The Controversial Rise of Central Banking
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Күн бұрынIf you appreciate the research, consider buying me a 'coffee' at ko-fi.com/moneymacro
or supporting long-term for membership benefits via: / moneymacro
Central banks are the supposed champions of both price stability and financial stability....
But, have prices and finance really been very stable? or was the world of money actually more stable before central banking was invented?
BIG SHOUTOUT to Professor Dirk Bezemer, with whom I collaborated to create the script for this video as well as to Alex Moore Via www.dmsquaredagency.com who did the editing & graphics.
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5 BOOKS THAT INSPIRED THIS CHANNEL
The Narrow Corridor: States, Societies, and the Fate of Liberty: amzn.to/3gr6pSV
Money Changes Everything: How Finance Made Civilization Possible: amzn.to/3mt3xbY
Adaptive Markets: Financial Evolution at the Speed of Thought: amzn.to/3sCkS3a
House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again: amzn.to/3gqXNeZ
The Third Pillar: How Markets and the State Leave the Community Behind: amzn.to/382Agwo
SOURCES:
I've linked my sources in the blog that goes along with this video. Most links are in the text. But, I added some extra literature and data sources to the end of the blog: www.moneymacro.rocks/2021-10-...
Timestamps:
0:00 - introduction
0:35 - South European Banks
4:08 - Bank of Amsterdam
9:38 - Channel plug
10:03 - Sveriges Riksbank
13:18 - Bank of England
Attribution:
-
Narrated and produced by Dr. Joeri Schasfoort (University of Groningen)
@MoneyMacro 2 жыл бұрын
If you enjoyed the video: consider buying me a virtual coffee at ko-fi.com/moneymacro or supporting long term by becoming a member or Patron. As per usual, my sources can be found in the description and I will feature the best critiques of my work here under this comment (so don't comment under here please). If you make strong claims that are contradicted by data, such as central banking is one big conspiracy and inflation only happened after central banking, please provide me with credible sources (e.g. data / historical sources / academic papers) and I will consider them as well :) Oh and scammer in the comments!!! I will NEVER ask you to contact me by phone.
@fatpotatoe6039 2 жыл бұрын
Hi, love your channel, but the ending was factually incorrect, I believe. Britain suffered a banking crisis in the 1820s, then again in the 1840s, and then again in the 1870s and 1890s. In fact, I'd love to see you dive into these crises, because monetary economists at the time (the Currency and Banking Schools) had a lot of debate over them, and I'd love to learn more about what happened from a professional economist with great research skills. I appreciate your channel, keep at it!
@MoneyMacro 2 жыл бұрын
@@fatpotatoe6039 I think I should have been more clear about the time period. I meant after the Bagehot rule was adopted in the second half of the 19th century. Still then, my source states that there were not more crisis after 1866 www.clevelandfed.org/en/newsroom-and-events/publications/economic-commentary/economic-commentary-archives/2007-economic-commentaries/ec-20071201-a-brief-history-of-central-banks.aspx Did I put too much trust in it?
@fatpotatoe6039 2 жыл бұрын
@@MoneyMacro Aren't all of the earlier crises arguably connected to easy money from the Bank of England, from what I've read? What are your thoughts on them? Perhaps the Bagehot Rule was the correct monetary policy. I'd also like to know if you have any thoughts on the "Theory of Free Banking" by George Selgin (I've read quite a few of the chapters).
@fatpotatoe6039 2 жыл бұрын
@@MoneyMacro Thanks for the source nonetheless! More to read, the better!
@silviankraakman1897 2 жыл бұрын
Ik heb het idee dat je gewoon Nederlands bent
@danne226 7 ай бұрын
"all wars are bankers wars"
@Wumaomaster1428 Ай бұрын
That was the real reason for the : Boer wars, both world wars Russian revolution
@FuckTheGlobal Ай бұрын
tiny hats.
@leponpon6935 2 жыл бұрын
Loved that episode debunking EE and other economic myths and giving truth a place to exist in here : ) Thank you and please make more educational informative like these
@julianshepherd2038 2 жыл бұрын
EE is salesmanship not economics.
@leponpon6935 2 жыл бұрын
Pretty much~ on point!
@MoneyMacro 2 жыл бұрын
Thanks! I will do more debunking & fact-checking videos on the future. (my current problem is finding enough hours in a day)
@transkryption 2 жыл бұрын
Remember the joke about putting a 100 different economists in a room and getting 100 different opinions... I'm not concluding one way or the other, merely be cautions about using perspectives to confirm your prior positions..
@leponpon6935 2 жыл бұрын
Ain't about cherry picking, 100 different salesmanship is different from 100 different economists. Even so economics is not supposed to be so obscure and mindlessly confusing as that. Fortunately, that's not our situation today, when the global "elites"(corrupt) try to disarm/cripple our economic development(knowledge) we now know we see through their lies and actually be able to test and interogate those 100 perspectives to verify whether they are bought or genuine. Yes, even in the Economist world we have real professionals doing their best. And that is us being cautious.
