Money Matters

Niall Ferguson, a British historian, was on The Colbert Report last night to talk about money and does a great job communicating some basic insights:

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I especially like the part where Ferguson explains that the dollar is only worth something because it's believed to be worth something.  This is really the economic definition of value, whether one is talking about dollars, diamonds, doubloons, diapers or dietary supplements.

On a semi-related note, one political scientist has estimated that the "Colbert Bump" is worth a 44 percent average increase in fund raising for a Democratic candidate. Might this imply Democrats should pay Colbert for access to his show?