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SFB090 Making A Lot of Money with the Last Director of the US Mint, Edmund Moy

| January 09, 2018
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Episode Summary

Edmund Moy is the son of a Chinese immigrant who grew up working in his father’s restaurant doing everything from washing dishes to the bookkeeping. As a young boy working the cash register at the restaurant, he would go through the change drawer looking for unique coins. This soon turned into a hobby and 40 years later he would be appointed the 38th and last Director of the United States Mint. (As of this recording the position remains vacant)

Ed got his start working for the George W. Bush campaign and helped advise the transition. He was later asked to work at the White House as a Senior Staffer before settling into his role as Director of the Mint which he held from 2006 until 2011.

What Was Covered

  • 02:40 - Ed’s background
  • 05:26 - His experience working in the George W. Bush administration
  • 09:34 - The story of how he landed the position as the Director of the U.S. Mint
  • 11:34 - If working in the White House ever felt normal to him
  • 13:36 - Going through the days of 9/11 as a White House staff member
  • 17:11 - Being asked by the President to help create the Department of Homeland Security
  • 20:06 - Who may be filling the role as the next Director of the U.S. Mint
  • 23:02 - Ed explains how the U.S. Mint functions
  • 23:56 - The Mint’s business model
  • 25:49 - How the Mint makes a profit from the Federal Reserve
  • 27:56 - The two things Congress requires the U.S. Mint to make
  • 31:42 - The different coins the Mint makes for collectors
  • 33:23 - How our culture and personal experiences influences our view of money
  • 39:44 - The panel Paul saw Edmund speak on in Las Vegas
  • 41:28 - How Edmund deals with volatile situations and difficult people
  • 46:29 - What Edmund is up to now

Tweetables

"One of the things I feel very privileged about was the President asked a team of us to begin focusing in on creating a new cabinet department, which was the Department of Homeland Security."

"The United States Mint was the first government agency created by the Constitution."

"The Mint focuses on coins where the Bureau of Engraving focuses on bills."

"A quarter costs us roughly eight cents to make. So the fed buys it for 25 cents which means the taxpayers make 17 cent profit on it."

"In a financial crisis, when you’re really worried about the money you have in the bank and the potential of inflation, what you want is a tangible asset."

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