@JohnCooganPlus 2 жыл бұрын
I love this channel so much! Keep up the amazing work!
@eanerickson8915 Жыл бұрын
If a central bank cannot grow an economy, it has no right to devalue its notes. It's like a beekeeper who takes too much honey and kills the hive.
@deniseproxima2601 Жыл бұрын
How will you forever grow the economy? With 2 new earth's in space? Or destroying one half to double the other half. Or make 2/3 poor to give the grow to the 1/1 to make grow?
@anthonyvenegas4221 22 күн бұрын
@@deniseproxima2601it seems the banks jus want to own everything,,and have most people live in almost poverty
@chrisj940 18 күн бұрын
@@deniseproxima2601 by nationalizing minting and monetary policy based on the nations trade and production and not the by the rules of some bankers
@tubewoodycool 2 жыл бұрын
Finally some talk about riksbanken. Another fun fact is that it was the first central bank to introduce a negative interest rate. Maybe a potential topic for a future video?
@Benjaminimal 2 жыл бұрын
Very, VERY glad I found this channel. Towards the tail end of my Economics BSc, I felt so confused and frustrated about the 'novelty' having worn off for me. In my university, the teaching was incredibly dry and not very inspiring, and left me wondering if I even cared for economics at all. I thought maybe I'd chosen the wrong path. On a whim, I signed up for a master's program that taught innovation economics and all sorts of heterodox economic theory. And by complete accident, I discovered Joeri's channel around the same time. This has totally rekindled the fire for me! Great videos, keep it up:-)
@mathiaskuhlcke9691 2 жыл бұрын
What universities are you talking about?
@TheDuncskunk 2 жыл бұрын
Thanks for sharing. I have a cousin persuing a Master's in Economics.(We're in South Africa and he is persuing it through a Swedish university) Economics is a field I have not had much gees(emotional energy) for but this channel makes the content very digestable and that much more fun to engage with.
@patriciajane3436 2 жыл бұрын
I'm so happy ☺️ my life is totally changed. I've been earning $10,250 returns from my $4,000 Investment every 13 days
@goldynorris155 2 жыл бұрын
@@patriciajane3436 Same here, I made $12,400 profits on investing since I started trading with Matthew Smith his trading strategies are too notch am winning consistently trading with Mr Matthew Smith.
@ashleywilson4378 2 жыл бұрын
@huei I heard a lot of investing with Mr MATTEW smith and how good he is, please how safe are the profit?
@erikengheim1106 2 жыл бұрын
You are doing such a good job presenting this material. This channel really has the potential to get quite big. I think a lot of people are interested in getting thorough and engaging analysis of all these economic topics. Economics is a subject which can be both extremely exciting and interesting but also bone dry. In high school economics was my most hated subject. It was just so incredibly boring. Not because of theory, because I have been into physics, chemistry, math etc for quite some time, but all these Bob and Alice setup a Lemond stand examples ruin economics as a subject. Despite the Wealth of Nations being a long read, it was among the first economics books which got me engaged. The same can be said about Freaconomics or the Undercover Economists. I believe economics is best taught when paired with interesting real world history and analysis of our society. So many school books seem to want to get to the point so fast, that they rip out all the parts which provide spicy to the story. They think by making the page count half as long, people will read and grasp the material in half the time. Yet it becomes 4x more boring, so you spend 4x the time just slogging through. A short unengaging text is "longer" than a longer engaging text.
@imissyoumom7644 2 ай бұрын
Not a mention of Rothschild?
@RisingInTheFlesh 22 күн бұрын
The video would be taken down otherwise
@JaleelBeig 19 күн бұрын
Antiseptic comment, you are dangerous you need democracy
@jwatt247 17 күн бұрын
I was thinking the same thing but facts are facts perhaps the beginnings of the concept of central banking are left up to interpretation...
@wilburmcbride8096 15 күн бұрын
@@RisingInTheFleshAbsolutely, he knows who the Rothschilds are! What do people expect? They know we live under Censorship!
@frauleinhohenzollern8442 14 күн бұрын
You must be new if you actually expected any of "them" to be named.
@adaslesniak 2 жыл бұрын
It's so interesting because you provide wide background - how banking was connected to wider economy and individual interests... that would be unbelievable if there was no corruption. And your videos allow to understand other aspects of history better. Thank you.
