The History of Paper Money - Not Just Noodles - Extra History - Part 2
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Күн бұрын📜 History of Paper Money! Part 2
How does paper money get introduced? Who has to lose their head to do so? And what does Marco Polo have to do with anything???
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Part 3 - • The History of Paper M...
Part 4 - • The History of Paper M...
Part 5 - • The History of Paper M...
Part 6 - • The History of Paper M...
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@DragoniteSpam 7 жыл бұрын
"The misconception that printing money was literally a way to print money." That line is _amazing._
@HerodotusVon 7 жыл бұрын
DragoniteSpam How was this comment created 17 hrs ago? It was only uploaded 30 min back..
@DragoniteSpam 7 жыл бұрын
Zeredek You got it.
@danielmcgillis270 7 жыл бұрын
Don't tell that to The Federal Reserve.
@mkvenner2 7 жыл бұрын
TheRezro you do realize you're about 20 years behind on economic think as our understanding of economics is constantly evolving.
@Aesoporific 7 жыл бұрын
The Federal Reserve actually does a great job of managing things. A little bit of inflation is pretty healthy. It incentivizes current spending, makes debts of all kinds more manageable, and if it's low has little to none of the ill effects seen in nations like Zimbabwe. The thing you need to be worried about is when the people who control the money are straight politicians. Then they create something known as the "Political Business Cycle" where the political party in power prints extra money during the run up to an election to create a boom, which in turn goes bust after the election because it wasn't real growth to begin with. Rinse and repeat every election. The political business cycle has resulted in several nations including Ecuador, El Salvador, and Zimbabwe to "Dollarize" or accept the US Dollar as legal currency in their nation. People wouldn't adopt the US Dollar as their national currency if it wasn't doing something right.
@ubermons 7 жыл бұрын
I love how I.O.U. sounds like "I owe you", and means exactly that!
@FIstof7LEGEND 3 жыл бұрын
It’s the little things
@rishab.b9165 2 жыл бұрын
Yes something the us is yet to learn.... how does lb mean POUND?
@thebiggaklipa 2 жыл бұрын
U just found that out are u a child or something
@holycrusader7965 2 жыл бұрын
@@thebiggaklipa lb doesn't originate from the US :/
@thebiggaklipa 2 жыл бұрын
@@holycrusader7965 umm did i say anything about lbs?
@DragoniteSpam 7 жыл бұрын
"Why let a little crusade get in the way of a good story about fiscal instruments." Forget what I said in my last comment, _that_ line is amazing.
@user-zr4fi2wn8p 5 жыл бұрын
I know right
@raruruk 5 жыл бұрын
I literally laughed at that line.
@lilperidot8783 3 жыл бұрын
Top 10 Sequels
@also_arles 6 ай бұрын
@@lilperidot8783i'm gonna need a sequel for this reply
@Sabrowsky 7 жыл бұрын
I DEMAND THAT THE "NEEDLESS TO SAY HE DIED IN A BRUTAL MANNER" LINE BECOME A RUNNING THEME
@DragoniteSpam 7 жыл бұрын
Oh, there will be _plenty_ of opportunities to say that on a history series, I'm sure (◡‿◡✿)
@IONATVS 7 жыл бұрын
+
@silverknight1089 7 жыл бұрын
+1
@alawi3246 7 жыл бұрын
the history of rome or wars would be full of "needless to say"
@Sabrowsky 7 жыл бұрын
"Caesar's actions pissed off everyone in the senate, needless to say he was stabbed 23 times"
@Deskof003Blogspot 7 жыл бұрын
"Needless to say, he was promptly strangled with a bowstring." Was that needless to say? Because I wasn't expecting THAT.
@HellbirdIV 7 жыл бұрын
Remember how Suleiman had his son strangled with a bowstring? The Ottomans were descended from ancient Khans, as the Turks came out of the same region. Yes, that strangling was actually foreshadowed in a previous Extra History episode.
@GodofFreedom 7 жыл бұрын
Essentially, that was a thing people did around those parts.
@GodofFreedom 7 жыл бұрын
Essentially, that was a thing people did around those parts.
@Blazo_Djurovic 7 жыл бұрын
It's was a custom and a belief in eastern cultures that the ruler's body was holy/sancrosanct and to spill his blood is to damn yourself. This was useful to the rulers but problematic when you REALLY need to off your monarch. The solution became to strangle them and since no blood is being spilt, no problems.
@dc71knox 7 жыл бұрын
It's common for the mob to kill people who rip off a lot of people like they did to Charles I. The government is generally bad at doing it's job of enforcing the laws especially when it is the government breaking them.
@anttibjorklund1869 7 жыл бұрын
"Needless to say, he was promptly strangled with a bowstring". Wow this got really dark.
@timothymclean 7 жыл бұрын
Such is politics in the days when one mad king could destabilize an entire country.
@CatManUtdFC 7 жыл бұрын
cough...trump...cough
@AngyIronman 7 жыл бұрын
Glad I'm not the only one who said "wait what?" at that one.
