Finance: The History of Money (combined)

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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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Пікірлер: 210

@Deluga123 3 жыл бұрын

Who is here because your teacher forced you to watch this? 👇

@navalkumarshukla9447 3 жыл бұрын

Lol, me too

@Ok-fe5kt 3 жыл бұрын

Yes for online school

@vanessasing2219 3 жыл бұрын

Yes and no 😂 I'm here to look what Drachma contributed the world's present civilization 😂

@herbertspencer8293 3 жыл бұрын

kzfaq.info/get/bejne/n897pZCalZiWnY0.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.

@tammardant5353 3 жыл бұрын

I'm the teacher who forced you to watch this.

@mickbrenton 8 жыл бұрын

What an excellent summary in 10 mins! Well done!!!

@potatoiswatching6836 2 жыл бұрын

Ayy mate. Did you buy bitcoin when u wrote this comment?

@GuitarLessonsBobbyCrispy 2 жыл бұрын

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...'.

@durrayzarabutt4517 Жыл бұрын

I mean that’s halfway true?

@JessePike5 Ай бұрын

New money is easy to introduce if saving in the former makes you poorer.

@notmedontkno 2 жыл бұрын

This is the EXACT content I was looking for :D Thank you :D

@kylaczarinacunanan3506 2 жыл бұрын

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?

@renanmonteiro5261 2 жыл бұрын

Thank you! That was crucial to my schoolwork.

@wojtekthebear4958 7 жыл бұрын

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.

@susomedin5770 6 жыл бұрын

Wojtek The Bear On fractional reserve myth: kzfaq.info/sun/PLJxyM2r1c3xbQWEel5y4rF1EMpvP6MXtt

@gabrielaponte6403 4 жыл бұрын

kzfaq.info/get/bejne/idFxraej17HPfXk.html kzfaq.info/get/bejne/Zpd5qNZ1yrm0dWg.html kzfaq.info/get/bejne/ea9ldqmCvbDck3U.html kzfaq.info/get/bejne/kN5gqdWDl6iqoGw.html These 4 videos should help clear up that misconception I hope u find them helpful

@ZeroGravity60 7 ай бұрын

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.

@joshuajuniorkingal 2 ай бұрын

I concur with you.

@-AnonymousUser 2 жыл бұрын

This makes sense! Very interesting.

@Hajjat 8 жыл бұрын

LMAO at the cheesy winks throughout the video, you just made my day hahaha

@_Super_Hans_ Жыл бұрын

shut up

@yourmother9834 4 жыл бұрын

Love the illustration

@isaiahmartin3719 Жыл бұрын

Good job man!

@louisapiscuc3443 2 жыл бұрын

this is a lot of info what teachers make us watch

@skybldev 8 жыл бұрын

Nice one! Perfect for my school report!

@cryptocovered4729 7 жыл бұрын

Well done, great primer.

@charlieolson2701 6 жыл бұрын

Mulllllatttta

@thebestofesss1 3 жыл бұрын

really really really good video.

@gelwinaryadi4064 Жыл бұрын

well explained!!

@asahikiytchi9844 2 жыл бұрын

here 2022 I'm extremely grateful 😤💜

@kentheengineer592 3 жыл бұрын

to prevent bank runs banks will need to have an insurance provider and meet the maxium fractional reserve lending rate

@rickjensen2717 5 ай бұрын

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.

@alanbautista424 2 жыл бұрын

Interesting how 4-6 are so relevant to what's going on RIGHT NOW in 2021

@rld8258 4 жыл бұрын

I can't believe I'm about to finish high school and just started to learn about this now

@leilam.6794 3 жыл бұрын

Haha I'm will be starting high-school

@patrycialuko3883 3 жыл бұрын

@@leilam.6794 i’m watching this at 16 and crying because i don’t understand any of it

@christianobleza2404 2 жыл бұрын

Haha college here 😂

@jcordovaphoto Жыл бұрын

There are grown adults who don't even know this stuff. Be kind to elders for they know not lol

@kentheengineer592 3 жыл бұрын

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

@paulkronegger8217 3 жыл бұрын

You just realised what sh** fractional reserve banking is.

