They are history’s geniuses. But were they any good at investing?

The 1980s Garfield buyout that changed corporate finance

Jul 1, 202655 minSummary

The episode explores how a 1980s business deal involving Gibson Greeting Cards—which held the licensing rights to Garfield the Cat—became the unlikely catalyst for the modern private equity industry. The hosts discuss the career of William E. Simon, a former U.S. Treasury Secretary and staunch free-market advocate who, along with his partner Ray Chambers, pioneered the high-leverage business strategies that would come to define the era. The discussion highlights the acquisition of Gibson Greeting Cards as a landmark moment in corporate finance. Simon and Chambers executed a leveraged buyout that required only a tiny fraction of their own capital, using debt to finance the remainder. Remarkably, the company saw little operational change during their short period of ownership. Instead, the deal’s massive success—resulting in a 200-times return on their initial investment—was largely driven by market timing and favorable conditions. The hosts and their guest analyze how this specific success story fueled a wave of copycat deals, permanently shifting Wall Street’s culture toward the aggressive, debt-heavy tactics now synonymous with private equity. This episode provides an insightful look at the intersection of political ideology, corporate opportunism, and the structural changes that reshaped the American economy.

The US dollar’s ‘immigrant’ origins

Jun 24, 202647 minSummary

In this episode of The Story of Money, hosts Jillian Tett and Robin Wigglesworth explore the surprising, non-sovereign origins of the US dollar. Joined by author Brendan Greeley, they trace the currency’s lineage back to the 16th century, specifically a remote silver mine in the Bohemian valley of Jachymov. The narrative centers on Count Stefan Schlick, an inept nobleman who stumbled upon a massive silver deposit. Far from a grand state project, the original dollar emerged from a chaotic, "fly-by-night" mining operation. Greeley details how miners, frustrated by low-quality wages, demanded payment in high-purity silver discs, which were essentially dividend payments for mine investors. These coins, known as Jachimsthalers, were standardized for their high silver content, making them a trusted medium for international trade across Europe long before the United States existed. The discussion highlights how the dollar grew not through government decree, but through a centuries-long process of "faithful copying" by merchants and regional powers. This history challenges the modern notion that a currency’s dominance is tied solely to state sovereignty. Ultimately, the hosts demonstrate how an accidental, illegal experiment in a small valley became a durable, global standard that persists to this day.

The financial scams that brought Albania to the brink of war

Jun 17, 202650 minSummary

In this episode of The Story of Money, host Robyin Wigglesworth and guest Ortensa Aliaj explore the bizarre and devastating financial crisis that gripped Albania following the fall of communism. Emerging from decades of extreme isolation under a brutal dictatorship, Albania became a testing ground for rapid economic liberalization, often referred to as shock therapy. As the country transitioned to a market economy, the lack of functional state banks and financial sophistication created a vacuum that was filled by massive, unregulated pyramid schemes. The episode details how these schemes, some masquerading as legitimate businesses involved in trade or money laundering, promised astronomical interest rates that fueled a nationwide gambling fever. With roughly two-thirds of the population investing their savings, the bubble was sustained by mass psychology and the dream of rapid Western-style prosperity. The discussion highlights the government's failure to regulate these entities, partly due to ignorance and partly due to their role in masking economic fragility. The crisis eventually reached a breaking point in late 1996, leading to a catastrophic collapse, widespread civil unrest, and a descent into near-civil war, serving as a sobering lesson on the dangers of unchecked financial hype and mass delusion.

When Nixon put America first and took the dollar off gold

Jun 10, 202640 minSummary

In this episode of The Story of Money, the hosts delve into the dramatic events of August 1971, when President Richard Nixon orchestrated a secret meeting at Camp David that would fundamentally reshape the global financial order. Facing a "slow-motion bank run" as foreign nations demanded gold in exchange for their dollar holdings, Nixon’s administration had to confront the reality that the post-World War II Bretton Woods system was becoming unsustainable. Joined by former official and author Jeffrey Garten, the hosts examine how Nixon, driven by the urgency of his upcoming reelection and guided by a powerhouse team including John Connally and Paul Volcker, decided to suspend the dollar's convertibility into gold. The discussion details the "Nixon Shock," which included controversial wage and price controls and a temporary ten percent tariff on imports to force allies to revalue their currencies. The episode highlights the tension between domestic political goals and international economic stability, illustrating how the U.S. used its leverage to dismantle the gold standard. Ultimately, the conversation offers a fascinating look at mid-century statecraft, the decline of the Bretton Woods era, and the enduring importance of high-quality public service in navigating global financial crises.

Why Richard Nixon torpedoed the global monetary system

Jun 3, 202639 minSummary

This episode of The Story of Money explores the dramatic and consequential decision by President Richard Nixon to suspend the convertibility of the U.S. dollar into gold in 1971—an event that came to be known as the Nixon Shock. Hosts Jillian Tett and Robin Wigglesworth, alongside guest Jeffrey Garten, delve into the inner workings of an administration that, in a single televised address, dismantled the post-World War II global economic order. The discussion highlights how the Bretton Woods system, designed to ensure stability through a dollar pegged to gold, began to crumble under the pressures of stagflation, mounting trade deficits, and massive government spending. Garten explains how the U.S. moved from a position of absolute gold abundance to one of extreme vulnerability, as foreign nations accumulated more dollars than the U.S. had gold to back them. The episode examines the role of international speculators, the rise of the unregulated Eurodollar market, and the growing frustration of allies who found themselves bearing the burden of American domestic economic policy. Ultimately, the hosts illustrate how this unilateral act of economic disruption remains a resonant lesson in the fragility of global financial systems.