@GhostDr3amer 7 жыл бұрын
He basically stole everything from anyone that mattered all at once. Things like that happened to large-scale thieves in those times. Small-scale just got their head bashed in with a mallet out of the way where it won't bother anyone.
@adamblakeslee5301 7 жыл бұрын
Oddly enough, corrupt kings being killed like dogs is one of the lighter sides of history.
@violetsweet1660 7 жыл бұрын
"Needless to say, he was promptly strangled with a bowstring." What a great sentence.
@lategamer6684 4 жыл бұрын
=""==‘“[=“”’’’
@GarthTheMighty 7 жыл бұрын
"Because the Crusades accidentally created modern banking." ...KINDA GLOSSED OVER THAT. Seriously, that sounds incredibly interesting. Wonder if it's a Patreon option...
@Meeko1010100112 7 жыл бұрын
*NON EXPERT ALERT. THIS IS ALL CONJECTURE* I think, to touch on that, the thing was that all the crusaders had stole (sorry, requisitioned holily) stuff from the Holy Land, and couldn't bring it ALL back with them at once. They couldn't carry it all. So a network of deposits were set up by knight orders where a person could deposit stuff and then, under good faith, retrieve that stuff later back in their homeland. It was tied to the individuals name, so knight rudolf couldn't retrieve knight jone's stuff if he were to kill him and steal the note. That would be given to his heir, I imagine.
@KnakuanaRka 4 жыл бұрын
Yeah, I don’t think that ever got mentioned in the original Crusades series. You’d think they’d at least insert a “..which is too long a story to talk about right now.”
@a_human8489 3 жыл бұрын
That’s like covering Soviet history by saying Now the soviets were angry with the Americans because there was a quick world war.
@snarf2708 Жыл бұрын
For anyone wondering, it has a lot to do with religion. Usury, or “charging for the thing and the use of the thing” is a sin in catholicism, which meant that they couldn’t charge interest on any of their stolen wealth because the crusades destroyed non-catholic populations. So, because at this time banks weren’t considered important, they put the jewish underclass in charge of the them, because usury wasn’t against their belief. Shortly thereafter all kinds of advanced economic systems developed, and banking suddenly became very profitable. This is the real reason why there are so many jewish bankers today, they were forced into it but ultimately it helped them out
@Xalerdane 11 ай бұрын
Here’s how the Crusades were involved in the creation of banking: A lot of crusaders were members of Knightly Orders, which were basically para-military NGOs. A majority of these Orders were founded for the purpose of guiding and protecting religious pilgrims who wanted to visit the Holy Lands. The most obvious aspect of this was being an armed escort: a bunch of Knights Templar (the most well known Order) or Knights Hospitaller (who are more remembered for running what were basically medieval YMCAs) would go with the pilgrims and fight off anyone who tried to rob them. What’s not shown in film as often is the fact that the Orders would take the pilgrims’ coin money and give them a receipt for it. When the pilgrims got to the Holy Land, they could just head over to the nearest Chapterhouse of that Order, present their receipt, and be given the equivalent amount of coinage. Even after Crusades became passé, many of these Orders kept in business acting as secure depositories for people’s money, to the point that many of them were wiped out by kings who were threatened by their economic power.
@CommissarMitch 7 жыл бұрын
"Needless to say he was promptly strangled with a bowstring" yep, that's Dan for you
@Thraim. 7 жыл бұрын
I still remember when they strangled my brother with a bowstring. He got better.
@gejyspa 7 жыл бұрын
Ya kinda /need/ to say it. Because "strangled with a bowstring" isn't exactly the first way of deposing a ruler that comes to mind.
@VCYT 7 жыл бұрын
it was needless to say all that.
@joelcraig9803 7 жыл бұрын
"The misconception that printing money was literally a way to printing money" I sure am glad that no one thinks that way today.
@rustygear447 7 жыл бұрын
sadly, most people still think that way. economy is not easy to understand.
@AutumnIsNigh 7 жыл бұрын
Especially when no one bothers to look up how the economy actually works.
@Armendicus 7 жыл бұрын
or teach it.
@alexreyes8166 7 жыл бұрын
AMERICA FUCK YEA!
@MisFellatio 7 жыл бұрын
fractional reserve banking is essentially the same,
@anonimo2932 7 жыл бұрын
Needless to say... his [insert body's part here] was [insert a bad time situation here]
@AegixDrakan 7 жыл бұрын
Needless to say, Walpole's face promptly got in the way of a good crusade.
@grovertigo 7 жыл бұрын
Remember to include the part about it being promptly done!
@redeemaugustine5945 7 жыл бұрын
"Needless to say, his body was promptly stabbed 33 times...
@tojiroh 7 жыл бұрын
Needless to say... His goose was promptly cooked.
@nullpoint3346 5 жыл бұрын
@@redeemaugustine5945 I count 36 stab wounds. And missing hands. Givin the markings on the bone, I'll say they were chewed off.
