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tv   Book Discussion on Coined  CSPAN  April 12, 2015 10:00pm-10:45pm EDT

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reforms. the word for how we took another help increase in the promised reforms that are never delivered of course. but when the democrats had complete control they were added to the entitlement. they were reformed when they forced it three times for clinton if not the most recent fight is on medicare with real ones and then -- >> host: i think that we are out of time sadly. another hour's worth of questions but -- >> guest: is a fun book i wrote from five in the morning to aid eight in the morning over a number of months. ..
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>> >> e-e- [inaudible conversations] >> thanks for coming out today this is exciting. i hope you are and will give the indication by applause. [applause] thank you so much for coming down on this beautiful saturday afternoon to your local independent bookstore.
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to delete your participation with the events like this that we can host them so they can for perpetuating the cycle to bring fascinating and innovative authors to our community. we are thrilled to have kabir sehgal with us with longtime favorite douglas brinkley. they have independently revealed an astonishing 18 truth of the world that we live in and to have them here together. has an impressive resonate to perform with grammy-winning musicians a distinction he shares although i have done the research. the author of three previous works like walked in my shoes and a bucket of blessings. he served as an officer in
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the u.s. marine reserves as counsel on foreign relations. a professor of history as a cbs news hysteric -- historian. to be selected as a "new york times" notable book of the year in "the chicago tribune" has viewed him as the taskmaster. please help me to welcome mr. brinkley two will then introduce kabir sehgal. [applause] >> hello ladies and gentleman. i will introduce my dad douglas brinkley an erudite everybody to honor kabir sehgal for his new book to 11th. [applause] >> thank you.
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as a professor of history for a long time i have never been more proud with someone who has worked so incredibly hard. in to to put the jazz and diplomacy to gather. those you just one of a grammy award. those with said grimly with an amazingly talented guy. but tonight we will talk about "coined" that is a "new york times" best-seller it is unbelievably great read.
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and e to pray love is the of book. in there is a great ride up in the times so why did you decide to work on wall street? >> they give for being here as part of the event just before the credit crisis began i themself working on the campaign and i needed the job people were losing
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their houses so what was happening in america was happening elsewhere. what makes us an act so irrational so i got into the field of great science. what is happening in your mind? the braves kiev's compared to people who are making money. if they are virtually identical. with the dead bodies and money. with the activation of part of the parade was money.
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so i just kept researching to exploring the idea is what was your early reading to get yourself into gear? >> wire race so irrational? isn't with that idea that for example, how many of you play though lottery? my dad plays every week. and maybe i can win it.
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and i $1,400. but then he explains this with the irrational activity the more likely you can remember things you think probability. so celebrities are more likely to get divorced? and that began the was happening where does the of brain come from? in the of book is about the multiplicity. with the biology and
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theology. so what do the religious books say about money? i start with the economist and end up with the spiritual masters i was hidden calcutta india in my job takes me around the world. i was set the tone for the dying and the dust to and i walked in to 50 leper's surrounding me. and seated among of lepers was a teenager the lake yo make jager with the mop top. i said why are you here?
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what i was 17 i was not volunteering in india. he said i of your because with the gospel teaches. even though everyone is before they are rich in spirit. look at the gospel 80% of what jesus says eight out of the ted parables are about money and it says in the new testament sermon on the mount jesus says leah treasures in heaven but not on earth. them and theologians have tried to work this out to say is essentially if you directed you shall not seek
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then to talk about money again. but jesus is talking about greed you see it in other people so as research this book of ted a great pastorate new york is that i have been hearing confessional for 25 years but nobody has said father please forgive me. so to create things received other people not in ourselves and then as a christian they say less is more driven by more resources and a bigger house and a better job but then there are the more spiritual objects welleszes more.