@Danny_6Handford 2 жыл бұрын
Excellent research work Joeri! Many thanks for doing this and making it available on KZfaq. I learned a lot of things that I was not aware of. We can always make some rules on how we should do business and then give the participate that agree to the rules names such as merchants, manufactures, farmers, consumers, bankers, along with many other types participants. The rules can always be changed to try to improve things or make things easier or to make things more secure. Whether the transactions are made with gold and silver coins or other items that the participants agree too or by a hand shake or by documenting items in ledgers does not really matter as long as the participants are honest and trustworthy and follow the rules they have agreed to. It really does not matter what money and financial system is used as long as the participants are honest and trustworthy and follow the rules! The problems and issues that have plagued money and financial systems throughout history is that there are always a considerable number of participants that are not honest and trustworthy and engage in corrupt and criminal activities for personal gain and for power and glory. Not really sure if coming up with new rules and systems will ever solve this problem. Perhaps with the advancing computer and internet technologies the corrupt and criminal activity can be kept under control much better.
@laurencefraser 2 жыл бұрын
Digital technology will make (and has made) some methods of engaging in such activities more difficult and less profitable, and others easier and more profitable, much like any other innovation. Ultimately, the important bit is the rule-set and enforcement there of. As you said, there are always people who will try to exploit or abuse the system, so rules that account for this and minimize perverse incentives, (thereby discouraging malicious actions by rendering them less rewarding than benevolent actions) will generally work better than those that do not. Setting up rules that incentivize benevolence rather than malice will tend to minimize the number of large scale abuses, as such are usually perpetuated by reasonably intelligent, but problematically self interested, individuals doing what seems to be in their best interests. Small scale abuses tend to be a function of different processes, often involving the ignorant, stupid, and/or desperate. Such are generally prevented by first removing the incentive to engage in such, and then by ensuring that those who do anyway are caught swiftly and reliably (beyond a certain minimum needed to render punishment relevant at all, the likelihood of being caught is far more of a discouragement than the harshness of the punishment when and if you are.) Most Economic ideologies inevitably fall over when their adherents loose sight of these rather basic facts of humanity (ideologies based in things other than economics tend to run into problems with different traits of humanity, though in a similar way.)
@altaica95070 Жыл бұрын
Just came across this channel just now and wow, I love this content, the research and your presentation. Dat ik jullie nog niet kende!
@eanerickson8915 Жыл бұрын
"A central bank provides financial services to the government." That is an understatement.
@benjamintreitz1647 2 жыл бұрын
Teaching a Money & Banking class these days. Some of the elaborations in this video will be very helpful. Thank you very much!
@PotatisenSimme 2 жыл бұрын
Your animations got a lot more interesting and well done lately! Keep up the great work!
@MoneyMacro 2 жыл бұрын
Someone else helped me out with this particular video. I will tell him.
@korakys 2 жыл бұрын
Great video, looking forward to part two.
@josecarlos9289 2 жыл бұрын
Amazing content!! Happy to see the channel growing :)
@hasanchoudhury5401 2 жыл бұрын
I am so glad I found your educational video just when things look most confusing and contradictory. Thanks !
@inferno0020 2 жыл бұрын
I am glad that your channel has provided a well-articulated explanation of the history of the Central Bank.
@LebaneseBaron 2 жыл бұрын
Man, your videos are amazing. I'm glad I discovered your channel, it's more dynamic than the flagship of econ content creation (Economics Explained). After high school is over, I'm seriously considering applying for a BsC in the area, and it's great to see inspiring channels such as yours. Keep up the good job, Jordi!
@MoneyMacro 2 жыл бұрын
Thanks!!! Will do. I love making these videos.
@ak47training 2 жыл бұрын
I highly recommend you to check out Joeri's response video to Economics Explained video about Wealth Inequality in Netherlands.
@LebaneseBaron 2 жыл бұрын
@@ak47training I've started to watch this video, still need to finish it. Thanks for the recommendation anyway!
@ErikHare 2 жыл бұрын
@@MoneyMacro Joeri, you're corrupting the youth! Encouraging them to get into the dismal science ... oh my. :-) Seriously, there's no higher compliment, and I can see why. Lucas, go for it! There is always a need for economists who can really explain things to the world.
@bdz_4206 2 жыл бұрын
Mega quality in these videos! I'm loving your stuff!!
@anthonyqcolosimo5374 2 жыл бұрын
7:49 funny how things never change
@hoponasu2471 2 жыл бұрын
Thank you for posting - at times like our right now this background information is vital for everyone to understand what is at stake .
@fredsmith2277 2 жыл бұрын
as far as youtube channels go, some people just have it and some dont, this channel has it, it's clear concise, and most important it is entertaining, if you dont entertain, you dont retain the viewers interest. these clips are informative and entertaining, thats a winning formula
@MoneyMacro 2 жыл бұрын
Thanks Fred! That is exactly the balance I am trying to get right :)
@JanneWolterbeek 2 жыл бұрын
Great content and happy to see my hometown Middelburg mentioned, I have yet to learn about The Bank of Middelburg and am eager to do so!
@MoneyMacro 2 жыл бұрын
Thanks! I love Middelburg's beautiful old city centre.