@Noelle808 7 жыл бұрын
"Needless to say his head was promptly separated from his body" See, if we as a society brought back can-do thinking like this to deal with the people who control all the money, it would be real easy to get corporations to pay their damn taxes.
@AegixDrakan 7 жыл бұрын
If they keep pushing it and people start starving...It might actually happen. Although given that it's the US, it's likely going to involve a lot of bullet holes and less guillotines.
@GregAumann 7 жыл бұрын
Same end result though. Americans like to just get the job done. A guillotine has a lot of formality involved. Guns and bullets are quick and cheap.
@weldonwin 6 жыл бұрын
Except before Charles' head was seperatd from his body, there was a bloody civil war first and after said seperation, England was ruled by a military dictator who forced his puritanical fundamentalist religious beleifs on everybody else, under threat of military force.
@xo-1320 6 жыл бұрын
Noelle Clayton They do, there enough loopholes (which are legal by the way as in they are written in our LAW) to get around most of it
@jamrenzee 5 жыл бұрын
Remove the loop holes. Use them to hang the people who made them!
@mistformsquirrel 7 жыл бұрын
I love that "Because the Crusades had accidentally created modern banking." thing.
@saltyman7888 7 жыл бұрын
i accientally modern banking how fix?
@mistformsquirrel 7 жыл бұрын
Lol, exactly.
@cielopachirisu929 7 жыл бұрын
It goes to note that the Middle Eastern Crusader banks also-- if temporarily-- stalled further Crusading violence. I believe to a point that they did this on purpose. A number of Moslem lords had deposited their money in Crusader-aligned banks. For a while, this lessened support for a fight among them.
@andersonandrighi4539 7 жыл бұрын
Next episode there will be Walpole everywhere :D
@hiromiarash172 7 жыл бұрын
Anderson Andrighi it was Walpole
@sarasamaletdin4574 7 жыл бұрын
I wonder if they did this series just to have Walpole.
@robertwalpole360 7 жыл бұрын
There is always a Walpole.
@MrPapayaman1000 7 жыл бұрын
Yep. Some vigorous Google-fu says that the bank notes were officialized in 1833, near the end of Walpole's rule as Prime Minister.
@siberianbull9 7 жыл бұрын
why let a crusade get in the way of a good Walpole story.
@Gixwing 7 жыл бұрын
Uhm... My Walpole's senses are tingling... maybe that figure in the shadows at the ending hás something to do with it
@ZircronSwift 7 жыл бұрын
You too? I literally said "My Walpole senses are tingling" as soon as Dan mentioned England, money, and a date approaching the South Sea Bubble :P
@sanctusservus4714 7 жыл бұрын
oh, so it isn't just my Walpole senses tingling, nice to know
@robertwalpole360 7 жыл бұрын
I heard someone's Walpole senses were tingling.
@LeahLuciB 7 жыл бұрын
It's you!
@Prich319 7 жыл бұрын
could be one of the Rothchilds
@inirlan 7 жыл бұрын
Of course! It was Walpole!
@Rert 7 жыл бұрын
When isn't it?
@robertwalpole360 7 жыл бұрын
For that, I have to agree. ;)
@AshenVictor 7 жыл бұрын
Spoilers!
@thehistorianjt3929 3 жыл бұрын
Plot Twist? Nah
@ttry1152 3 жыл бұрын
@@robertwalpole360 so stocks=money now
@nathanjxaxson 7 жыл бұрын
I am seriously, seriously, seriously loving this set. Learned about the introduction of paper money in school as a kid but it was never quite as clear to me as this series; which should really be played in elementary schools.
@Jedibob5 7 жыл бұрын
7:25 "Even wilder-west personas..." Let me guess: Walpole!
@gnustep 7 жыл бұрын
Yay, Walpole!! I believe Walpole is a time traveller who knows all of the right places to interfere with history. ;) (kidding)
@Angelblue1302 6 жыл бұрын
Eh...Close, but not quite! But Walpole does take place around the same time-ish.
@yaboicash6666 5 жыл бұрын
Was it ever not Walpole
@timothymclean 7 жыл бұрын
"Foreshadowing" indeed. Rule of thumb-if you think you've found a way to game a system fundamental to the functioning of society (e.g, the economy), someone's going to get screwed over, and if you do it on a large enough scale, sooner or later _you're_ going to be one of the someones.
@AegixDrakan 7 жыл бұрын
This is an important lesson. I hope we learn it someday.
@paulpeterson4216 7 жыл бұрын
The important lesson is that without Fractional Reserve Banking the economy would be VASTLY smaller than it is today. Perhaps by as much as a factor of 10 would be my guess. Saying we shouldn't use it is like saying that hunter-gatherers should not have adopted agriculture, because occasionally there will be a crop failure. You can believe they were right or they were wrong at the time, but I'm awfully glad that they did.
@timothymclean 7 жыл бұрын
Paul Peterson Fractional reserve banking to expand the economy is one thing. Fractional reserve banking to make a quick buck is another.
