Finance: The History of Money (combined)
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- čas přidán 4. 08. 2024
- An animated video exploring the history of money. From the use of objects to function as monetary value to the development of metal and paper money as currency.
Playlist link - • The History of Money i...
Transcript link - podcast.open.ac.uk/feeds/3453_...
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Who is here because your teacher forced you to watch this?
👇
Lol, me too
Yes for online school
Yes and no 😂 I'm here to look what Drachma contributed the world's present civilization 😂
czcams.com/video/iiKr-i022mY/video.html The Progressive Growth of the Money Supply Principle (year 2013) tells us the exact quantity of new money the economy needs to works correctly, driving us to the Wicksell interest rate or natural interest. This principle will force central banks to change monetary policy.
I'm the teacher who forced you to watch this.
I always imagined the very first money ever used hundreds of years ago would be like 'Here, I'll trade you your chicken with this flat, roundish piece of copper that I just hammered out...'.
I mean that’s halfway true?
New money is easy to introduce if saving in the former makes you poorer.
What an excellent summary in 10 mins! Well done!!!
Ayy mate. Did you buy bitcoin when u wrote this comment?
This is the EXACT content I was looking for :D Thank you :D
Can you help me to have a report for this consisiting 10 realizations/takeaways/learning? And how can i relate it in finance and banking?
Thank you! That was crucial to my schoolwork.
This makes sense! Very interesting.
If you add up all the minutes I've wondered about where money comes from initially, it would be hours. Here in ten minutes, you've answered all my questions. Excellent production. A must-see for high school students. Ten minutes for a lifetime.
I concur with you.
Good job man!
really really really good video.
LMAO at the cheesy winks throughout the video, you just made my day hahaha
shut up
Love the illustration
this is a lot of info what teachers make us watch
I'm not sure you got the fractional reserve system right. You made it sound like it was something the banks invented well into their lives in order to make more money, but that's just it. The system itself if how they make money. As you said, banks make money from their loans, but they have always gotten the money for these loans from reserves. That means that at any given time a bank always had less money in reserves than people actually had deposited there since some of the reserves were used as loans. That itself is fractional reserve banking and also the foundation for every bank since their inception.
Wojtek The Bear
On fractional reserve myth: czcams.com/play/PLJxyM2r1c3xbQWEel5y4rF1EMpvP6MXtt.html
czcams.com/video/SkAzDrrKkME/video.html
czcams.com/video/01IusDeSPE4/video.html
czcams.com/video/CI5CFQXJxcA/video.html
czcams.com/video/Zx0vrR2BFp8/video.html
These 4 videos should help clear up that misconception I hope u find them helpful
Nice one! Perfect for my school report!
here 2022 I'm extremely grateful 😤💜
Wow, great explanation❤❤❤
well explained!!
Thank you so much,
My class enjoyed it so much in there HASS lesson
thank you
Well done, great primer.
Mulllllatttta
Interesting how 4-6 are so relevant to what's going on RIGHT NOW in 2021
to prevent bank runs banks will need to have an insurance provider and meet the maxium fractional reserve lending rate
I'm afraid that the fractional reserve theory has been proven to be wrong. Banks simply create money out of thin air when they make a loan and record this at their central bank - nothing to do with deposits. Prof. Richard Werner has some very good videos explaining this.
I have to make an ems video on history of money and what it means to me
Thank u this helped me today in EMS History of money.
Btw grade 7🦋🦋
ty so much you helped me
fractional reserve banking must be based on something otherwise it may just end up being another form of inflation just imaginary for create value from thin air rather than baseing value on something concrete
You just realised what sh** fractional reserve banking is.
Excellente
Great video!
Super and we'll done ☝👌👌👌👌
I can't believe I'm about to finish high school and just started to learn about this now
Haha I'm will be starting high-school
@@leilam.6794 i’m watching this at 16 and crying because i don’t understand any of it
Haha college here 😂
There are grown adults who don't even know this stuff. Be kind to elders for they know not lol
Today we are in age of Finance, Technology and economics. #BTC
Superb
Do you have proof of the dependence for other countries to want and need american dollars?
