James Brown, a charismatic conman, turned 19th-century America into a counterfeiting hotspot by mass-producing fake banknotes. His exploits, chronicled in *The Story of Money* podcast, reveal how unregulated financial frontiers bred chaos. Historian Stephen Mihm, speaking with hosts Gillian Tett and Robin Wigglesworth, draws stark parallels between Brown’s schemes and modern cryptocurrencies, both relying on fragile trust mechanisms.

Trust, Mihm argues, is the linchpin of any financial system. Just as Brown exploited gaps in oversight, today’s crypto markets hinge on investor confidence rather than tangible assets. The podcast episode dissects how trust—or its absence—shapes legitimacy, whether in physical cash or blockchain-based systems.

Mihm’s book *A Nation of Counterfeiters* contextualizes Brown’s era within broader capitalist trends, while Niall Ferguson’s *The Square and Tower* examines global power struggles in finance. Together, they highlight how monetary systems evolve through conflict and innovation.

The podcast, produced by FT Global Head of Audio Cheryl Brumley, is available on major platforms. Listeners can subscribe via podcast apps or visit ft.com/tsom. For deeper analysis, explore Mihm’s work on how fraud and finance intertwined to forge America’s economic identity.