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'Where did money come from, and where did it all go?'

posted Tuesday, Jan. 13, 2009 9:17am

See more on: Blogs, Economy, News & Current Affairs

"Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: call it what you like, money matters."
--Niall Ferguson, author of The Ascent of Money: A Financial History of the World

When it comes down to it, money "is the root of most human progress," says Ferguson. "But what exactly is money? ... Where did money come from? And where did it all go?"

Tonight at 8 p.m., "The Ascent of Money," based on Ferguson's new book, takes a closer look at these questions and more.

One of the most timely programs of the new year, it traces the evolution of money – from Mesopotamia to our modern-day credit crisis – and puts today's financial troubles in the context of history.

The two-hour crash course in economics resonates amid this recession. Unemployment is at 7.2%, a 16-year high; one million people filed for bankruptcy protection in 2008, up nearly a third from 2007; it's becoming increasingly difficult to get a loan; and the stock market forecast is looking pretty dim.

What are we to do? Learn about what's going on. Make wise financial decisions. Ask questions. Do the research. Weather the storm.

But how? I must confess that I know little about the origins of today's financial system, nor do I fully grasp basic economics. (Note to self: Sign up for an evening Econ class within the next year.) And while I am good about staying on top of personal finances, there is always room for improvement.

My hope is that this program links up macroeconomics with what's going on at the micro level – the personal finance challenges we're facing on a daily basis.

On a related note, I wonder: Should high schools make financial education mandatory? If so, what would that encompass?

Tune in tonight at 8 for "The Ascent of Money," take our poll below and weigh in here on Panorama.

-Elizabeth Mayer, RMPBS

Jan 13, 2009 10:05am to Oct 13, 2009 3:27pm

Tune In

The Ascent of Money
"(Part 1 of 4)"

What's your point of view?

John McCracken
Tuesday, January 13, 2009 › 5:50pm
H.S. students have a choice of many different kinds of math: business math, algebra, geometry, trig. I would be in favor of incorporating a course within these choices or require a separate course on how to take care of your money regardless of how much you have or don't have; what can happen in your life if your don't respect money and take care of what you have. That's a nutshell comment that I am very much in favor of teaching this kind of information as perhaps the most important math information a student can get. Don't need a history of money; keep the information on a personal basis. I taught math for 33 years in Aurora and I felt the most important course I taught was Basic Math which included much of what I said above.

lorelei
Tuesday, January 13, 2009 › 5:57pm
Having a mandatory class in school is a great idea!Math has obvious importance, but if you can't transfer those skills into money management then you can only watch as bills subtract from what you have. Many parents/adults don't have the skills to manage their finances, if they don't know they can't teach their kids either. So absolutely educate. Knowledge is power.

anonymous
Tuesday, January 13, 2009 › 10:57pm
Working for one of the largest financial institutions, I totally agree that incorporating financial education into one's learning is absolutely critical. i think the program as it is described sounds fascinating -- I think Americans really need to understand history to understand the context and the severity of what is going on in our markets today. MN

coco
Wednesday, January 14, 2009 › 8:57am
I watched "Ascent of Money" last night and it was really great. I walked away scared to death about the financial situation in the world today but thought the program was really well done.

I also think financial literacy should be mandatory in schools.

Jackie Alt
Wednesday, January 14, 2009 › 2:14pm
I believe financial education at the high school level is a wonderful idea. Curriculum reviewing savings accounts, how to invest, retirement accounts, credit scores, etc... would help to get young adults off to a good start. I wish I had this information when I was in high school.

Lina
Thursday, January 15, 2009 › 9:09am
The incorporation of financial literacy at the high school level would be an innovative and pro-active approach to addressing a key challenge facing many working adults. There exists a real gap in curricula within the education system, which if filled could reduce the need for adult financial literacy programs.

Tim in Denver
Tuesday, January 20, 2009 › 3:18pm
Until those classes start, I would suggest parents should get their kids involved in the programs at the Young Americans Bank. Our daughters have participated in summer camps and programs during the school year. Other that both girls having savings accounts at the bank, I have no connection to them. But its focus on financial literacy needs to spread across the U.S. See: www.yacenter.org/

Cathy in Fort Collins
Wednesday, January 28, 2009 › 6:37pm
Education on how to handle your personal money is fine but there is one question no one seems to think or want to ask:
WHY ARE WE GIVING THE FED ALL THIS POWER? Does anyone else think about the amount of power these men will have, and neither you nor I, nor any publicly elected board, will have oversight or control of this behemoth! Pretty scary, and where is the press keeping tabs on this issue?

TJ
Wednesday, January 28, 2009 › 7:51pm
You don't even need the press (or any of the non-print media, either) to keep tabs. Once the bill is signed into law the public will be able to track it at www. recovery. gov --the new web site ordered by the president. It's incumbent on everyone to keep track, and not look for handouts from the media.