How money moves, with Erik Torenberg
Complex Systems with Patrick McKenzie (patio11)
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Show Notes
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.
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Full transcript available here: https://complexsystemspodcast.com/money-movement-erik-torenberg
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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/
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Twitter:
@patio11
@eriktorenberg
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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