Why banking in 19th century America was like crypto today | The Story of Money

In 19th-century America almost anyone could print their own money – and many did. One of the most notable figures to take this up was a man named James Brown, a charismatic conman who built a fortune producing fake banknotes. In this episode, Stephen Mihm, a professor of history at the University of Georgia, introduces The Story of Money hosts Gilliant Tett and Robin Wigglesworth to “the hardest working man in counterfeiting,” and they discuss the parallels between banking in the Wild West, the advent of cryptocurrencies today and the role that trust plays in all financial systems. Further reading: A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States, by Stephen Mihm (2007) The Square and Tower: Networks, Hierarchies and the Struggle for Global Power, by Niall Ferguson (2018) To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here. Learn more at ft.com/tsom Hosts: Gillian Tett and Robin Wigglesworth Guest: Stephen Mihm Producer: Lulu Smyth Senior Producer: Michela Tindera and Laurence Knight Executive Producers: Flo Phillips and Manuela Saragosa Original music: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Giuompasis Podcast Development: Laura Clarke FT Global Head of Audio: Cheryl Brumley Video editor: Kristen Kenyon at Podcast Discovery