@spanosspanos 2 жыл бұрын
Love your videos, and this was a great one...wish was longer! Maybe a part 2? 🤞
@MoneyMacro 2 жыл бұрын
haha yeah I would have loved to finish the story to the modern era... I might at some point. But, for now .... I will start working on my next videos on the current inflation debate and the Economy of Afghanistan.
@spanosspanos 2 жыл бұрын
@@MoneyMacro Excellent...great topic for the next one...looking forward to it! 🙏
@theclawyaww3740 Жыл бұрын
Swede here and I had no idea about Riksbanken role in all of this. Great video!
@gurbachansingh_macrofinance 2 жыл бұрын
Very good work. Thank you.
@MyProboss 2 жыл бұрын
Have you considered making videos about counties economies and what makes there economies unique compared to others? Absolutely love your videos and appreciate the amount of research and work you put in every one :)
@TheEvertw 2 жыл бұрын
Your videos always give me plenty food for thought.
@SW-fk3rb 11 ай бұрын
This video is so well done, I come back to it again and again. Sometimes I watch it at night to help me fall asleep lol. Thank you so much for making it!
@MoneyMacro 11 ай бұрын
Haha. Happy to hear that! Except for the falling asleep part ... I guess
@user-rl3iv2jk9q Жыл бұрын
Thank you for your presentation , I watched all of it . ~ Crawford D. Smith in Indiana , U SA .
@felipeguerrero7079 2 жыл бұрын
Great channel! Love these videos doing the research on the topic, without any personal opinions on how to adjust the system or how to change the world. Please do one video if there is a relationship between the Federal reserve creation in 1913 and the 1929 stock market crash.
@Charlie-hp2oh 2 жыл бұрын
the relation is that between 1913 and 1929 and after, the Fed didn't know yet what to do and how to handle things, didn't have enough monetary experience. Perfection does not exist, its an evolution. And no system is perfect.
@starbright1400 Жыл бұрын
Read Jekyll island
@EduNauta95 2 жыл бұрын
Im subscribed to +300 channels, but lately this one is getting top10 place for sure, top1 in economics, and i get the feeling i got in early! Hopefully you went full time
@MoneyMacro 2 жыл бұрын
Thanks!!! I'm not fulltime at the moment. I hope I can start doing that early next year.
@NT-eh4gb 2 жыл бұрын
great video, thanks. well presented and clean too!
@MoneyMacro 2 жыл бұрын
Glad you liked it!
@ErikHare 2 жыл бұрын
I was hoping Walter Bagehot would make an appearance. I love how you carefully explain your principles and then move forward through the messy reality of history. It anchors the story very well!
@MoneyMacro 2 жыл бұрын
Thanks Erik!! Also for your continued support.
@marvinegreen 2 жыл бұрын
I learned that the Templars issued letters of credit that pilgrims could cash in when the got to Jerusalem. First international bankers and first tourists?
@MoneyMacro 2 жыл бұрын
hahaha yeah true they played a major part in the history of banking.
@bradwinston5648 Жыл бұрын
Hahahaah the way you started speaking quieter at 16:05 when u said slave trade. Goeie video man veel geleerd.
@kyembe173 2 жыл бұрын
Excellent! Please do one on trade liberalization and its effects on exports and imports.
@FrancisBehnen 2 жыл бұрын
Very good and interesting video once again. If you really wanted to take conspiracy theories on though, I think a longer elaboration on their private ownership is needed. The terms of the Fed are still unknown, but how the owners of the BoE where bought out gives a hint of the direction we should be thinking of.
@MoneyMacro 2 жыл бұрын
Yeah. Perhaps this stuff is worthy of a lengthy response video. I couldn't really get into it here because I also use this video in a University course where these conspiracy theories are extremely fringe (as opposed to on KZfaq).
@FrancisBehnen 2 жыл бұрын
@@MoneyMacro Ahh right, I understand. I hope it can enter your backlog of video ideas :D. I think i'd be really helpful in the battle against conspiracies. (and I also really like to learn more about it myself, I read the wikipedia pages, but learning that indeed central banks where/are privately owned and payed dividends just pushes you more towards conspiracies...)
@alfinal5787 2 жыл бұрын
Central banks of Europe, Bank of England, and no mention of certain surname? (R)
@MoneyMacro 2 жыл бұрын
Hehe. I couldn't find any historical sources detailing their involvement. Open to suggestions.
@alfinal5787 2 жыл бұрын
@@MoneyMacro wink twice if YT algo has you hostage
@MoneyMacro 2 жыл бұрын
@@alfinal5787 ;)
@EvelynSteen-tp1ng 2 ай бұрын
Thanks!!! …Very informative!
