively monopolized fast, long -distance value transfers.
211
Eventually, they could just drop material transfer from the system altogether and define money entirely around central bank ledgers.
212
Central banks took on the role of managing the ledgers for their respective countries.
213
And notably, the Bank of England in the past and the U .S.
214
Federal Reserve in the present have also served as the global ledgers that bound international trade together.
215
As a result, there are approximately 160 different currencies worldwide, each holding a local monopoly within its own jurisdiction,
216
with limited or no acceptance beyond its borders.
217
Currencies of wealthy nations tend to lose value slowly, while most currencies lose value quickly.
218
The anchor of this global financial architecture between all these currencies
219
is the U .S dollar countries maintain dollar -denominated assets in reserves, denominate significant portions of international trade contracts in dollars,
220
and access dollar -denominated financing from foreign creditors.
221
This greatly benefits the United States geopolitically, even though it doesn't necessarily benefit all Americans.
222
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.
223
Or the United States can strengthen the dollar through tighter monetary policies,
224
increasing the value of liabilities owed by debtor nations and sending them into financial crises.
225
The failure rate for currencies around the world is very high.
226
In the 1990s, Brazil, at the time the fifth most populous country in the world, experienced severe hyperinflation.
227
Since the 1980s or later, hyperinflation has impacted other nations such as Argentina, Yugoslavia, Zimbabwe, Venezuela, Poland, Kazakhstan,
228
Peru, Bulgaria, Ukraine, Lebanon, and several others.
229
Additionally, countries like Israel, Mexico, Vietnam, Ecuador, Costa Rica, and Turkey grappled with triple -digit inflation during this period,
230
which is on the brink of hyperinflation.
231
Many other countries experienced recurring periods of double -digit inflation.
232
Nigeria, with a population of over 200 million people, has witnessed an annualized price inflation rate of 13 % over the past decade.
233
Turkey and Argentina, both esteemed members of the G20 nations with a combined population exceeding 130 million people,
234
have struggled with runaway inflation for years. In 2016,
235
Egypt, home to over 100 million people drastically devalued its currency by half relative to the dollar
236
and repeated this devaluation again in 2022.
237
Both actions taken at the bidding of the International Monetary Fund.
238
When such devaluations occur, not only do people see their savings lose value, but their ongoing wages, denominated in local currency units, also suffer.
239
Over the past 50 years,
240
very few developing countries have attained developed status the absence of currency stability forces them to rely on external currency financing,
241
which ironically contributes significantly to their currency instability, creating a destructive and nearly inescapable cycle.
242
Even in wealthy countries, money often doesn't make sense.
243
From 2016 to 2021, Europe and Japan grappled with negative yielding bonds valued at over $18 trillion.
244
Instead of earning interest for lending to governments and major corporations, individuals had to pay for this privilege.
245
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.
246
Between 2020 and 2022, the United States increased its public debt by over $8 trillion,
247
a significant portion of which was effectively printed by the country's central bank.
248
This equates to more than $60 ,000 per American household.
249
However, the average American family has not received anywhere near this amount of stimulus.
250
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,
251
often channeling this value opaquely to various parties situated closer to the source of money creation.
252
As money is continually diluted with ever -growing supply, sometimes value is funneled to corrupt government officials.
253
Other times it is funneled toward financiers with privileged access to credit and bailouts.
254
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.
255
The heart of the problem does not lie with specific individuals taking advantage of the system, or even those maintaining the system.
256
The problem is that the system itself is simply broken and outdated.
257
Perhaps what is needed is an entirely new system, one that cannot be changed at the flip of a switch,
258
one that is decentralized, one that is permissionless, one that is open source.
259
Since the development of the internet, cryptographers have sought methods for creating decentralized digital currency. In 1982,
260
David Chawm published a research paper on how mutually distrustful groups could use cryptography to maintain a shared database or ledger.
261
During the 1990s and early 2000s, figures like Adam Back, Nick Szabo,
262
and Hal Finney explored ways to create digital tokens supported by electricity and processing power, a concept known as proof of work.
263
In 2008, an anonymous programmer using the name Satoshi Nakamoto published the Bitcoin white paper, which expanded on these earlier ideas.
