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- The Ascent of Money Episode 2: Human Bondage
- The Ascent of Money Episode 3: Blowing Bubbles
- The Ascent of Money Episode 4: Risky Business
- The Ascent of Money Episode 5: Safe as houses
- The Ascent of Money Episode 6: Chimerica
The Evolution of Money and its Impact
The Role of Money in Society:
• Money has played a significant role in our lives, from the ascent of man to the present-day financial crisis.
• The rise of money has been a part of human ascent, but its rise has never been smooth.
• The financial history of the world has been interrupted by gut-wrenching crises, such as the fluctuating prices of homes and the industrialization of China.
The Impact of Money on Society:
• The U.S. stock of money is now $8.7 trillion dollars, up 12% since last year.
• Some people are still pocketing a significant share of this cash, despite the onset of the biggest financial crisis since the depression.
The Inca Empire and Money:
• The Inca Empire had no real concept of money, but the Spanish conquistadores, Francisco Pizarro, and his conquistadores, discovered the Cerro Rico, a money mountain.
• The silver and mines of Potosi were used as a way of making money, but the Spanish Empire's economic and political decline was due to the decline in value of silver.
The Concept of Money:
• Money is only worth what other people will give in exchange for it.
• Money can take the form of silver coins, seashells, bars of gold, or banknotes.
• The idea of repayment to the bearer is fascinating, as seen in the 20 pound note banknotes of Nyx.
The Emergence of Money:
• Money was a system of mutual trust, revolutionizing world history.
• It allowed people to borrow money from one another and repay it at a future date.
• The route of credit is Preto the Latin, indicating the importance of credit in the economic history of the world.
The Role of Moneylenders:
• Early moneylenders were widely criticized for their services, leading to their arrival in northern Italy in 1200 AD.
• The numerical system of the defunct Roman Empire was ill-suited to complex mathematical calculation, especially in Pisa.
• Leonardo of Pisa or Fibonacci introduced Eastern mathematical ideas to Europe, demonstrating the superiority of Arabic numerals over Roman numerals.
• Fibonacci's book of calculation, the Liebherr Abba Key, demonstrated the application of new methods of calculation to commercial bookkeeping, currency conversions, and the computation of interest.
The Influence of Oriental Influences:
• The Italian city-states, particularly Venice, were fertile soil for financial seeds.
• Venice became the great money lending laboratory, with the home of literature's most notorious moneylender, Sherlock.
• The compensation interest, the amount paid to the lender over and above the sum lent or principle, is the foundation of international trade.
• Jewish moneylenders in Venice were allowed to charge interest on their loans, a service that Christian merchants were forbidden to do.
• The medieval church's laws against usury and charging interest on loans were a major reason for Jewish moneylenders in Venice.
The Merchantof Venice: A Historical Perspective
• The painting depicts a vision of eternal damnation for Christian merchants , who were eternally tortured with scorching earth and freezing snow.
• Dante Alighieri, a poet, suggests a special part of the seventh circle of hell was reserved for usurers, who were eternally tortured with bulging purses.
• Jews were not supposed to land at interest, but could lend to a Christian at interest. This led to social exclusion and the ghetto.
• The law prohibits Jews from shedding Antonio's blood and submitting to baptism for plotting the death of a Christian.
• The Merchant of Venice raises questions about economics and anti-semitism, particularly regarding debt defaults and the Shylock's business model.
• Modern-day Shylock's business model is still prevalent in Scotland, where loan sharks provide financial services.
• The business model involves lending out money to someone, repaying the interest, and recouping the loan.
The Impact of Loan Sharks on Society:
• Loan sharks, often ruthless and generous, have faced high costs due to the high default rates.
• The rise of the Medici family in 15th century Italy marked a shift from the ghetto to the realm of banks.
• The Medici family's power and patronage, including the private art collection in the Uffizi gallery, left a lasting legacy in Florence.
• The Medici were foreign exchange dealers, members of the artena cambio money changers guild, known as bank URI or tavill URI.
• The Medici were Florence's answer to the Sopranos, a small-time clan known for low violence but high finance.
• Giovanni de bici de Medici, the founder of the Medici bank, aimed to make the Medici completely legitimate.
• The bank's ledgers highlighted the importance of commercial bills for financing foreign trade.
The Capitalist Economy and Bankruptcy
• The world's most successful capitalist economy is based on a foundation of painless economic failure.
• Bankruptcy is a common occurrence in the US, with between one and two million bankruptcy cases a year from 1996 to 2006.
• The ability to walk away from unsustainable debt and start all over again has been a defining characteristic of American capitalism.
• Since 1898, every American has been entitled to file for chapter 7 liquidation or chapter 13 voluntary personal reorganization.
• The theory suggests that American law exists to encourage entrepreneurship and facilitate the creation of new businesses.
• Many of America's greatest successes failed in their early endeavors, but they eventually flourished due to the chance to try fail and start over.
• Banks have a role in elevating the relationship between credit and debt, but it's only when borrowers have access to efficient credit markets that they can escape the clutches of the Shylock's and the loan sharks.
• The collapse of banks in the past year is attributed to the relationship between banks and borrowers being securitized and sold on to unwary investors.
• The assent of banks was followed by the ascent of the bond market, which turned lead into gold or toxic waste into gilt-edged securities.