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and that could determine the fate of our soul. every religion has a strict rule on what to do and how to spend money. >> the people of america? >> maybe to a certain point but to have money is the root of all evil said to be blessed with the introduction use his money to lift people out of poverty and as the millions of people out of poverty with economic opportunity with india and china and
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america so are they greedy or money obsess? but 30 years ago you compare people in your neighborhood they may be little more wealthy but now with social media if you compare yourself to people better 20 times more wealthy the new level 60% will show envy or jealousy. so in in our society mr. is to make you feel
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uncomfortable. >> host: what about american currency? what is the role of money in the making of america? >> i will spend a day or two or extra because it is so fascinating learning about the history of a society through monday. had 85 years old one of the oldest coin collectors and you can probably comment because many coins the best represent american. >> host: 1933 double eagle. what is that?
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i learned roosevelt when he came into power talking about brandishing america and he thought american coinage was atrocious because the korean places had rolled in heads like american figures. associate by past u.s. mint for the sculpture or the medalist in this step along time but eventually it was called the double eagle and to have victoria across the
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eagle of the sunrise. and then they had a nice contrast relief. but they didn't like it to roll the cleans easily. to go iota of circulation then it comes up for auction looking at the most expensive coins ever at an auction. i remember when you're traveling all over the world you called meteor going to galapagos.
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i do they get it but now tell the audience going to the galapagos islands for a research project like this. >> the national definition of money is the instrument of exchange. but when does the stage began? so i started the book looking at the bi was down to the galapagos islands and vice best tie with:million biologist because we went snorkeling under water especially one of the first pictures of the book is a sea turtle and the fish come
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in to feed on the sea turtle to ingest nutrients it is symbiosis. in those ecosystems. even with that intestinal bacteria think about you are in the exchange with the plant secreting oxygen the energy and the nature makes energy. but what humans start to exchange is food is food sharing. with jericho and israel that
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was one of the first currencies so energy becomes the currency said we realize the great expanse and restart to realize for energy transfers to create tools to help us survive one of these is called money. so that revolutionary aspect you went to the galapagos for this but if we think about charles darwin tried to come up with a genetic explanation for humanity. if you separate them with identical twins with that similar type of gene type
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and days of their cheeks to make investment decisions. then you are more likely to be risk averse have a higher credit line or a higher fight goes gore. the other part is just the opposite side to have 93 points of your credit score is a lot to have that genetic basis to why we eggs j.j. and those influences. but it is important to realize they influence our decision making. >> what do you think the future of united states the and india? what about that bilateral relationship?
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>> my parents are from india and greasy for the longest time there was no dialogue because there was a relationship so in 1991 there is more bilateral trade is the incredible success story but i will configure a little differently in india with too much relations to research my book i found this fascinating what does
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that mean it means you're supposed to go out to make money it is your duty it is your allocation because you have to take care of your family and your kids. and for that liberation. so then to realize that liberation so there is the feeling in india right now that there is of the year of that happening.
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tell me about wall street if you have let magic want rarity find the biggest problems on wall street? >> if you want to have reform on wall street she led there was one of the first persons who said there would be a problem. and then to have a buffer. but then to put that down. but ultimately with a capital buffer.
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so if is tough right now. as the banks are getting hit by fines. so without that free-wheeling culture it has been a cultural shift with further reforms of capital standards. >> so connect for us as an amazing jazz musician and just like marsalis who is hugely talented.
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is there any way that it helped you? >> so think of those no boxes. so there is a lot of books on monday but i tried to approach them from different angles. so why would go through each of them so what does that mean? up and so they barter but then it led to many but then they created many aristotle
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talks about this. then to say wait a second. there is the one that relies on barter exclusively. that is the main currency people think of money or as the miles of measurement so that is indented with the financial loan obligations in then money. so with the jazz question i
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was in japan in tokyo those are the most expensive so they are delicious for one strand of grapes in a given to the friend of mine moved tuesday cannot except in this effort because i could never repay you. so i start to look into with. then it translates that me and sari. i cannot accept this. we will not let you wrap your presence.
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when you go to a japanese wedding if you go to a wedding with the present if it is polluted and titles the marriage may not last even on valentine's day 80 percent of women by chocolate want so wherever you go there is the 80th of obligation and that so even on wall street wall street ceo and osage people told me something so the
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idea of debt khedive impoverished it is different rubio was the most unusual encounters? but i also went to mongolia. that is officially in the middle of nowhere. so we went to so that was
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one of the of first so to get people to come to a their kingdom they had to make it convenient. so if the of money was circling so if there is the problem but not enough money. so he cuts the link and starts to say listen. did you have to accept this paper money.