@watershed8685 2 жыл бұрын
Hey, non-economist here. Very interesting, and historical (‘evolutionary’) take on concepts is much more understandable and appealing for me. Now, if you’re doing the continuation of this topic, could you debunk/clarify a tidbit I heard about rapid rise of income inequality since the abolition of gold standard? Thanks
@lazyidealist Жыл бұрын
I like this channel, please keep on posting more videos. We need accurate information, which this channel provides.
@Danielle_1234 2 жыл бұрын
Hey @Marco, love your videos. Just so you know, the Roman Empire had a bank run (I think it was in 33 AD), so they invented a bank for banks with a cash reserve to prevent future bank runs. It's pretty obscure knowledge, so I'm not sure if it was just overlooked, as it's easy to do, or maybe the roman central bank didn't count for some reason, but it regardless it seems worthwhile mentioning it, even as a footnote. I consider it the first central bank.
@MoneyMacro 2 жыл бұрын
interesting. Where did you read about this?
@nelsoj11 2 жыл бұрын
@@MoneyMacro Ha, I think Economics Explained covered it. I tried finding the video awhile back because it also discuses how a Chinese emperor experimented with proto-MMT (my words, not how it's described in the video). I couldn't find it, so either I missed it or it was a different channel. I'm pretty sure the History of Rome podcast also covered the Roman banks.
@seneca983 2 жыл бұрын
@@MoneyMacro I think he's exaggerating a little bit. To my knowledge, the events went something like this: Many wealthy men in Rome invested their fortune by loaning money. There was also a law stating that they should hold at least 1/3 of their assets in Italian land but that law was widely flouted. When that law started to be enforced again many loans were suddenly recalled so that the men in question could purchase the requisite land. Many borrowers sold land to try to meet the recalled loans which caused land prices to fall. The creditors in turn tried to delay their land purchases so that the prices would fall more and they could buy the land at a cheaper price. This lead to a vicious circle of plummeting land prices and credit crunch. Emperor Tiberius was eventually able to halt the crisis by, among other things, providing large amounts of credit. I'm a bit skeptical if that would really qualify as a central bank.
@MoneyMacro 2 жыл бұрын
@@seneca983 ah yes I read that in my book "Money Changes Everything." Yeah probably too ad hoc to classify as a central bank :)
@seneca983 2 жыл бұрын
@@MoneyMacro I agree and additionally I wouldn't classify the crisis as a bank run. Many borrowers were badly hurt but it was because they were suddenly ordered to pay back a substantial part of their loans.
@Alloballo123 3 ай бұрын
The story of central banks is essentially to fund the military adventurism of the ruling class, who don't have the money to pay for war, and end up gifting the financial class land instead. It's how wealthy financiers became nobles and aristocratic landowners.
@anti-socialism 2 жыл бұрын
Great video! I was doing my own research about the origin of CB and your video clearly give me amazing points to work around.
@hajihajiwa 4 ай бұрын
move to argentina
@anti-socialism 4 ай бұрын
@@hajihajiwa thanks! Considering it.
@hajihajiwa 4 ай бұрын
@@anti-socialism thank fucking god pls hurry
@anti-socialism 4 ай бұрын
@@hajihajiwa almost there comie
@the-suicidal-mind 2 ай бұрын
Happy Hanukkah to The people behind the central banks 😂😂
@Matthew.R.Gaglio 2 жыл бұрын
I think you gloss over America's experience with central banking/free banking a bit too much, though that might be worth its own video. During the late 18th century and early 19th there was a central bank and it was ultimately disbanded due to problems with stability. Following that there was a free banking system that was very stable and effective, it was similar to the Scottish free banking system which was likewise very stable. This system only came to an end during the Civil War, mostly for political reasons. The system that followed was a regional banking system and that system wasn't stable, which led to the creation of the Fed in 1913. Frankly I think the pre-Civil War system had a lot going for it and it's a bit unfair to lump all pre-1913 banking systems together.
@MoneyMacro 2 жыл бұрын
Yeah I think that is worth its own video at some point.
@jerryware1970 2 жыл бұрын
Murray Rothbard wrote a great book ‘The History of Money and Banking in the United States’. If you like history and finance a must read.
@Adaetro 2 жыл бұрын
Very thoughtout and engaging video
@MoneyMacro 2 жыл бұрын
Thanks!!
@andriisenchenko52 2 жыл бұрын
Excellent video on history of Central Banking
@j562gee0hdeewestsdegethemuLa 2 жыл бұрын
So glad I found this channel
@gdf_6c 2 жыл бұрын
Goddamn you have cliffhangers now
@BoardgameBaker 2 жыл бұрын
Very good episode. Economic history is fun.
@cutelesbianpyro3494 2 жыл бұрын
A brilliant and insightful video.
@MoneyMacro 2 жыл бұрын
Thank you!
@kevinauguste6465 Жыл бұрын
Well done
@footballdreamer9275 2 жыл бұрын
Awesome video!
@MoneyMacro 2 жыл бұрын
Thanks!