@Grace_preppyaccount Жыл бұрын

Thank you so much, My class enjoyed it so much in there HASS lesson thank you

@cakez0370 2 жыл бұрын

Thank u this helped me today in EMS History of money. Btw grade 7🦋🦋

@yumi-fn8ve 3 жыл бұрын

I have to make an ems video on history of money and what it means to me

@langa1533 3 жыл бұрын

Today we are in age of Finance, Technology and economics. #BTC

@robotnixon3453 3 жыл бұрын

"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?

@tomw6926 3 жыл бұрын

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.

@jcordovaphoto Жыл бұрын

My thoughts exactly

@tdtyyuf 3 жыл бұрын

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.

@felipecorena5692 2 жыл бұрын

Them type the whole history

@JohnnyCoconat 4 жыл бұрын

The power of money belongs to the receiver...

@user-zs7uo9kp7k 18 күн бұрын

Thank you

@revitharevitha5356 3 жыл бұрын

Superb

@TreeLuvBurdpu 6 жыл бұрын

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.

@ReasonsToUseBTC 4 жыл бұрын

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.

@songoftheday4293 3 жыл бұрын

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.

@TreeLuvBurdpu 3 жыл бұрын

@@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.

@leilam.6794 3 жыл бұрын

People including main comment had a whole conversation of something and something how can people keep talking about this🤯 I don't understand

@TreeLuvBurdpu 3 жыл бұрын

@@leilam.6794 but you read it, and had to comment on it.

@SadNachos 7 жыл бұрын

this is actually great! for once someone is not repeating the banter myth.

@SynoPTL 4 ай бұрын

barter

@meridox6460 3 жыл бұрын

ECONOMICS AND MANAGEMENT SCIENCE ✨EMS✨

@ricoshea6101 Жыл бұрын

How and who decides quantity of currency within a principality and how do they inject new money into a society???!

@glanced9684 3 жыл бұрын

Excellente

@ZerotZallander Жыл бұрын

Do you have proof of the dependence for other countries to want and need american dollars?

@maertinyuoif4342 Жыл бұрын

ty so much you helped me

@nafeesasulthana3285 3 жыл бұрын

Super and we'll done ☝👌👌👌👌

@victorrorisang479 4 ай бұрын

How did the debt get smaller?

@GMANTURBO 2 жыл бұрын

Only if I watched this 5 years ago #BTC

@ricoshea6101 Жыл бұрын

Nice job covering US petro dollar. Why the endless war in middle east? Control of petro requiring dollars for access to monopolized maket.

@huampa7505 7 ай бұрын

Isn’t the u.s dollars decreasing in value rn?

@poweryoutuber5730 6 жыл бұрын

May god reward you for this knowledge you have shared with me💖👍

@jimmycheong7970 5 жыл бұрын

Great video!

@caitlinbarbery5260 Жыл бұрын

Money was invented because people are getting a lot more terrible with sharing

@JessePike5 Ай бұрын

Trust is all that money is. The government lost my trust in 2008

@caitlinbarbery5260 Ай бұрын

@@JessePike5 ikr

@ismaelmolina7658 Жыл бұрын

And the salt pay mode??

@mixme8655 4 жыл бұрын

thanks im starting to learn money

@neverendingjourneystilllea5271 2 жыл бұрын

Thanks

@swaggahboy3627 Жыл бұрын

is this really has no sound? or somebody censored it?

@juanfontaine9643 3 жыл бұрын

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?

@KosmiekAltertainment 2 жыл бұрын

the music is way too loud to follow the presentation

@lalaoepsi7572 2 жыл бұрын

According to the late David Graeber money in coin form only arose from the need to pay soldiers, not in communities

@lalaoepsi7572 2 жыл бұрын

and debt came before money too

@Theranchhouse1 2 жыл бұрын

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.....

@nelsongonzalez4533 2 жыл бұрын

Spain had the silver dollar before and it was freely circulating in the american colonies

@langa1533 3 жыл бұрын

Shells>gold>certificates>fiat>BTC= evolution✔

@gulfayyaznabimemon4773 6 жыл бұрын

This is where money start to corrupt , with a very little proportion

@stxrrysky7017 2 жыл бұрын

My teacher told us to watch this (:

@aasante3437 6 жыл бұрын

cash rules everything around me

@osembe 5 жыл бұрын

$$ bill y'all

@bagermovies9886 4 жыл бұрын

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?

@OpenLearn_OU 4 жыл бұрын

Yeah sure, glad you found it useful 😉

@sarahjhewitt 4 жыл бұрын

OpenLearn from The Open University Are there references for this video? What sources did you use?