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if not you are subject to death. so he writes that he makes it that was not just by a swords and boeing rose but people so there is almost nothing there. there is inflation and runaway spending but it goes to show the amount of people using paper money you could print to much of it that is a lot of lessons to day. we have printed and printed
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there hasn't been a lot of inflation as a result but in the '60s that may have led to the great inflation of the '70s. so western mongolia it could be about the money. >> very good. if anybody would like to ask a question to see how ambitious this book was and then to pull off with anecdote after anecdote to understand many. but we never think of those origins is one-stop shopping in a very enjoyable way just how the book to the is.
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>> with anybody like to ask a question? >> dc ruin for the american economy in the future? >> not immediately. but it is a concern because it is rarely a free lunch with 5,000 years of monetary history with people trying to inject more money it is not a bad theory was to give people money so they spend their way out of the recession but the problem is like 18th-century france have reduce stick with the policy or shrink monetary supply?
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so as milton friedman says the dollar has value because people believe in it. it is a confidence game. in 2008 we were questioning the u.s. government. that people were still courting dollars. so one side the system was falling apart but then they held the dollar because there is no place to invest. it is a great place to do business. to be very bullish on america but somewhere raising rates that is the best example is you can't keep rates too low for too
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long. >> great answer. >> in the riding of the book has that changed your personal relationship? >> a little bit. so with wall street we could do was much as we came and. and his important to reflect on money the accumulation to be over your lifetime that when you get older to leave the world to renounce it. when you wake up in the morning to make money to unplug in then with
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financial literacy with mortgages the negative savings rate has gone better or with even the small things. >> but what is just one general tip for people that our concerned about their own personal bank account? >> it is it easy to and talk about the expense side. with the use of credit card there is less activation with a part of the brain at has anxiety.
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in then to be more cognizant and it says marty and -- inconvenient. >> in terms of making money it is important to put into the index fund what does that mean? is it of having a manager actively manage your portfolio you were in charge of the cost of your front the 401k should be in there. but over 20 years only 5% of managers beat the market consistently. so it is important to put a bucket of your many into
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retirement accounts with the index funds. >> i was wondering how religion in packs of money over time specifically with the church? >> with those dollars because with preaching to the poor people even all of it would breach to the poor people coinage was invented in increase and then pythagoras comes along with 100 years difference in
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india to show up on the scenes and also with china there is confucius. some people look at the creation of money with the response of organized religion to see those people that are disenfranchised you are right not just christianity but judea's of with the prohibition is there is a long history. the word interest translates to go to or a william. to repay based on the life style so it comes from an
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agrarian law so to be on the edges of the fields so i write about that more extensively in the book. >> anyone else? >> i want to ask you about the extraordinary group of pullers how did you get paul volcker so glowingly to embrace this book? >> he has enough is a few blocks away in their asking for a blurb with his time at the fed it was the test meeting.
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to have questions of my history and i was so surprised three months later nothing had happened then i got the endorsement but just with the very scope of it. >> also is in the future of money in there is the chapter of the future we can talk about. >> there will be a point with the on-line services that we will not in the coinage. is that possible? >> 85% of transactions which is surprising it is tough to find a credit-card reader or choose my pay credit-card
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with that germany over 80 million people the 10 billion with credit cards but so it means gilts sow their cultural reasons why they don't in tight end that the territory that has higher marriage rates that is when the marriage rates are higher. if you have more money in the bank there is an abundance of malone's of the economist rights the disease your id narrow began york and instantly to pay for that tax deride but even
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still happening across the world looking at in to increase that was a revolutionary sometimes it would put them in their mouth as a movable fortune they had nowhere else to put it did have to rely on a broker or a middleman for a kid just by product to travel from india or china to take out the mobile phone to make a payment without the middle man with a broker with the overseas with the mobile phone that will be a payment of vice going forward there is a lot of technologies here in america to capitalize


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