@wich1 2 жыл бұрын
Hoi Joeri, kleine tip, de rood-oranje border die je in je thumbnails gebruikt maakt de rode watched indicator zeer lastig te zien. Dat kan er toe leiden dat mensen videos overslaan omdat ze denken dat ze die al gezien hebben of juist op een video klikken die ze al eerder gezien hebben in de veronderstelling dat ze dat nog niet gedaan hebben en daardoor denken dat het een repost is of wellicht geirriteerd raken omdat ze tijd verspillen.
@rikmarx107 2 жыл бұрын
Bedankt , interresant in het licht van BTC en crypto .
@muratdagdelen8163 2 жыл бұрын
Best central bank is obviously the Iron Bank
@canadiankewldude 2 жыл бұрын
Central Banking should be done by National Governments, non debt currency. American Green Backs worked wonderfully.
@wclifton968gameplaystutorials 2 жыл бұрын
I think central banks are fine as long as they have at least 100% reserves and ideally have 110% reserves or more for improved stability of the economy but I'd rather a banking system similar to that of the USA before the creation of the Federal Reserve System in 1913 where each bank is required to be a member of a clearing house which would (or rather should) have at least 100% of reserves which would end the central bank monopoly and would decentralise the national banking industry. For trade, each clearing house would print bank notes and would be required to use the same currency symbol, and currency standardisation i.e. all currency from each clearing house is divided into 100 units (cents) out of every whole unit (dollar) and not some CHs using 100 subdivision and others using the base-12 system like the pre-decimal GBP, IEP on a national level... ...a current system like this would probably be Hong Kong, Scottish & Northern Irish, British Overseas Territories (Isle of Man, Falkland Islands, Saint Helena, Gibraltar, Jersey, Guernsey etc.) banks printing their own notes
@disser3849 2 жыл бұрын
Thats sounds like a super inefficient version of what we have now. Why handicap yourself with all this red tape when no one else is going to do it it seems to be based on nothing.
@hoponasu2471 2 жыл бұрын
but right now central banking system is an hole sale lie and works only for its owners and funds - even gov or more like parliaments that are suppose to have over watch have been bought and this next step they plan - central bank digital currency is new form of slavery - total loss of privacy and owenership - bank and gov would deside what, where , when and how much !
@disser3849 2 жыл бұрын
@@hoponasu2471Calm down there brother, you might pop a vein. There is no "lie", the middle class has absolutely benefitted from central banking through lower interest rates and more stability. You also might wanna read up on slavery a bit honey. Owning CB liabilities is not in anyway akin to slavery. Its also not stripping anyones private property? Like what? CBs are indepenent agencies (quasi private) while normal banks are private ie provate property.
@wclifton968gameplaystutorials 2 жыл бұрын
@@disser3849 Well CB Digital Currencies do help end privacy and by proxy freedom because it would allow the central bank to see all transactions which would then give this data to the authoritarian government while also having the power to put a time limit on money i.e. that €300 in your bank account must be spent in 2 weeks if your on the Univeral Basic Income Scheme. All CBDCs are is a centralised version of Bitcoin and Bitcoin offers zero privacy benefits over paper notes and minted coins and actually takes them away. Also most Central Banks are not really independent agencies especially if they're owned by the government in whole or in part such as the Bank of England which was nationalised in 1947-1948 or the European Central Bank which is an arm of the European Union or the US Federal Reserve Bank(s) which has unnamed investors which they refuse to disclose while many non-central (consumer/business facing) banks are not privately owned and are in fact owned by the government such as most banks in the PRC (China) or are part-government owned such as the NatWest Group (England) [legally called *Nat*ional *West*minister PLC]
@disser3849 2 жыл бұрын
@@wclifton968gameplaystutorials Well obviously no. Freedom is not defined as "make transactions that law enforcement cant track". We have no idea if CBs are even going to track those transactions or not and how they will be secured. At least at this moment European CBs official stance is that the information will be private and not harvested like Facebook does. Not sure about possible criminal transactions. I have worked my whole life in different private sector companies and every single transactions we have made has been completely traceable wire payments (true for literally all companies that are not doing shady shit). This has absolutely nothing to do with our "freedom". Unless you mean freedom in that weird libertarian sense where a poor person should be able to enslave himself and I should be free of the coercion of the police to kill people. Besides, this whole point is moot because you can still use your cash or old deposits (though people really hate cash, me included). And as I said, CBs are quasi private institutions. As in their goverments cannot force them to raise/lower rates or continue/reduce qe. In United States if want to become part of the Federal reserve system, you need to fulfill certain regulatory requirements. In exchange you get a stock and a vote for you local FED board (its actually 12 FED banks, not one). All national banks need to be part of the Federal Reserve system. This is not a secret and it is transparent. And its actually a way to make FED even more independant. President and the senate pick the governors though. Most of the private banks in the western world are owned by private investors, not state owners. You have some public wealth fundd etc that might own some stock in banks, but its a very minor portion.
