Complex Systems with Patrick McKenzie (patio11)7 Marras 2024

How money moves, with Erik Torenberg

In this episode, Patrick McKenzie (patio11) is joined by Erik Torenberg, the founder of Turpentine, to discuss the fundamentals of money movement and banking systems. Patrick breaks down how banks facilitate transfers through correspondent accounts and clearinghouses, explaining the evolution from physical check movement to digitization. They cover the gold standard's history, and then dig into stablecoins and their implications for the future of finance.

–

Full transcript available here: https://complexsystemspodcast.com/money-movement-erik-torenberg

–

Sponsors: Safebase

Ready to save time and close deals faster? Inbound security reviews shouldn’t slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast

–

Links:

Bits about Money - Bank Transfers https://www.bitsaboutmoney.com/archive/bank-transfers-as-a-payment-method/
Bits about Money - Stablecoins https://www.bitsaboutmoney.com/archive/stablecoin-mechanisms-and-use-cases/

–

Twitter:
@patio11

@eriktorenberg

-
Timestamps:
(00:00) Intro

(00:49) What is money?

(02:39) How money moves

(06:00) Banking and correspondent accounts

(07:59) Clearing houses and payment systems

(12:09) The gold standard and fractional reserve banking

(18:15) Introduction to stablecoins

(19:38) Sponsor: Check

(21:31) Stablecoin models and issues

(27:30) Crypto skepticism and innovations

(30:53) Regulatory arbitrage and future of money

(36:36) Wrap

Tämä jakso on lisätty Podme-palveluun avoimen RSS-syötteen kautta eikä se ole Podmen omaa tuotantoa. Siksi jakso saattaa sisältää mainontaa.

Jaksot(94)

Forty ways to pay for coffee in Japan

Patrick McKenzie (patio11) reads his 2021 essay "Payments in Japan," tracing how Japanese consumers navigate a landscape with dozens of competing payment methods at once: credit cards, electronic mone...

25 Kesä 35min

The factory behind your home loan

Patrick McKenzie reads from his 2022 Bits About Money essay on mortgages, making the case that a mortgage is best understood as a manufactured product, not a simple loan between a bank and a customer....

18 Kesä 26min

How brokerage transfers actually work

Patrick McKenzie reads from his 2024 Bits About Money essay on ACATS, the Automated Customer Account Transfer Service that governs how Americans move investment accounts between brokerages, then updat...

4 Kesä 43min

Wrong numbers and why they survive, with Aaron Brown

Patrick McKenzie (patio11) is joined by Aaron Brown, author of Wrong Number, to examine why institutions that produce bad statistics face so few consequences for doing so. They trace the pattern from ...

14 Touko 55min

Defendant, Censor, Politico, Spy

The improbable but true story of how non-profits operating a private intelligence agency to combat terrorism decided to interfere with campaign infrastructure in a U.S. election.This piece includes or...

8 Touko 1h 5min

How the SPLC became financial infrastructure

Patrick McKenzie reads from his latest Bits About Money essay, walking through why bank fraud charges are a prosecutor's favorite tool, how the Bank Secrecy Act's surveillance regime is designed to fo...

1 Touko 51min

The honey badger of payments

Patrick McKenzie (patio11) reads his classic Bits about Money essay on how checks shaped the entire American payments infrastructure, from the origins of ACH to why a standard US bank account is, tech...

23 Huhti 29min

Cash received is not revenue earned

Patrick McKenzie (patio11) reads his classic Bits about Money essay explaining why revenue recognition in software is more complicated than most engineers, founders, and financial reporters think. The...

16 Huhti 33min