@paulpeterson4216 7 жыл бұрын
Timothy McLean Absolutely true
@Mankorra_Gomorrah 7 жыл бұрын
i'ts actually a really interesting story about how the crusades created modern banking, maybe in the future there could be a mini series about it.
@Daniel.Liddicoat 7 жыл бұрын
Please tell us about counterfeiting. I'm sure counterfeit money was invented 5 minutes after actual money.
@genstian 7 жыл бұрын
It was invented in Lydia in like 600BC or something by just thinning out metal coins with cheaper metals. Like mixing gold with silver.
@VideoGameAnimationStudy 7 жыл бұрын
Aaahh, maaan, hearing an American say "quid" was oddly satisfying :-)
@Nemoticon 7 жыл бұрын
It brought a smile to my face too. He did it quite naturally as well, I was impressed!
@VideoGameAnimationStudy 7 жыл бұрын
Firebrand Yes! It flowed quite nicely into the sentence as a whole
@david_no_lacking778 6 жыл бұрын
Dan Root is a quid like a cent.
@ElNeroDiablo 6 жыл бұрын
David_no_lacking - 1 Quid = 1 Pound Stirling/Great British Pound. eg: "I got like 5 quid on me" = "I have like 5 Pounds on me", like how you'd say something like "I got 10 bucks on me" for "I have 10 dollars on me".
@johnd2058 6 жыл бұрын
Perverts ;P
@GideonGleeful95 7 жыл бұрын
4:17 Off of Italy's side? You mean off Europe's side?
@Leivve 7 жыл бұрын
I think that's the joke to show how far the system has spread through Europe.
@StelarCF 7 жыл бұрын
Obviously he's talking about Corsica.
@gavin169 7 жыл бұрын
SHHH! save it for lies!
@Theraot 7 жыл бұрын
The not Holy, nor Roman, nor Empire.
@abdiganisugal825 7 жыл бұрын
--- Voltaire ⚡
@Infernoraptor 7 жыл бұрын
You mentioned the crusades created banks. Please cover at some point
@jackhoward705 7 жыл бұрын
it came about from the Knights templar. they held on to pilgrims belongings like money to keep it safe.
@Infernoraptor 7 жыл бұрын
Really? Interesting.
@nakenmil 7 жыл бұрын
Yeah, it's quite an interesting story on its own. :)
@Foxpawed 7 жыл бұрын
Also hospitals.
@youtoober2013 5 жыл бұрын
@@Infernoraptor Yes. Knights had armour and could protect valuables while pilgrims travelled. No one bothered the worthless folks on their way and their valuables were waiting for them when they arrived. Minus a little off the top of course... how noble of the knights... psh. Fucking humans. I swear, there was an honour code of using your advantages in life to aid the disadvantaged, but whatever!
@TakoyaKyono 7 жыл бұрын
6:24 Hearing Americans say "Quid" sounds so strange to me for some reason. It's British slang for £, like how a quarter is American slang for 25 cents, but to hear other tongues say it? It just makes the word sound so surreal. Take London for example, hearing a Cockney go "'ere mate, lend us twen'y quid!" to his friend is run of the mill. To hear an AMERICAN say that exact same line? It sounds so out of this world.
@BaltaBueno 7 жыл бұрын
What up quid?
@ricojes 7 жыл бұрын
You're a kid now, you're quid now, you're a kid, you're a quid, you're a kid, you're a quid, you're a kid, you're a quid.....
@Cage532 7 жыл бұрын
I'd think they most likely use our own American slang and say something like. "Hey bud, can you float me a twenty?" Unless they're trying too hard to fit in of course.
@nullpoint3346 5 жыл бұрын
@@ricojes "Hey! I'm not made of money!" "Actually you are."
@totallynameless8861 5 жыл бұрын
@@ricojes You're a squid.
@MrTTitanic 7 жыл бұрын
I knew the idea of paper money was odd and that giving value to paper is really weird, but man this episode just really showed me how weird and cool the beginnings of paper money was. Nice episode
@jaykebird2go 7 жыл бұрын
I can't believe how entertained I am by a series talking about the creation of paper money!
@ElZamo92 7 жыл бұрын
"Needless to say, he was promptly strangled with a bowstring" OMG, why did I laugh so much?
@daisyrushton1574 7 жыл бұрын
Charles I was literally flat BAROQUE
@Scruffi 7 жыл бұрын
I really wanted to downvote this, but I just can't. +1
@wu1ming9shi 7 жыл бұрын
I laughed ay to hard at this than i should have. XD
@elgostine 7 жыл бұрын
same
@tojiroh 7 жыл бұрын
Badum-TCH!
@samanthasmith2910 5 жыл бұрын
"needless to say he was promptly strangled with a bow string" so hilarious.. said so casually..
@baalplays7855 6 жыл бұрын
This was going on in Europe at the same time. People, allowed to store their valuables in the local blacksmith's vault were given receipts for their goods, which became the first "commercial paper."
