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John Law

“Money is not the value for which goods are exchanged, but the value by which they are exchanged.”

JOHN LAW

124

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The Rise of Paper Money

The Rise of Paper Money

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 devalued.

97

477 reads

Paper Money

Paper Money

The instruments of trade and finance, like paper money, are groundbreaking inventions, put to use by collective acceptance using authority and seals of trust.

128

1.81K reads

Gold

Gold

  • Real money is only gold, and all the other forms of currency in the system are merely different kinds of credit. 
  • Credit is an indispensable part of a functioning economy, so it continues to thrive even with historical setbacks.
  • Gold is the only real 'legal tender'.

124

600 reads

Money's Worth

Money's Worth

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 Money is really worth, is being rethought. Society has historically tried to invent new forms of cur...

113

602 reads

The Invention of Paper Money

The Invention of Paper Money

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 England, and finally Bank Notes, the currency still used today.

102

492 reads

The John Law Economic System

The John Law Economic System

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 interest of commerce, uses fractional-reserve banking, and has joint-stock companies that pay dividends.

115

480 reads

The Idea of Libra Currency

The Idea of Libra Currency

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 combination of mathematics, global connectivity, and trust that resides in people using Facebook.

106

622 reads

CURATED FROM

CURATED BY

val_q

"Rule No.1: Never lose money. Rule No.2: Never forget rule No.1." ~ Warren Buffett

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Non-fungible token (NFT)

Non-fungible token (NFT)

  • In economics, a fungible asset is like money - it is something with units that can be interchanged. With money, a $10 can be exchanged for two $5, and it still has the same value.
  • If something is non-fungible, it has unique properties and cannot be i...

Rich people 

Rich people are not all obsessed with money. Some talk about money but they understand that their money does not equate to their inherent value. They don't act entitled to anything. They work hard for what they want.

It is called class. You can't buy it. If you find yourself with a friend l...

Intellectual Capital

Intellectual Capital

Knowledge is the new money. While goods and services are becoming demonetized and replaced by machines, knowledge is becoming increasingly valuable.

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