@emporiogame 2 жыл бұрын
Finally a new video!!
@MoneyMacro 2 жыл бұрын
I feel the same way. My day job (teaching at university) was super intense these last few weeks. I'm trying to become more consistent. But, it might take a while
@emporiogame 2 жыл бұрын
@@MoneyMacro It's cool! Quality over quantity!
@MichaelJamesSeattle Жыл бұрын
I found this informative, but it skips over the 1920-1921 and 1929-1946 depressions that were enabled by the Federal Reserve System. The Great Depression was far more destabilizing than any of the banking problems the US had in the 19th Century.
@generalmeng 2 жыл бұрын
i thought the first bank note was issue by the chinese, from the chinese goverment tresury, with a promise to pay the bank note in full if cashed.
@MoneyMacro 2 жыл бұрын
It's a bit lame .. I know. But, this was technically not a BANK note 😇
@cia4kids 5 күн бұрын
I have recently become convinced that the devil himself keeps his primary residence in the Netherlands, and has a vacation home in Switzerland.
@TheDavidlloydjones Жыл бұрын
Joeri, "Public emergency" you have right, but I think you mean "privately owned" banks in 14th century "Italy." I don't know about Italy. In English English I think they might have been called Piedmontese until fairly recently. And I sure don't know that anything within a horse-ride of Switzerland is called "Southern" Europe.
@iamsearchingforthefiletmignon 2 жыл бұрын
God fucking damnit. I apologize world
@ArabicLearning-MahmoudGa3far 7 ай бұрын
Thank you
@iamjustsaying4787 Жыл бұрын
He criticized and condemned the priests/politicians. Then, he went to their bosses, the moneylenders, and whipped them out of the Temple. That’s when they put the hit out on him.
@davidfosca1044 Ай бұрын
The Money Masters was the name of another documentary on banking and the federal reserve system banksters
@user-nf9xc7ww7m 2 жыл бұрын
I'm at the edge of my seat, waiting for that answer to the cliffhanger.
@dorianphilotheates3769 4 ай бұрын
Bankers “not entirely honest”?! - I’m crushed: my universe has been toppled!
@damian8375 2 жыл бұрын
Nice video
@indigocolossus 2 жыл бұрын
“Money Masters” by Bill Still has even more detailed information (longer).
@MoneyMacro 2 жыл бұрын
I watched it. I don't understand his point though... Every major civilization had a debt based monetary system. Not a single exception. How can you then make the argument that we should switch to non-debt money.
@indigocolossus 2 жыл бұрын
@@MoneyMacro I don’t think that was his point, more so exposing those that exploit these systems and presenting other type of systems that have been used in lieu in the past, like the tally sticks (used in Britain for centuries before debt-money), colonial script or greenbacks to name some of the ones mentioned by Still. And to add my opinion, no centralised/top down system thrives or is beneficial to the people for long, these are prime for exploitation and corruption, (private) central banking is no exception.
@christianromano2607 2 жыл бұрын
Could you make a video covering the U.S debt as well as the economics of government debt in general?
@mingzeming7924 2 жыл бұрын
I never knew the ashkenazim nomads was part of Europe.
@Antowan 2 жыл бұрын
This video is an excellent example of how banking built the modern world.
@PegasusFleets Жыл бұрын
How about that ? Real post-Doctorate of Divinity and Commerce in the eyes 👀 of Love !! ..loving it !! ...
@jakehansen7178 Жыл бұрын
I like this video of yours mate 👌
@MoneyMacro Жыл бұрын
Thanks Jake!
@felixcontreras2748 9 ай бұрын
as an f1 fan looking to learn about stuff outside of f1, it was quite triggering that not even in an economics video can i escape the dutch national anthem in 2023 haha
@MoneyMacro 9 ай бұрын
Hehe. Go Max!
@jangelbrich7056 Жыл бұрын
Thanks for presenting these things in a way that even a layman like me can kinda follow the story. Because the jargon used by most financial people too often turned me off ... Dank U vel.
@two_motion 2 жыл бұрын
4:08 Every Dutch citizen: *stares off into the distance with cloud timelapse in the background
@prashanthkamath7437 2 жыл бұрын
Hi, I watch your Chanel. I have recently written a book on Macroeconomic, Titled Plural Macroeconomics. I have posted a copy to you by snail mail on 3 rd November. It is stuck at Netherlands customs as on 15th. Some titles of the chapters are really click baits. I list them below: 1 Macroeconomic measurements 2 Macroeconomic money as a dynamic entity. 3 Multiple and Dynamic seigniorage hypothesis 4 State is violence 5 Distribution - deals with distribution between three markets: money, good and services, assets. 6 Societal memory and entropy Request you to go through it. I had posted about 200 copies of it to many academics. You were one of the pick. Regards
@PegasusFleets Жыл бұрын
How lucky is Yuri... Helping Love Almighty's jillionaires being fruitful and multiplying even better.. ..by their fruits you shall know them !! And the Fruits of the Spirit are love, joy? Peace, patience, kindness, goodness, and self control . against such there is no law !! How very very valuable at this stage of the New World Order 🌎 !! Working for Love Almighty and loving it !!
