An extensive examination of the history, current state, and future prospects of currency. The history of money is explored in Broken Money through the technology perspective. The political realm may have transient and localized impacts, but technology is the true catalyst for global and enduring progress. The aim of the book is for readers to have a profound comprehension of money and its history, encompassing both theoretical underpinnings and practical consequences. Through the journey from shells to gold, papyrus bills of exchange to central banks, and the invention of the telegraph to the creation of Bitcoin, Lyn Alden guides the reader in exploring the evolution of technologies influencing the concept of money throughout history. Exploring what money truly entails at its core, Alden provides readers with a basis for assessing and contrasting various monetary technologies and theories. The book examines how money affects real people and how emerging monetary technologies influence societal power dynamics from a distinctly human perspective. In today's world, significant advancements in energy availability and technology have greatly enhanced the overall welfare of mankind, yet the global financial system has lagged behind in adaptation. In the globe, there are more than 160 active currencies, each holding a local monopoly within its own nation and minimal acceptance beyond that. Numerous settings experience quick dilution, leading to a constant decrease in the value of savings and wages for the billions residing and working in those areas. When you're born in the "incorrect" country, saving money becomes excessively challenging. Over the past decade, Nigeria has accrued an average annualized inflation rate of 13%, accompanied by a population exceeding 200 million people. Egypt has halved its currency against the dollar two times in the last ten years, causing an immediate devaluation of the savings and salaries of its 100 million residents. Numerous countries have faced inflation rates exceeding one hundred percent on an annual basis over the last forty years. Brazil, for instance, went through a period of hyperinflation during the 1990s, a time when it ranked as the fifth most populous nation globally. In 2019, Europe and Japan possessed negative-yielding bonds with a total value of $18 trillion; subsequently, a surge in inflation eroded their buying power. The chairman of the U operated in the year 2021. S. The Federal Reserve rejected the notion that the significant increase in the money supply due to the pandemic stimulus would result in price inflation. As we approached 2022, a significant rise in inflation prompted the chairman to swiftly alter his perspective and tighten monetary measures so hastily that it resulted in the collapse of several prominent banks within the nation. "How did we arrive at this juncture?" Why doesn't our currency improve in the 21st century? To address these inquiries, "Broken Money" analyzes the existing technology blend resulting in restrictions, and delves into upcoming technologies that could potentially offer a modern-era suitable monetary system.