@khalidhendricks2868 3 жыл бұрын

this is not in 10 min its in 10 min and 58secs

@ivoryoelcabanban9044 2 жыл бұрын

dude, in the book of genesis there is already money

@controldata972 3 жыл бұрын

Randall Wray gives a great intro to MONEY in the first 15 mins of this lecture: kzfaq.info/get/bejne/ZuB1ldJpta-0g5c.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.

@deangreen9827 11 ай бұрын

'tax liability - thats's all.'....well said Control Data

@bythepeopleforthepeople. 6 жыл бұрын

so if people value energy, and money at the same time, does that mean money is energy?

@MaKsPuA 2 жыл бұрын

Money is energy because you spend all your energy to earn it.

@paulkarija830 6 жыл бұрын

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.....

@kentheengineer592 3 жыл бұрын

depositors insurance for national banks

@Dares9 7 жыл бұрын

Everyone in this video is winking at me

@hyperbitcoinizationpod 2 жыл бұрын

You underestimate the power of Bitcoin.

@randomnuke4005 3 жыл бұрын

6:20 my face when i kill someone with ambassador in tf2 and they start yelling hacker

@ronaldot401 4 жыл бұрын

Is there a Brazilian portuguese version of this video?

@laughinghard1441 4 жыл бұрын

Yeah in hell y don't u go there

@langa1533 2 жыл бұрын

Laughed at the Uuhhh??? by the returning explorer

@felipecorena5692 2 жыл бұрын

🎉🎉🎉🎉

@Len_J_ 2 ай бұрын

Video fails to point out the ancient greeks created coinage. Unbelievable. Is this meant for children or a genuine OU course of adults?

@stevexnycautomotive 15 күн бұрын

Sea shell was money be the kings need it to make cement to build castles for armies and other oligarch .

@nelsongonzalez4533 2 жыл бұрын

The cashless society!

@bitcoin.crypto 3 жыл бұрын

Bitcoin can be spent as a currency, but there isn't enough and too hoarded to become a global currency

@carloscastanyeda 2 жыл бұрын

Doge

@corryknight360 6 жыл бұрын

Nothing mentioned about tender laws and their purpose.

@nukanation1943 7 жыл бұрын

@walkingbrazil2021 2 жыл бұрын

No Money Honey! No Honey No Funny!

@gerardvong 2 жыл бұрын

President Nixon have taken world of gold standard on 15 Aug 1971 and not 1973

@clownworldtimes6434 Ай бұрын

And then they decided to print $4T in a year and well…

@investorbettor505 Ай бұрын

When someone says what is bitcoin just show them this.

@punchsideiron8502 6 жыл бұрын

"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.

@kentheengineer592 3 жыл бұрын

inflation should not be practical since you creating value from just saying because i want it not that its based on anything

@andor4917 2 жыл бұрын

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

@iamleedy1819 8 жыл бұрын

Rothschild?

@mauricemcdaniel6629 Жыл бұрын

2/14/23 u.s. senate hearing, gov control of crypto is coming.

@zicksutubechannel6698 6 жыл бұрын

Hey,2009.thats when i was born!!!!!!!!!!!!!!!

@Peter.F.C 3 жыл бұрын

Is this all made up? Just speculation? Or is there hard evidence that you can reference to support this “history”?

@bernardmailman8018 5 жыл бұрын

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.

@harismichail2 8 жыл бұрын

someone has been reading graeber

@susomedin5770 7 жыл бұрын

charis michail or any antropologic book indeed

@marklindsay1581 2 жыл бұрын

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

@derrickmosby6068 2 жыл бұрын

Giờ mik mới bt lùn á藍😅

@DeadlyHuman-un1iy 6 жыл бұрын

Lol Theyre cute

@brettwilkinson1877 15 күн бұрын

No. It was all to do with eventually trying to sustain a planet with near ten billion people Greed is human nature. Just as it is human to share

@susntrip6268 3 жыл бұрын

Bruh

@richardhumphrys8237 Жыл бұрын

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.

@sugarman454 3 жыл бұрын

@10:27 Look! It's Obama!

@blainetanner5531 3 жыл бұрын

Bitcoin baby

@ObiWanGinobiliTopFan 2 жыл бұрын

"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...