The power of money belongs to the receiver...
May god reward you for this knowledge you have shared with me💖👍
This video doesn't mention the Kingdom of Lydia which is essentially where the concept of money or to be more specific coinage came from.
Them type the whole history
Thanks
thanks im starting to learn money
is this really has no sound? or somebody censored it?
How did the debt get smaller?
this is actually great! for once someone is not repeating the banter myth.
barter
1. What were people using before coins to handle the problem of money? (IOU)
2. What was the big problem with metal money?
3. Can you explain the early use of paper money? How was this problem solved?
4. What does the Speaker meant by controlled money? How were banks born?
5. Can you explain inflation?
6. Were Americans allowed to print their own money?
7. What is Fractional Reserve banking?
8. What kind of money did the economist distinguish?
9. Why does the dollar retain its value? Can you mention some of the new currencies?
"People started to use objects such as whale's teeth, as a kind of IOU". This seems like it skips several important step. Why would a seller of goods accept a whale tooth for their goods? Who would set whale tooth prices? Where would the whale teeth come from - one powerful seller, a consortium? Who would determine the initial distribution?
This is view of how money started actually has little evidence. One current belief is that currency was invented as a way of ensuring armies get fed by giving soldiers coins to exchange for goods and taxing the people at the end of a year goods or coins. If you had coins to give, you wouldn't have to give other things to the government as it proved that you'd done your bit to help the army (somewhere along the chain at least). Look up David Graeber's talks on debt; he gives a really good explanation of how money evolved.
My thoughts exactly
Hugh flaw. When someone gave you a whales tooth it did not mean "I owe you". It meant "I don't owe you anything anymore. I've already paid you with something we both find valuable." Money is not identical to debt. Huge flaw.
Glad to see that someone else got that. Whale's teeth were sound money. He even compares Bitcoin to whale's teeth at the end of the video. Probably the biggest contradiction in the video IMHO.
You're misunderstanding the Whale's tooth example. Prior to whale's teeth they traded IOUs, that is, the IOUs that someone else promised to pay them. If i pay with an IOU you can go to someone else with that IOU and purchase something because that IOU is redeemable at the IOU issuer. You are essentially transferring the liability to someone else. Yes i may not owe you anymore, but the guy that owed me now owes you, and will pay you, if you present the IOU to him. So ultimately, it is still debt until the IOU(or whale's tooth in this example), is redeemed for whatever it is at the initial issuer of the IOU or whale's tooth.
@@songoftheday4293 that's not the whale tooth example. That's a speculation that IOUs came before any whale tooth or other payment. And it's an absurd speculation. Why would anyone write a promise to pay, before anyone knew what a payment was?
It's just another socialist attempt to invalidate voluntary trade and to turn it into something detached and sinister instead of what it really is, the simplest method of interpersonal communication, and greatest method of wealth production the world had ever known. Socialists undermine it because they prefer plunder.
People including main comment had a whole conversation of something and something how can people keep talking about this🤯 I don't understand
@@leilam.6794 but you read it, and had to comment on it.
Only if I watched this 5 years ago #BTC
Hello, i used this video for a small university project and i referreing to it in the reasource part. Is that okay with you guys?
Yeah sure, glad you found it useful 😉
OpenLearn from The Open University Are there references for this video? What sources did you use?
How and who decides quantity of currency within a principality and how do they inject new money into a society???!
And the salt pay mode??
up
Nice job covering US petro dollar. Why the endless war in middle east? Control of petro requiring dollars for access to monopolized maket.
ECONOMICS AND MANAGEMENT SCIENCE
✨EMS✨
Isn’t the u.s dollars decreasing in value rn?
great summary............... but so simplistic that it could easily be understood in many wrong ways....Plus, the history from way back seems focused and narrowed to only certain parts of the world.....