@fortimepass9849 2 жыл бұрын
Great channel !! Recently I was watching some old American presidential debate in which ron paul was suggesting ending the federal bank to counter inflation can you please make a video about that idea and what will be it's impacts if we do that in today's world and please bear with my english it's not my first language.
@MoneyMacro 2 жыл бұрын
yeah haha it would have an insane impact. Given some of the comments on this vid, I think I should at some point do a response video for these types of ideas.
@ClassicJukeboxBand 17 күн бұрын
Bill Still's movie "The Money Masters" tells it all...
@hugomartinez2387 2 жыл бұрын
make a video about greatest merchants of all time
@MoneyMacro 2 жыл бұрын
wouldn't that be more of a business type of subject? Perhaps the greatest trading empires?
@kl.9649 2 жыл бұрын
@@MoneyMacroabout the Wallenbergs?
@hugomartinez2387 2 жыл бұрын
@@MoneyMacro yes! the greatest trading empires sounds nice!
@tropics8407 2 жыл бұрын
Good one. Learn financial history to avoid past disasters 👍
@mingdianli7802 2 жыл бұрын
Great video. What cameras do you shoot your videos with?
@MoneyMacro 2 жыл бұрын
Thanks! Canon m50
@Rainn_F 2 жыл бұрын
Can you do more debunking economic narratives/myths? Thank you for making these educational contents. will we get another live Q&A soon?
@MoneyMacro 2 жыл бұрын
Will do both more in the future :)
@MoneyMacro 2 жыл бұрын
@@night6724 Haha well yes I might actually do a debunking of the Netherlands being a 'perfect' economy. It is not. Your regulation story though .... I heard they don't enforce regulations in South Sudan..... Amazing place to start a business.
@Tomas-ml9nv 2 жыл бұрын
The DEBUNKOOOORRR
@Rainn_F 2 жыл бұрын
@@night6724 here comes the "free market" ppl that think the term means free of regulation.
@Rainn_F 2 жыл бұрын
@@night6724 define good
@LarsMuis Жыл бұрын
Love the video Yoeri, thanks. Just one tiny cosmetical detail: Flevoland shouldn’t exist on your historical maps. Howerver I understand fixing this could open up a can of worms with other insignificant details that could be fixed.
@Lee-rq5eb 2 жыл бұрын
Interessant kanaal waar ik, wat de content betreft, (nog) geen moer van begrijp. Balen dat de videos niet in het Nederlands zijn. In ben al een poos op zoek naar een Nederlander die dit soort dingen goed uit kan leggen. Heb ik er eindelijk 1 gevonden, lult ie Engels!
@MoneyMacro 2 жыл бұрын
Haha helaas. Ik probeer wel vaak NL subtitles toe te voegen.
@AlejandroGonzalez-wo5fk 2 жыл бұрын
I feel like i just ate a delicious plate of history and economics. Tyvm, subscribed
@MoneyMacro 2 жыл бұрын
Haha awesome
@drelper 2 жыл бұрын
Can you do a video exploring Georgism pros and cons?
@Miki-fl9ez 2 жыл бұрын
You're no longer surprised about central banking conspiracies? Those guys want a XIX century banking system. Ultra divided, with sky rocket interest rates and big financial unstability. Without a big bank backed by the state, most modern infraestructure, going out of Big Recessions would be imposible
@deniseproxima2601 Жыл бұрын
And do the people, who you don't like or could be dangerous in the military or prison?
@luiscamacho1996 2 жыл бұрын
Your videos have quality
@MoneyMacro 2 жыл бұрын
Thanks Luis!
@M24artijn 2 жыл бұрын
Hi Marco! Just a question; you mentioned in your video that sweden created the first bank notes (if I quote you right). How do you look at the bank notes in china that excited long before 1600?
@MoneyMacro 2 жыл бұрын
It's a technicality. These were government notes not bank notes
@pabloturnesg 2 ай бұрын
The banking system that existed in the US before creating the FED was not a free banking at all. For real free banking systems you should look at Canada or Scothland. In fact, Bagehot in the book that you got his quote from, said that the correct model of banking was the one that Scothland had.
@shambles9 2 жыл бұрын
Uhmm first recorded bank notes? In 1661? By bank of Stockholm? In what sense? Last time I checked that credit goes to Tang and Song Dynasty China between years 618 ~ 1279
@MoneyMacro 2 жыл бұрын
That was a government note. Not a bank note
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