※ This video is part of <Docuprime - Central Bank in the Age of Chaos 1-3> broadcast from June 8 to 10, 2020. What does a central bank, which is not easily accessible, do? A modern economic system seen through the role of a central bank An economic field experience with a panel of experts This documentary explains the complex modern economic system through the field and experience at a level suitable for the viewer. Through this, we examine the role and function of the central bank in our society and provide time to discuss the future of the central bank in a rapidly changing era. Economic issues felt through the field and cases <Central Bank in the Age of Chaos> shows the economic field as it is rather than the format of the existing economic documentary that focuses on explanation, leaving room for the viewer to think for themselves. It visits the field where the cast can feel economic issues firsthand and increases the viewer's understanding by incorporating various economic cases. The best experts in each field gathered for economic education Professor Jinil Kim, who is from the US central bank and the Federal Reserve Board, Professor Jeongho Park, an economic education expert, and Taesung Choi, an expert in history and humanities, joined forces to help with easy understanding of complex economic issues. They will visit economic sites such as free food centers and currency exchange offices in Argentina and slums and stores in Venezuela to examine the role of central banks, and discuss the flow of the global economy in the chaotic era and the future of central banks through in-depth discussions with leading economists and officials from major countries' central banks. The role and function of central banks that were difficult to perceive Money has been with us since the early days of mankind. We live in a modern society that cannot be sustained without money. However, the history of central banks, which manage a series of money and financial systems, is not very long. In addition, the role of central banks is different from that of commercial banks that we generally encounter. The role of central banks, which indirectly coordinate the macroeconomy, is not easy to perceive in real life. What is certain is that the central bank's monetary policy contributes to the stability of prices and finance. In Part 1, 'The Invisible Hand that Moves Prices', we learn about the primary goal of the central bank, price stability, and interest rates. We visit the site of hyperinflation that occurs when the central bank does not function properly, and we confirm how the prices we feel are determined through the stories of merchants and housewives. Part 2, 'Financial Crisis, the Butterfly Effect of Money', tells the story of the role of the central bank in the global economic crisis. We visit Argentina, which is suffering from the exchange rate fluctuation of the key currency, the dollar, and the real estate site of China, which is suffering from expanding debt. We also learn what trump card the central bank has prepared to respond to the market recession caused by the COVID-19 crisis. Part 3, 'The Future of Currency and Central Banks', looks at currency, trust, and the future of central banks. We find answers to people's trust, from cash that has been used traditionally, to gold that has been loved by mankind for a long time, to virtual currency that has recently shown a tremendous expansion. We discuss the future role of central banks. ■ Part 1. The invisible hand that moves prices. What effect does the central bank's interest rate adjustment have on prices? The common goal and first goal of central banks around the world is 'price stability'. So what kind of relationship is there between prices that we feel in our daily lives and central banks? To find the answer, the production team visited South America, which is suffering from a price crisis. Venezuela recorded an inflation rate of over 130,000% as of 2018. It was the world's number one crude oil producer, but now that the central bank's function has been paralyzed, we take a look at the lives of its citizens. On the other hand, advanced countries such as the United States, Japan, and recently Korea are very worried about prices that are not rising. The low price phenomenon expressed as deflation is not affected by the central bank's lowest interest rate ever, even negative interest rates. Prices are a problem if they rise too much, but they are also a problem if they do not rise. What do market merchants and housewives think about prices? And how does the central bank deal with the country's prices? In Part 1 of Central Banks in Chaos: The Invisible Hand that Controls Prices, Central Banks, we delve into the secrets of prices and interest rates that we didn't know about. ■ Part 2. Financial Crisis, the Butterfly Effect of Money How should we respond to the economic crisis that keeps repeating? We analyze the causes of the recurring economic crisis and focus on the role of central banks in crisis situations. The exchange rate instability that started with the fluctuation of the US dollar, the key currency, has a butterfly effect that affects the global economy. Argentina, where the value of money shrank to 1/7 in 5 years due to the foreign exchange crisis. The poor were overflowing in the cafeterias and the people were scavenging through trash cans to make a living. Meanwhile, the global economic crisis that started with COVID-19 in 2020. Central banks are responding to the crisis in various ways due to the unprecedented economic downturn, and the media is paying keen attention to the announcements of central banks of each country. What does quantitative easing, which has been an issue every day recently, mean? Is there no way to stop the recurring economic crisis? We will examine how the economic crisis affects the public through the stories of special workers and merchants, and easily explain the relationship between the global economy and exchange rates in the midst of an unprecedented economic crisis. We will also broadly examine the real estate bubble and debt issues that have emerged as the fuses of the recent economic crisis through the case of China. ■ Part 3. The Future of Currency and Central Banks What will the future of currency and central banks look like in a rapidly changing economic paradigm? From seashells to gold, banknotes, and credit cards, currency has continuously changed its appearance throughout history. Cash is gradually disappearing and new virtual currencies are emerging. What kind of future will central banks face in a world where cash has disappeared? The common denominator between gold, which has long been loved by mankind, and the virtual currency market that is growing at a frightening rate is the public's 'trust'. We will examine how gold and virtual currencies captured the public's trust. The new trust values ​​that have emerged over time and the rapidly changing economic paradigm have brought about many changes. The new normal era of low prices, low growth, and low interest rates where conventional economic common sense does not apply. Can the central bank's interest rate now not interfere with the macroeconomy? What will the future of central banks look like in the new normal era? In Part 3 of <Central Banks in the Age of Chaos>, we predict what the future of money and central banks will look like. ✔ Program name: Docuprime - Central Banks in the Age of Chaos Parts 1-3 ✔ Broadcast date: 2020.06.08~10 #TVChocolateDocumentary #Economy #Documentary #Documentary #Real Estate 00:00:00 (Part 1) The invisible hand that moves prices 00:46:41 (Part 2) Financial crisis, the butterfly effect of money 01:31:23 (Part 3) The future of currency and central banks