The 18th-century woman who made saving possible for the poor

May 27, 202646 minSummary

In this episode of The Story of Money, hosts Jillian Tett and Robin Wigglesworth explore the life of Priscilla Wakefield, an 18th-century Quaker who defied the limitations placed upon women of her time to become a financial pioneer. Despite the myth that women in history were primarily restricted to domestic roles, the discussion highlights how Wakefield and other women were active participants in the economy. The hosts, joined by feminist economic historian Victoria Bateman, detail how Wakefield recognized a critical gap in the Industrial Revolution: working women and children were earning wages but remained locked out of the formal banking system. In 1798, she established the first bank for women and children in Tottenham. Operating with limited means but high ambition, Wakefield transformed access to capital by encouraging small, regular deposits—essentially creating the foundations of modern microfinance and financial inclusion. The conversation covers the broader economic landscape of the era, the importance of Wakefield’s educational writing, and the eventual expansion of her bank to include men. Ultimately, the episode shines a light on an underappreciated figure whose work provided a vital safety net for the poor, proving that financial empowerment has long been a pursuit led by remarkable, often overlooked, women.

The deal that put the dollar at the centre of the world

May 20, 202653 minSummary

In this episode of The Story of Money, hosts Gillian Tett and Robin Wigglesworth explore the chaotic and transformative origins of the Bretton Woods Agreement, signed in July 1944. Joined by journalist and author Ed Conway, the discussion peels back the layers of a high-stakes, three-week conference held in a remote, decaying New England hotel. The episode details the clash between two intellectual giants: British economist John Maynard Keynes and his American counterpart, Harry Dexter White. While Keynes advocated for a radical system featuring a global currency called the Bancor and symmetrical adjustments for trade imbalances, the final agreement solidified the US dollar as the dominant global reserve currency, effectively marking the decline of the British pound. The hosts examine the intense human drama of the event—fueled by wartime tensions, espionage, and excessive drinking—and highlight the irony that the resulting institutions, the IMF and World Bank, evolved far beyond their original mandates. By blending economic history with colorful anecdotes about the conference's unusual setting, the hosts provide a compelling look at the foundational moment that shaped the architecture of the modern global financial system.

How ancient Mesopotamians solved runaway debt

Apr 22, 202642 minSummary

In this episode of The Story of Money, hosts Gillian Tett and Robin Wigglesworth explore a recurring economic dilemma: what happens when personal debt outpaces the ability to repay it? They are joined by historian Amanda H. Podany to examine how ancient Mesopotamian rulers, including Hammurabi, managed this crisis through the radical practice of debt jubilees. By periodically cancelling debts, these early societies prevented total economic collapse and social instability. Listeners will gain a fascinating look into the inner workings of the ancient Near Eastern economy and consider whether these archaic solutions hold meaningful lessons for our modern financial systems. Through expert analysis, the discussion bridges thousands of years of history, offering a unique perspective on the persistence of debt and the bold political actions taken to ensure the long-term survival of a functional society.

Introducing: The Story of Money

Apr 15, 20261 minSummary

In the premiere episode of The Story of Money, hosts Gillian Tett and Robin Wigglesworth challenge the common assumption that history holds little relevance in the modern financial sector. By examining the ideas, key personalities, and institutions that have defined global finance throughout history, the hosts illustrate how past patterns often repeat themselves. Listeners can expect a deep dive into diverse topics, ranging from unregulated banking practices in 19th-century America to ancient Mesopotamian debt systems and the complexities of modern credit derivatives. Through this historical lens, Tett and Wigglesworth aim to highlight the recurring manias and mistakes that have consistently shaped our economic landscape. By uncovering these lessons, the podcast provides listeners with valuable insights into the origins of today’s financial systems and helps them anticipate where future market opportunities and potential disasters may emerge.

Finale: The collapse of India’s $22bn tech star

Apr 1, 202631 minSummary

In this final episode of The Story of Money, host Michela Tindera explores the meteoric rise and catastrophic collapse of Byju’s, the Indian education technology company that once stood as a symbol of national pride. Once valued at $22 billion during the Covid-19 pandemic, the startup’s swift disintegration has sparked a massive legal battle, complete with high-stakes allegations of witness tampering and significant court sanctions in the United States. Mumbai bureau chief Chris Kay joins the conversation to dissect the unraveling of this business giant and the broader implications of its downfall. Listeners will gain an inside look at the hunt for missing millions and discover what this high-profile failure means for the future of India’s technology sector. It is a compelling investigation into how a Silicon Valley darling spiraled into chaos and left a trail of financial wreckage behind.