@RaytracedFramebuffer 7 жыл бұрын
Why get Walpole in the way of a good banking system?
@robertwalpole360 7 жыл бұрын
Oh? Something with me in it?
@RaytracedFramebuffer 7 жыл бұрын
Robert Walpole Why get Walpole noticing you get in the way of myself screaming like a fangirl? Life goal accomplished :D
@Theraot 7 жыл бұрын
Walpole is easier to summon than Bettlejuice :v
@joinmarch76 7 жыл бұрын
Really? Let me try this! *ahem* Walpole...Walpole...Walpole!
@robertwalpole360 7 жыл бұрын
joinmarch76 Did somebody summon me?
@playercryptar 7 жыл бұрын
Thank you so much for saying "twenty quid", it made my morning. Also the matter-of-fact explanations of how money-grabbing bastards were executed were most amusing.
@XerxesTexasToast 7 жыл бұрын
So THAT's why they're called banknotes!
@damianpenston6588 7 жыл бұрын
Yes, but what people call banknotes today are more properly called currency notes. Having said that, there are a few banks in the UK that have a license to print their own banknotes.
@Carewolf 7 жыл бұрын
Yeah, I was bit worried the first time an ATM in Scotland starting spitting its own Monopoly money, with its own logo and everything instead of official banknotes from a neutral or state source.
@TheBespectacledN00b 7 жыл бұрын
Bank of Scotland, Royal Bank of Scotland and the Clydesdale Bank. Because under that Act of Union Scotland is still allowed to mint it's own coins and issue it's own notes. Although Scottish notes are rare and if you try spend one in England it will likely get examines for being fake.
@JakeFaulkner 7 жыл бұрын
well, they're rare(ish) in England (and presumable Wales and NI too). I travel down to Newcastle several times a year, and never have any problems using my Scottish notes though.
@damianpenston6588 7 жыл бұрын
There are four banks in Northern Ireland that print banknotes. The Bank of Ireland, Ulster Bank, First Trust Bank and Danske Bank. As with Scottish notes, they are promissory notes and not legal tender under the law.
@gyrrakavian 7 жыл бұрын
Nice foreshadowing. If memory serves, that's far from the first time bankers had done that and had faced a riot after the fact.
@OfftheRadar9790 7 жыл бұрын
How?! How am I watching a documentary on the introduction of paper money and being absolutely enthralled by it?!
@sparkinstarfall_FD 7 жыл бұрын
I have a feeling Walpole is going to be involved somehow.
@robertwalpole360 7 жыл бұрын
Naturally. ;)
@AegixDrakan 7 жыл бұрын
Considering that in the Lies episode for the South Sea Bubble, James mentioned that Walpole's biggest rival was the guy who basically invented paper money, you can bet Walpole will show up. XD
@Healermain15 7 жыл бұрын
Implying there are events he ISN'T involved in.
@TheBespectacledN00b 7 жыл бұрын
Actually, that guy IIRC was John Blunt's great rival
@fightormon 7 жыл бұрын
Can someone explain the origin of warpole meme. New sub here I have tried tracking it down and it seems like someone is preventin.... it was warpole.
@ShankarSivarajan 7 жыл бұрын
2:05 "...promptly strangled with a bow-string." The perfect solution to financial crises!
@nullpoint3346 5 жыл бұрын
Crisis*
@ifigeneiaalevizou9209 3 жыл бұрын
The plural is "crises"
@reignandbongao9497 7 жыл бұрын
I loved that "why let a little crusade get away with..." line especially in the crusade series... those were legit funny.
@pellaken 7 жыл бұрын
Honestly the best episode yet. Very concise and yet extremely clear and educational.
@not2be4gotten02 5 жыл бұрын
"So long as everyone doesn't try to turn in their bank notes at once" Me: *chuckling at the Great Depression for unknown reasons*
@LOZFFVII 7 жыл бұрын
Good job at using the pound's equivalent of 'buck' correctly in a sentence. Did you know: "Quid pro quo" is a latin phrase and is where we get the word 'quid' (meaning 'pound') from. The phrase translates as "Something for something else" and is basically an exact descriptor of what the pound (currency) is.
@user-cd4bx6uq1y Жыл бұрын
This channel is the like if you put half the good capabilities of the entire youtube into one place
@Chandral 5 жыл бұрын
This is way better than any intro to finance or economics class. You guys did a great job.
@jellybean358 7 жыл бұрын
ahh that crusade reference made me want to watch the entire crusade series again... Then I have to watch Admiral Yi's story again since its my favourite.... that one ties in with the Sengoku Jidai series, so I will have to watch that again...
@Siegmernes 4 жыл бұрын
I feel you buddy.
@CaptmagiKono 7 жыл бұрын
I really have to wonder how interest was kept track of before automated computation of numbers was a thing, in this light, I feel like accountants are very unappreciated throughout history. Imagine if all of these numbers for all of these people were not kept track of properly, it would be a gigantic mess.