264
It outlined a method for creating a decentralized digital currency using a distributed network of nodes
265
and transaction timestamping through cryptography and proof of work.
266
In 2009, Nakamoto released the open source application to implement his design, and thus the Bitcoin time chain was born.
267
What makes Bitcoin remarkable is its ability to enable bearer asset final settlements at the speed of light.
268
It effectively closes the speed gap between transactions and settlements that has persisted since the late 19th century.
269
In other words, it's the first workable way to quickly send money long distances without relying on centralized intermediaries and credit.
270
And it comes with its own finite unit of account that cannot be diluted.
271
For the past 15 years, Bitcoin has been refined in various ways, tested to see how robust it is to attacks,
272
and copied by competitors to see if there's any way to do it better.
273
So far, it has continuously remain the largest, most liquid, most decentralized, and most secure cryptocurrency.
274
Although it has been volatile, Bitcoin has reached higher highs and higher lows of market value and adoption, cycle after cycle.
275
Bitcoin works because anyone can run an open source node on a simple device such as a laptop,
276
and these nodes all store the full history of the ledger.
277
Users possess private keys, enabling them to sign transactions and pay fees to move coins or fractional coins between addresses.
278
Miners contribute electricity
279
and processing power to add new transaction blocks to the ledger in exchange for receiving transaction fees
280
and new coins that are generated in each new block during the early years of the network.
281
No individual entity, including the network's creator, can change the rules, dilute people's coins, or censor transactions.
282
The network can, however, be updated over time in a backwards compatible way by a revolving set of contributing open source developers whenever
283
there is enough consensus by the node operators and the miners to do so.
284
While additional layers can enhance
285
Bitcoin speed, transaction throughput, or programmability, the base layer remains simple and robust.
286
With an eventual fixed supply of 21 million Bitcoins generated by miners over time in a pre -programmed deflationary pattern since inception,
287
Value can be sent to anyone with an internet connection or brought with anyone globally.
288
Bitcoin is decentralized digital money, offering a viable alternative to inflationary, centralized banking ledgers.
289
This technology is helping to pierce the 160 different fiat currency bubbles that people are trapped in.
290
Cash and gold can be blocked in airports, and bank transfers are tightly controlled, but people can send Bitcoins directly to others across borders
291
or bring their bitcoins with them as they move around the world just by writing down
292
or memorizing 12 words representing their private key people can protect themselves against monetary dilution
293
and financial censorship in a world where half of the population lives under varying shades of authoritarianism
294
and billions of people live with persistently high inflation the ability to fracture these 160 currency silos
295
and connect them together should not be underestimated however this
296
This technology has also catalyzed the development of more centralized digital currencies.
297
Private stablecoins, for instance, enable collateralized dollar tokens to trade on multiple blockchains providing people
298
in numerous highly inflationary countries easier access to U .S dollars for savings.
299
Additionally, governments have explored and sometimes launched central bank digital currencies, which are digitally native, even more centralized versions of fiat currencies.
300
This era marks a fork in the road, offering two distinct paths going forward.
301
Over the past century and a half, within the telecommunication age, the global financial system has gravitated toward increased centralization,
302
abstraction, and inflation, driven by the gap in speed between transactions and settlements, and relying on ever -expanding credit to bridge this gap.
303
Most technologies in the past that made money more efficient have come at the cost of making it more centralized and controlled.
304
On one path going forward, central bank digital currencies can continue the prior trend of ever more centralized systems
305
that enable precise control and authority and dilution by nation states over their citizens.
306
On the other path, the emergence of Bitcoin
307
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,
309
streamlined, and deflationary monetary system.
310
Money is a shared ledger, prompting the central question of who governs this ledger.
311
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,
312
and open source decentralized money like
313
Bitcoin is governed by its users and selected by market forces.
314
In modern times, our money has been broken because it has been centralized, closed, and corrupted in 160 different ways.
315
If we're going to fix it in the digital age, a powerful method would be to make it more decentralized,
316
open, and transparent so that it can strengthen people as individuals
317
while at the same time shattering the financial silos that separate us.
318
With open source money, anyone can hold it, anyone can send it, anyone can bring it with them,
319
anyone can build new technologies that make it better, and everyone across borders can be connected by it.
320
If you enjoyed this video, share it with a friend.
