“If you’re on a bad date and want out, start talking about monetary policy.”
Steve Forbes joked about monetary policy, but that’s just how destructive he says it can be on the global economy.
The chairman and editor-in-chief of Forbes Media, who rocked a green tie and clutched a green pen, spoke Wednesday to a room full of entrepreneurs at AlleyNYC, a co-working space for early-stage entrepreneurs, about his new book, “Money,” co-authored by Elizabeth Ames.
“The purpose of the book is to strip away the curtain on money and monetary policy,” Forbes said, mentioning a stagnant U.S. economy. “One of the problems is that economics has been latent with equations and a lot of jargon; it gets in the way of understanding what money is about.”
Although there are many important aspects of the economy, Forbes said monetary policy should be the top priority.
“If the economy doesn’t get monetary policy right, nothing else matters,” he said. “You can get it right on taxes. You can get it right on regulation. You can get it right on government spending. But if you don’t get the money right, you’re in trouble.”
Steve Forbes, chairman and editor-in-chief of Forbes Media, signs books after a talk about his new publication, “Money,” at AlleyNYC.
Forbes opened up the floor for a Q&A session and attendees presented concerns such as bitcoin, whether higher education was necessary to be successful, and acquiring new clients in a competitive industry.
“Bitcoin is a high tech cry for help,” he said.
“As a leader, don’t do everything,” he said to another. “It’s not going to get far, even if you can do everything– successful companies are partnerships.”
Yuko Nakanishi, who owns a research and consulting business, was in attendance and agreed that partnerships were vital in her success so far.
She said it was “difficult and challenging” when she started in 2005, but making connections with other businesses, attending conferences and joining professional organizations helped push her forward.
But what resonated with her the most was Forbes’ statement that business-owners shouldn’t follow their emotions when trying to invest in their company.
“It’s tough,” she said. “But I have to be objective.”
The session wrapped up with a book-signing– unfortunately, with no checks– and, of course, selfies.