@Alexaflohr 7 жыл бұрын
And it was, many, many times. Interest was basically kept track of with memory, writing it down, or only by loaning set amounts and delivering interest on set dates to everyone.
@CaptmagiKono 7 жыл бұрын
Alexander Abrams-Flohr I can't even imagine how much paper was used just keeping track of stuff for what eventually grew to millions of people.
@wu1ming9shi 7 жыл бұрын
Well, luckily there was an invention called paper... but seriously though. I often feel like people from the past were a lot smarter in doing things than e'd like to believe. I mean often we see ourselves superior towards those of the past. But in cases like this you have to admit, they seem to outsmart us.
@VukMujovic 7 жыл бұрын
That was less than 50 years ago. You had ledgers, big ones, where all clients were recorded and indexed. You had your client ledger, you had your daily ledger and you had a monthly audit ledger. Loans were not calculated automatically with 4 or 5 points to a loan but there was only ''base sum'' and ''interest''. If a loan is for 1000$ with 20% interest for 10 years, you would just pay 120$ every year.
@CaptmagiKono 7 жыл бұрын
Vuk Mujović Well I understand things being recorded, but just the sheer amount that had to be recorded on a constant basis. I suppose that is why there are multiple accountants per quantity of customers, or there were just less people back then (way back then.) Since many companies nowadays keep every email in their main hard-disks no matter how mundane or long ago it was made, it is staggering to believe that all of these logs were kept in the same way but in a paper form, must be a lot of file cabinets.
@clecanadalawexplained6330 4 жыл бұрын
I've been listening to the Revolutions podcast, starting with their series on the English Revolution of the 1640s. It's so cool hearing that story referenced as a mere tangent in this one, but also knowing the whole backstory of all the events that eventually lead to Charles the 1st execution.
@stachowi 5 жыл бұрын
wow, one of the best explanations i've ever seen and I've been studying money for 20+ years. Amazing job.
@dariuscarter5758 7 жыл бұрын
Fractional Reserve Banking is an adorable baby.
@olstar18 7 жыл бұрын
Coming up next a run on the bank. By the way where is Walpole?
@robertwalpole360 7 жыл бұрын
I'm right here!
@Cracker3011 7 жыл бұрын
GET HIM!
@robertwalpole360 7 жыл бұрын
Cracker3011 Woop, woop, woop, woop!
@Elementnz 7 жыл бұрын
been loving the content so far guys this is a great story !
@akakico 7 жыл бұрын
These abstract concepts videos are my absolute favorite!
@anttibjorklund1869 7 жыл бұрын
Love the TARDIS reference!
@AndyG94 7 жыл бұрын
I missed Walpole!
@DavidChipman 7 жыл бұрын
Maybe he'll show up in later parts.... ;)
@Mlpzeldafan011100 7 жыл бұрын
That silhouette looked familiar... though that may just be because everyone back then looked like that from behind.
@weldonwin 7 жыл бұрын
I'm pretty certain thats him in the shadows at the end of the episode
@Mlpzeldafan011100 7 жыл бұрын
weldonwin I googled Walpole and paper money... *giggles excitedly like a little schoolgirl*
@robertwalpole360 7 жыл бұрын
Did somebody miss me?
@coldandghostly 4 жыл бұрын
The guy buying vegetables with his 1 pound receipts looked so happy. You go vegetable guy.
@CarstenGermer 7 жыл бұрын
Once again you guys are amazing. If I were a teacher, I'd show your series whenever applicable.
@ShankarSivarajan 7 жыл бұрын
4:17 "..the little island hanging off of Italy's side." I thought you meant Sicily.
@obrkenobi1170 7 жыл бұрын
Spelling error. Ikhanate should be ILkhanate. But otherwise this is one of my favourite episodes ever. :D
@Kapuist1 7 жыл бұрын
In college I studied a bit of financial history, and the biggest innovation to increasing the money supply, rapidly expanding the economy, etc. is Fractional Reserve Banking. In fact, many people suggest that financial innovations are one of the chief causes of the rise of England and the United Provinces in the 17/18th centuries.
@ElNeroDiablo 7 жыл бұрын
This is awesome guys, and I love that you used both "Quid" & "Pound" to refer to the Pound Sterling!
@seanmurphy3430 7 жыл бұрын
FORESHADOWING!
@Healermain15 7 жыл бұрын
DUN DUN DUUNNNN!
@Sabrowsky 7 жыл бұрын
*angrily shakes fists* DAMN YOU WALPOLE
@Grizabeebles 7 жыл бұрын
It was a shadow in the foreground. That's some literal "foreshadowing" right there.
@Burred11 7 жыл бұрын
what didn´t the crusade bring.
@irsevader7708 7 жыл бұрын
Ven Flemmingson Pineapples
@Burred11 7 жыл бұрын
sonam karma I guess you ever heard the crusading swallows that brings the coconuts and pineapples to Europe. :P
@irsevader7708 7 жыл бұрын
damn
@aperson5135 7 жыл бұрын
lol
@hsnd2388 7 жыл бұрын
Ven Flemmingson Peace in the Middle East?