❤
the music is way too loud to follow the presentation
Is there a Brazilian portuguese version of this video?
Yeah in hell y don't u go there
depositors insurance for national banks
My teacher told us to watch this (:
🎉🎉🎉🎉
Spain had the silver dollar before and it was freely circulating in the american colonies
this is not in 10 min its in 10 min and 58secs
According to the late David Graeber money in coin form only arose from the need to pay soldiers, not in communities
and debt came before money too
correct > The first known currency in the world was the Mesopotamian Shekel...earliest mints from 650- 600 BC in Asia Minor and was used to pay armies.....
This is where money start to corrupt , with a very little proportion
Randall Wray gives a great intro to MONEY in the first 15 mins of this lecture:
czcams.com/video/0zEbo8PIPSc/video.html
Money is an IOU
Anyone can issue money, the problem is in getting other people to accept it!
Our modern fiat currencies like the $ and £ are IOUs from our governments.
1 £ is redeemable for 1 £-worth of tax liability - that's all.
Nothing else is guaranteed.
'tax liability - thats's all.'....well said Control Data
Laughed at the Uuhhh??? by the returning explorer
Nothing mentioned about tender laws and their purpose.
Shells>gold>certificates>fiat>BTC= evolution✔
Money was invented because people are getting a lot more terrible with sharing
Trust is all that money is. The government lost my trust in 2008
@@JessePike5 ikr
Money was invented to store and trade their productivity. Typical low IQ take by you 😂
Sea shell was money be the kings need it to make cement to build castles for armies and other oligarch .
cash rules everything around me
$$ bill y'all
Rothschild?
dude, in the book of genesis there is already money
The cashless society!
so if people value energy, and money at the same time, does that mean money is energy?
Money is energy because you spend all your energy to earn it.
Is this all made up? Just speculation? Or is there hard evidence that you can reference to support this “history”?
inflation should not be practical since you creating value from just saying because i want it not that its based on anything
No Money Honey! No Honey No Funny!
the background sounds are distracting to learn!
Everyone in this video is winking at me
President Nixon have taken world of gold standard on 15 Aug 1971 and not 1973
someone has been reading graeber
charis michail
or any antropologic book indeed
Bitcoin can be spent as a currency, but there isn't enough and too hoarded to become a global currency
Doge
What the fuq: who decides us dollars will retain value? Who does the valuation? How? Who decides 1 us dollar should get me this much worth of something
6:20
my face when i kill someone with ambassador in tf2 and they start yelling hacker
"But the need for flexible exhange rates always prevailed"
What need, exactly? This implies that flexible exchange rates are economically desirable, which isn't true in the slightest.
Hey,2009.thats when i was born!!!!!!!!!!!!!!!
2/14/23 u.s. senate hearing, gov control of crypto is coming.
Money is here to stay do not be an idiot cards are a bank tax which do not serve the public as shops and buses get taxed
You underestimate the power of Bitcoin.
Bruh
Video fails to point out the ancient greeks created coinage. Unbelievable. Is this meant for children or a genuine OU course of adults?
Giờ mik mới bt lùn á藍😅
"But as communities grew, so the exchanges became more and more numerous...so the accounting was increasingly hard to keep track of".
So, if people were to live in small communities instead of giant empire-societies, then there would be no need for money...and we wouldn'tbe dominated by our own invention - money... and it wouldn't be at the forefront of nearly everything we do.🤑🤑🤑🤑🧟♂️🧟♀️🧟♂️🧟♀️
Interesting...
not fully explained.
and now we have bitcoin. the best form of money humanity has ever seen. across all attributes of money, bitcoin is better than all other forms.
Bitcoin baby
When someone says what is bitcoin just show them this.
And then they decided to print $4T in a year and well…
No.9 is actually in-accurate about the US Dollar - The purchasing Power of the US Dollar is in the toilet - Check Visual Economics or Knowledge Bible.
todo se ve tan interesante , si supiera que dice :V