"What is money?" This seemingly simple question has the ability to drive people crazy. Is it a unit of account? Is it something about exchange? Does it have to be blessed by the government or backed by something hard? On this week's podcast, we speak with fund manager Eric Lonergan, the author of "Money (The Art of Living)," to answer this question as well as the other vexing ones that spring from it. Ultimately we get an answer that's as simple as the question itself, one that would make more sense to a typical 12-year-old than an economist.

"What is money?" This seemingly simple question has the ability to drive people crazy. Is it a unit of account? Is it something about exchange? Does it have to be blessed by the government or backed by something hard? On this week's podcast, we speak with fund manager Eric Lonergan, the author of "Money (The Art of Living)," to answer this question as well as the other vexing ones that spring from it. Ultimately we get an answer that's as simple as the question itself, one that would make more sense to a typical 12-year-old than an economist.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

On Bloomberg&rsquo;s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

44: What 12-Year-Olds Know About Money That Economists Don’t

44: What a 12-Year Knows About Money That an Economist Doesn't

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/7d3176b3-363b-4af5-a2e2-ae27005f3c88/transcript

Inflation remains high and the 2% target is farther away than it was this time last year. There are signs all over that the economy is overheating — the strange labor market where hiring and firing remains low, while GDP is growing, but mostly due to AI and the data center buildout — and Chicago Fed President Austan Goolsbee is worried about how uncertain central bankers are about what to do to cool the economy. The next shock, he tells us, could be around the corner. In this conversation, recorded at the Jackson Hole Economic Symposium, Goolsbee explains why he is skeptical of metrics like r*, why he is embracing Kevin Warsh's philosophy around reducing forward guidance, the purpose of the new Fed task forces, and the economic indicators that influence his thinking around reaction function.

Inflation remains high and the 2% target is farther away than it was this time last year. There are signs all over that the economy is overheating &mdash; the strange labor market where hiring and firing remains low, while GDP is growing, but mostly due to AI and the data center buildout &mdash; and Chicago Fed President Austan Goolsbee is worried about how uncertain central bankers are about what to do to cool the economy. The next shock, he tells us, could be around the corner. In this conversation, recorded at the Jackson Hole Economic Symposium, Goolsbee explains why he is skeptical of metrics like r*, why he is embracing Kevin Warsh's philosophy around reducing forward guidance, the purpose of the new Fed task forces, and the economic indicators that influence his thinking around reaction function.

Austan Goolsbee Is Worried the Economy Is Overheating

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/5d168bda-ebfd-485d-a948-b4b4011d13e0/transcript

We are back in Jackson Hole! And this year's Federal Reserve Bank of Kansas City symposium on monetary policy might be one of the most interesting editions in years. It marks the first under new Fed Chairman Kevin Warsh, and Fed observers all over the world will be closely watching his Friday speech for signs of how he might further distinguish himself, and the institution he is in charge of, from the Jerome Powell era. This meeting at Jackson Hole also comes at a fascinating, and pretty tense, time for monetary policy in the US and abroad: high bond yields, above-target inflation, and AI's still unrealized effect on broader parts of the economy like the job market. As we have in the past, we speak with Jeffrey Schmid, the president and CEO of the Kansas City Fed, about what to expect and he also shares his thoughts on the wave of baby boomer retirements and how it's affecting the labor force, his recent FOMC votes, and he explains why this symposium is so focused on payments.

We are back in Jackson Hole! And this year's Federal Reserve Bank of Kansas City symposium on monetary policy might be one of the most interesting editions in years. It marks the first under new Fed Chairman Kevin Warsh, and Fed observers all over the world will be closely watching his Friday speech for signs of how he might further distinguish himself, and the institution he is in charge of, from the Jerome Powell era. This meeting at Jackson Hole also comes at a fascinating, and pretty tense, time for monetary policy in the US and abroad: high bond yields, above-target inflation, and AI's still unrealized effect on broader parts of the economy like the job market. As we have in the past, we speak with Jeffrey Schmid, the president and CEO of the Kansas City Fed, about what to expect and he also shares his thoughts on the wave of baby boomer retirements and how it's affecting the labor force, his recent FOMC votes, and he explains why this symposium is so focused on payments.

Kansas City Fed President Jeffrey Schmid on the First Jackson Hole of the Warsh Era

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/23fe5a8c-d1c2-4e74-975b-b4b30028ce5d/transcript

Earlier in August, it was reported that Nigeria's Dangote Refinery secured a $1 billion underwriting for its upcoming stock market listing, which is set to become Africa's largest IPO. Indeed, the whole the continent has seen lots of economic growth in the last few years: According to the United Nations, growth across Africa was expected to reach 4.0% in 2026. The history of economic development on the continent is a vexed one; access to critical resources, whether its minerals or petrochemicals, has not always equated to improved economic conditions. To understand what is going on in Africa, we talk to Joe Studwell, the author of How Africa Works: Success and Failure on the World's Last Developmental Frontier. The product of a decade of reporting, Studwell's book argues that African countries, in many instances, have failed to adopt development strategies (an industrial policy that favors export manufacturing for instance) that mirror Asian counterparts. And while development has been uneven, Studwell is optimistic that the seeds of sustained development are increasingly taking root, at least in some countries. We speak to Studwell about the Dangote IPO, why development has historically been so difficult, Rwanda's dreams of becoming Africa's Singapore, and why Lagos is one of the most impressive cities in the world.

Read more:
Dangote Offers East Africa Nations 30% Stake in New Refinery
T. Rowe Price Says Nigeria Attractive Even After 64% Stock Rally

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Earlier in August, it was reported that Nigeria's Dangote Refinery secured a $1 billion underwriting for its upcoming stock market listing, which is set to become Africa's largest IPO. Indeed, the whole the continent has seen lots of economic growth in the last few years: According to the United Nations, growth across Africa was expected to reach 4.0% in 2026. The history of economic development on the continent is a vexed one; access to critical resources, whether its minerals or petrochemicals, has not always equated to improved economic conditions. To understand what is going on in Africa, we talk to Joe Studwell, the author of How Africa Works: Success and Failure on the World's Last Developmental Frontier. The product of a decade of reporting, Studwell's book argues that African countries, in many instances, have failed to adopt development strategies (an industrial policy that favors export manufacturing for instance) that mirror Asian counterparts. And while development has been uneven, Studwell is optimistic that the seeds of sustained development are increasingly taking root, at least in some countries. We speak to Studwell about the Dangote IPO, why development has historically been so difficult, Rwanda's dreams of becoming Africa's Singapore, and why Lagos is one of the most impressive cities in the world.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-08-21/dangote-offers-east-african-nations-30-stake-in-new-refinery?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Dangote Offers East Africa Nations 30% Stake in New Refinery</a> <a href="https://www.bloomberg.com/news/articles/2026-08-21/t-rowe-price-says-nigeria-attractive-even-after-64-stock-rally?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">T. Rowe Price Says Nigeria Attractive Even After 64% Stock Rally</a>
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The Nigerian Industrial Behemoth That Could Reshape the African Economy

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/568c6e3c-2159-45c2-8e4d-b4ad011d7c22/transcript

44: What a 12-Year Knows About Money That an Economist Doesn't

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