@hacker010010101 7 жыл бұрын
This is so well made, thank you and great job!!
@aidanwansbrough7495 5 жыл бұрын
Love this series! Really interesting stuff!
@AegixDrakan 7 жыл бұрын
Did you guys just reverse the "Good crusade" meme?! :o
@WhimsyHeath 7 жыл бұрын
the guy at 6:31 is randomly adorable.
@neurofiedyamato8763 6 жыл бұрын
5:16, I had to kind of laugh at the whole "head separated from his body." lol And the English bankers with the whole foreshadowing part was a nice touch.
@ZosoZeus 7 жыл бұрын
This is awesome! You guys are awesome! I can't wait to see the Walpole of the next episode!
@Gamerad360 7 жыл бұрын
Its call fractional reserve banking and is one of the main causes of our financial instability.
@saltyman7888 7 жыл бұрын
i thought it was government regulation lol
@Gamerad360 7 жыл бұрын
金大恩 Nah, fractional reserve banking has existed since before the events described in this video. Today we have regulations specifically mandating the percentage of reserves. For instance before the regulation the bank reserves could be anywhere from 110% to 1%. The fact is banks are loaning money they do not have.
@WannabeCanadianDev 7 жыл бұрын
Greed and deregulation is.
@Gamerad360 7 жыл бұрын
I don't tend to like use of words like greed, because its a very subjective term, and used to judge, or shame others. Deregulation is not necessarily causing financial instability. It depends on a case by case basis, whether or not the deregulation caused financial instability. Regardless of what the doctrine of the political parties it really depends on the regulation itself. Sometimes a regulation is good at promoting stability, or progress, and sometimes it's harmful. For instance one very important regulation that promoted financial security and stability, Glass-Steagall, made Investment banks, and commercial banks separate. Investment banks take much higher risk, and because of Glass-Steagall you could be a investment bank, but you couldn't use a commercial banks money, which was primarily the bank holdings of everyday citizens.
@ahouyearno 7 жыл бұрын
at the same time, fractional reserve banking is one of the main causes for our financial stability, when done right. It's like nuclear power. It can destroy the world in the wrong hands but when handled correctly, it can fuel the world's economy.
@alexioskomnenos9050 7 жыл бұрын
3:18 (Heavy byzantine-ing)
@Prespanda 7 жыл бұрын
I love when you guys talk about financial history.
@Felitaur Жыл бұрын
Love that version of Simple Gifts at the end.
@JoshIdstein 7 жыл бұрын
Needless to say, the Like Button was promptly hit by my cursor.
@jackychan8090 7 жыл бұрын
"The little continent hanging off Italy's side " You mean France's ?
@timothymclean 7 жыл бұрын
I would have gone with Europe in general, really. ...Though an alternate universe where the British Isles somehow got shoved into the Mediterranean some time during the Middle Ages would be interesting...
@spriddlez 7 жыл бұрын
It was a joke ;P I think Italy's influence was large enough to cover most of France/Europe at the time.
@Hugh.Manatee 7 жыл бұрын
Italy's Influence? Italy wasn't even Italy back then. It was a bunch of small kingdoms, republics, duchies and one papal state
@firecage7925 7 жыл бұрын
Adenine, since you want to be so nitpicky, it was actually several papal states, due to being called the Papal States. Like the UK is the United Kingdoms and not one united kingdom.
@sprintwarrior18 3 жыл бұрын
Whenever we learn about poverty in class everyone asks why they don’t just print more money and I always have to explain it to them
@Atratzu 7 жыл бұрын
I think this episode everything that I learned was new information for me! Looking forward to the madness for the next episode. :D
@nelsonchereta816 7 жыл бұрын
Banknotes that can be redeemed for hard currency work wonderfully... so long as the economy is going well and people have confidence in them. But if a war starts, some ships are lost at sea, or the bank owner is caught being a little too friendly with his neighbor's wife then you get a run on the bank. The bank doesn't have the gold to redeem all its notes, the bank promptly goes bankrupts and a lot of the customers lose all their savings. So yes, a few minor problems with the system.
@masterofmundus1304 7 жыл бұрын
that's the problem with banks, not paper money. The same thing happened in the Great Depression, only they didn't have enough paper money to cover what was supposed to be the amount in the bank
@nelsonchereta816 7 жыл бұрын
The two sort of go hand in hand. You can't really have paper money without a banking system.
@jellybean358 7 жыл бұрын
Seeing these leaders screw with their economies causing fatal head related injuries gives me hope for my country :D
@jonathanzilk6089 7 жыл бұрын
This is wonderful! I really like this series.
@DeepDuh 7 жыл бұрын
Holy shit, I just realized why Banknoten (= Bank notes) are called what they're called in German. This channel is gold! Wait no, it's paper money!
