If you have studied economics at a university, you may have learned a simple history of finance. First, people took turns. But exchanging things was difficult because you need to be “twice as much as you want”: I have to want what you have, and you have to want what I have. That is why people use pieces of precious metal to exchange. Then the paper represented the metal, and the paper became important. Ta da! Money.
The history was very selective and political. As the US government continues to make new dollars, and cryptocurrencies compete to see who can appreciate the fastest-growing, we see a resurgence of the old financial crisis. Anyone who controls what we spend as money has great power. That is why there has been strong encouragement to say that the only true history of money is oh, wow, see! That’s something I have!
The quote from Stanley Jevons, a 19th-century UK economist who published in detail financial history in 1890. He came to the conclusion of Victoria that the UK was right: to impose gold coins, a precious commodity that simply passes by trade to where it is needed.
Twenty years later Alfred Mitchell-Innes, British ambassador, wrote a reputation that the rich may be comforted. The debtor did not pursue the money, he argued. History came first. That was money. Archaeologists have unearthed several ancient cuneiform texts. In Italy, 3,000-year-old steel discs were cut as soon as they were made – half for the lender, half for the lender. In Germany, there were similar discs made of silver alloy. In the Fertile Crescent, there were earthenware plates, unknown inside the dirty boxes. Money was not the only way to go through it twice by accident.
I also picked up Jevons and Mitchell-Innes this week after reading it Bitcoin rate, author Saifedean Ammous. It starts with the history of the Jevons: money is a commodity that changed exchanges. It then concludes that gold was the only currency in the past, and that bitcoin was its only asset. Each profile is simple. The way Ammous helps, he expresses his future concerns.
When governments control money, they write, they pull the cost, to wage war free of charge. Rising prices are just another economic phenomenon: higher inflation, higher inflation. People do not need to be told to destroy it; they will do it themselves. But people need to be encouraged to keep it, in the money they need that continues to be appreciated. With this in mind, he says, the only way to protect oneself from financial abuse is to buy needed bitcoin currency.
If you believe this idea, please buy it. But it is easy to find examples in history that do not work. Sometimes people tactfully collect their money. But sometimes the business takes the money somewhere, and people find themselves without strong money, producing what they can’t control. In these cases, people do what they always do: they have found a way to make money that works.
In the 18th century, American territories only acquired a small part of the global currency of their time, the amount of coinage that flowed from the Andes to China. The merchants who worked in those regions did not have the patience to invest their money. They insisted on changing the prices of your local currency to make more money, and then eventually pushed the colonial governments to make paper money, colony and colony. Some of these records have collapsed. Some proudly climb trees but continue to spread. Some records, such as Pennsylvania, were kept at a fair price. The paper does not look like cruelty; it seems like a change depending on the situation.
There is no real kind of money. Almost anywhere you can look, you can find that hard money and debt are circulating together. The Castile Kings of Habsburg had silver from America, but they paid for their wars with debt. Renaissance Florence and Venice had gold from Africa, but they paid for their trade with loans. Medium-sized retailers in Burgos settle their partner’s debts, and then settle what is left of the money.
And last week, word from my friends since childhood was not about bitcoin but dogecoin, The size of the income stream made up as a dog joke. People have the ability to make the money they want. There has never been a better way to stop them.