321
If you want to learn more about these topics, check out my book, Broken Money,
322
Why Our financial system is failing us and how we can make it better.
App downloaden
Alles wat je nodig hebt om vloeiend te spreken
AI UitspraakScoor elke zin
IPA OefeningBeheers elk geluid
WoordenschatBouw je woordenschat op
WoordenspelLeren terwijl je speelt
FOR YOU
Aanbevolen Video
C11
362 zinnen
How The Economic Machine Works by Ray Dalio
Daily ConversationUniversity StudentsWorking Adults
C11
509 zinnen
The Digital Transformation of Banking and Financial Services in a New Era
Daily ConversationUniversity StudentsWorking Adults
C1388 zinnen
Money, happiness and eternal life - Greed (1/2) | DW Documentary
Daily ConversationUniversity StudentsWorking Adults
C11
75 zinnen
Why financial literacy education in the US sucks
Daily ConversationWorking Adults
B22
197 zinnen
Why Trillions of Foreign Aid Hasn’t Solved Poverty
Daily ConversationUniversity StudentsWorking Adults
C13
246 zinnen
$15 Trillion Money-Making Machine | How BlackRock Became Too Powerful to Ignore
Daily ConversationUniversity StudentsWorking Adults
C11
79 zinnen
An economist’s 4-point framework for making decisions in volatile times | Dambisa Moyo
Daily ConversationUniversity StudentsWorking Adults
C15
186 zinnen
How America Got So Good At Buying Sh*t
Daily ConversationUniversity StudentsWorking Adults
B22
74 zinnen
Is Money Really the Key to a Good Life? | B2 English Shadowing
Daily ConversationUniversity StudentsWorking Adults
C12
193 zinnen
The Real Reason We Left the Gold Standard
Business EnglishDaily ConversationUniversity Students
B21
271 zinnen
If you Don't Understand CREDIT, You Don't Understand Money
Business EnglishDaily ConversationUniversity Students
C12
44 zinnen
How Long Can the Fed Hold On?
Business EnglishDaily ConversationUniversity Students
Woordenschat en spreektips bij deze les
Deze spreekles is gebaseerd op de video “How Money & Banking Work (& why they're broken today) - Lyn Alden”. Deze woorden komen het vaakst terug: gold, bank, financial, reserve, credit. Deze video bevat 322 zinnen en 5012 woorden om na te spreken. Het gesproken deel duurt 32:28. De spreker praat in een natuurlijk tempo van ongeveer 154 woorden per minuut, dicht bij een alledaags gesprek. Slechts 75% van de woorden hoort bij de 3.000 meest gebruikte Engelse woorden, dus de woordenschat is pittig.
Belangrijke woorden in deze video
15 woorden uit de video die het leren waard zijn, met uitspraak en betekenis:
| Woord | Uitspraak | Betekenis |
|---|---|---|
| currency zelfstandig naamwoord | /ˈkʌɹ.ən.si/ | munteenheid, valuta |
| deposit zelfstandig naamwoord | /dɪˈpɑ.zɪt/ | afzetting, neerzetting |
| coin zelfstandig naamwoord | /ˈkoɪ̯n/ | munt, muntstuk |
| inflation zelfstandig naamwoord | /ɪnˈfleɪ.ʃən/ | inflatie |
| monetary bijvoeglijk naamwoord | /ˈmʌnɪtəɹi/ | geld-, geldelijk |
| redeem werkwoord | /ɹɪˈdiːm/ | terugkopen |
| commodity zelfstandig naamwoord | /kəˈmɑdəti/ | waar, goederen |
| enable werkwoord | /ɪˈneɪ.bəl/ | inschakelen, in staat stellen |
| redemption zelfstandig naamwoord | /ɹɪˈdɛmpʃən/ | verlossing, zaligmaking |
| instrument zelfstandig naamwoord | /ˈɪnstɹəmənt/ | instrument, meetinstrument |
| fur zelfstandig naamwoord | /fɜː/ | bont, pels |
| telegraph zelfstandig naamwoord | /ˈtɛl.ɪ.ɡɹɑːf/ | telegraaf |
| banker zelfstandig naamwoord | /ˈbæŋkəː/ | bankier |
| jewellery zelfstandig naamwoord | /ˈd͡ʒʊ-/ | sieraad |
| spear zelfstandig naamwoord | /spɪə̯(ɹ)/ | speer, spies |
Phrasal verbs die je zult horen
| Woord | Betekenis |
|---|---|
| check out werkwoord | onderzoeken |
| come across werkwoord | overkomen |
| hand over werkwoord | overhandigen |
| write down werkwoord | opschrijven, neerschrijven |
Grammatica in deze video
De structuren die de spreker het meest gebruikt, met de exacte woorden uit de video:
| Structuur | In de video |
|---|---|
| Present perfect have/has + voltooid deelwoord — iets uit het verleden dat nu nog telt | has improved · have invested · I've gathered |
| Lijdende vorm be + voltooid deelwoord — het gaat om wat er gebeurt, niet om wie het doet | can be printed · is taken · is piled |
| Betrekkelijke bijzinnen who / which + zin — extra informatie over een persoon of ding | person who has · party, which makes · deposits, which can |
Uitspraak om op te letten
De spreker gebruikt 8 samentrekkingen en verkorte vormen, zoals doesn't, couldn't, don't. Spreek ze kort uit, zoals je ze hoort.
