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The instruments of trade and finance, like paper money, are groundbreaking inventions, put to use by collective acceptance using authority and seals of trust.
The financial crisis of 2008 showed that the system can buckle anytime and money may not always be worth the same.
As we get hyper-connected, the state-backed authority of currency, and what ...
The idea of Facebook's Libra, an attempt to create a new currency made from the architecture that powers Bitcoin, is that the value of new money is not derived from state authority, but a combinati...
The King Williams Administration used to borrow large sums of money used for wars and then levied taxes on ship cargo and spirits to pay back the interest. This gave rise to Banks like the Bank of ...
“Money is not the value for which goods are exchanged, but the value by which they are exchanged.”
Paper Money was pushed as a 'fiat' currency due to an attractive quality: it was guaranteed to trade by the state authority for a specific weight of gold or silver, and couldn't be melted down or d...
The financial system in use today is a version of John Law’s system:
Each country in the developed world has a central bank that issues paper money, manages the supply of credit in the inter...
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Stress testing is a standard technique used to test how someone will perform in the "worst-case" scenario. The problem is that the "worst-case" scenario is subjective, causing an illusion of contro...
Success in “normal” circumstances does not mean that you will succeed in a crisis since, in a crisis, the rules change. However, it can make you feel confident and make you highly vulnerable to the next crisis.
Your own incentives may support an illusion of control. If you draw up your own worst-case scenarios, you will always pass, but as a result, you will develop blind spots.
Encourage innovation in risk models to increase diversification and decrease risk.
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Born into poverty in rural Virginia at the end of the 19th century, Hill went on to write one of the most successful self-...
Napoleon Hill was said to be an advisor to two presidents: Woodrow Wilson and Franklin Delano Roosevelt.
In fact, there’s no evidence whatsoever outside of Hill’s own writings that Hill met President Wilson or President Roosevelt, let alone acted as a trusted advisor to both.
Napoleon Hill’s most infamous claim was that he met and interviewed at length the industrialist Andrew Carnegie in 1908.
Andrew Carnegie's biographer David Nasaw found no evidence of any sort that Carnegie and Hill ever met.
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Brokerage and loans started in an advanced form with merchant banks, though crop loan was still used for lending and credit activities.
Italy was the home of the earliest banks (which evolved into the modern banks), and even the word ‘bankrupt’ comes from the Italian word ‘Banca Rotta’.
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