- De “th”-klanken: wealthy /ˈwɛl.θi/, altogether /ɔl.tuˈɡɛð.ɚ/, strengthen /ˈstɹɛŋ(k)θən/
- De klanken “sh” en “zh”: transaction /tɹænˈzækʃən/, inflation /ɪnˈfleɪ.ʃən/, redemption /ɹɪˈdɛmpʃən/, substantial /səbˈstænʃəl/, efficient /ɪˈfɪʃənt/
- Lange woorden — let op de klemtoon: monetary /ˈmʌnɪtəɹi/, commodity /kəˈmɑdəti/, efficiency /ɪˈfɪʃ.ən.si/, continually /kənˈtɪnjuəli/, monopoly /məˈnɑpəli/
Klanken die Nederlandstaligen lastig vinden:
- Stemhebbende eindmedeklinker — /b/, /d/, /g/, /z/, /v/ niet verscherpen: liquid /ˈlɪk.wɪd/, lend /ˈlɛnd/, node /noʊd/, wage /weɪd͡ʒ/, rapid /ˈɹæp.ɪd/
- /æ/ — opener dan de Nederlandse “e”: transaction /tɹænˈzækʃən/, banker /ˈbæŋkəː/, substantial /səbˈstænʃəl/, asset /ˈæsɛt/, rapid /ˈɹæp.ɪd/
- /g/ — een harde plofklank, geen Nederlandse “g”: telegraph /ˈtɛl.ɪ.ɡɹɑːf/, govern /ˈɡʌv.ən/, greatly /ˈɡɹeɪ̯t.li/, ongoing /ɒnˈɡəʊ.ɪŋ/, altogether /ɔl.tuˈɡɛð.ɚ/
Zo oefen je met deze video
- Luister de hele video één keer zonder te spreken en noteer de woorden die je niet kent.
- Begin op 0,75× snelheid, spreek zin voor zin na en ga terug naar normale snelheid zodra het makkelijk gaat.
- Neem jezelf op en vergelijk met het origineel; let daarbij op woorden als currency, deposit, coin.
Wat is de Shadowing-techniek?
Shadowing is een wetenschappelijk onderbouwde taalleermethode die oorspronkelijk is ontwikkeld voor professionele tolkentraining en gepopulariseerd door polyglot Dr. Alexander Arguelles. De methode is eenvoudig maar krachtig: je luistert naar native Engelse audio en herhaalt het onmiddellijk hardop — als een schaduw die de spreker volgt met slechts 1–2 seconden vertraging. In tegenstelling tot passief luisteren of grammaticadrills, dwingt shadowing je hersenen en mondspieren om echte spraakpatronen tegelijkertijd te verwerken en te reproduceren. Onderzoek toont aan dat het de uitspraaknauwkeurigheid, intonatie, ritme, verbonden spraak, luisterbegrip en spreekvaardigheid aanzienlijk verbetert — waardoor het een van de meest effectieve methoden is voor IELTS Speaking-voorbereiding en echte Engelse communicatie.