@Poopdahoop 7 жыл бұрын
That.... that person at the end there. Is that.... who is that? Who could that be-- It's Walpole. It was Walpole.
@robertwalpole360 7 жыл бұрын
Indeed it was. ;)
@blanca-borb 5 жыл бұрын
Law has entered the chatroom
@Duke_of_Lorraine 7 жыл бұрын
Walpole taking over the financial system ? And I thought that the current financial system was shady...
@amelialoyselle2123 7 жыл бұрын
That nod to the Crusade episodes tho, oh my god. I wasn't expecting that! Made me laugh out loud.
@GaryJYang 7 жыл бұрын
wow, this is best informative and fun video explaining banking and moning!!! Thank you
@Alex-fu4md 7 жыл бұрын
Let me guess. Is it Walpole?
@vicentetemes5793 7 жыл бұрын
4:20 I hate being THAT guy, but shouldn't that be "Europe's side"?
@Ironfrenzy217 7 жыл бұрын
Oh that's accidental?
@321Nagato 7 жыл бұрын
420 blaze it. They went wrong at that exact time.
@vicentetemes5793 7 жыл бұрын
Ironfrenzy217 I suppose so, England isn't exactly next to Italy.
@Ironfrenzy217 7 жыл бұрын
I was saying a quote from TFS : DBA. Twas trying to be silly.
@vicentetemes5793 7 жыл бұрын
Ironfrenzy217 What is a TFSDBA and how many of them are required to change a lightbulb.
@krzuker 7 жыл бұрын
I love the Kiner Brothers' rendition of "Simple Gifts" from the credits of these. Sooo goood.
@Michael-vz3ox 7 жыл бұрын
Very good series. Keep it going please!
@Fungamerplays 7 жыл бұрын
So what you're saying is that printing money is not a way to print money?
@jimfuelig3561 7 жыл бұрын
Please no nuts and their political agenda pushing in these comments.
@roguedogx 7 жыл бұрын
how about someone political pushing their nut agenda? I plan it eat some almonds later on today!
@AdolfHitlerMemeLord 7 жыл бұрын
I'll have you know!
@AdolfHitlerMemeLord 7 жыл бұрын
I feel like just joking about that will trigger some democrats, those people can't take jokes just you see.
@jimfuelig3561 7 жыл бұрын
Fuck me the nuts are here and are using this post. We don't care about your politics whatever they might be. Get! +roguedogx I would much rather have some walnuts than those crazy almonds.
@roguedogx 7 жыл бұрын
Ted Wilbour I would recommend roasting them in the oven. but in the 2 minutes of cooking add a light coating of cinnamon and brown sugar and broil for the remaining time to add that extra layer of flavor.
@cheezkid2689 2 жыл бұрын
"Needless to say, his head was promptly separated from his body." that is a fantastic way to put it
@lolabradford2247 7 жыл бұрын
Am I the only one who gets so into the theme song at the beginning that I clap along with the "thump" between the two lines of melody?
@Mjiujtsu 7 жыл бұрын
with regards to banking, did you know that under Sharia law it is illegal to make interest off savings? Arab communities benefited massively from local investments in this way, because the only thing to do with money was either save spend or invest, and only one of those makes more money :)
@damianpenston6588 7 жыл бұрын
Usury also goes against the teachings of the Christian bible, but the Catholic Church turned a blind eye long ago. If they'd thought of it, I'm sure they'd have done the same thing as Islamic finance.
@HUNDmiau 7 жыл бұрын
Why do I, a communist, watch this you might ask? Know your enemy. :D
@HxH2011DRA 7 жыл бұрын
Everybody should learn history :D
@janerickallado8881 7 жыл бұрын
you can't just go to communism without going through socialism which still has money. But this time money goes to people who work hard for it.
@logicalfundy 7 жыл бұрын
The system has progressed and advanced so much that it would be pretty difficult to come up with a better system. I wouldn't say it's perfect - but it's pretty good, and I don't think I have seen anything better come from communism.
@HUNDmiau 7 жыл бұрын
Jerick Allado Kropotkin und Bakunin turn around in their grave :D Nope, only if you take the marxist-leninist approach, which is often seen as the most important, if not the only way of communism. That's wrong. There are orthodox marxists, council communists, and anarchist communists. And both council and anarchists have in common that both don't go through socialism and both want to abolish money as soon as possible. Also we have functional examples of anarcho-communism. logicalfundy The system is as broken as ever. Just because we have it a little bit nicer as workers, mostly due to anarchists and communists in the 19th and 20th century, doesn't mean the system itself is in any way less exploitive or nicer. And we haven't seen anything from communism yet, because we were never able to fully reach it. The closest we got was probably revolutionary catalonia, anarchist aragon and the Free Terriotories of Ukraine. And no, Russia, China or North Korea (Or any other nation you want to mention) was or is socialist. And definitely not communist.
@logicalfundy 7 жыл бұрын
"The system is as broken as ever." Well, you kinda have to define what "broken" means. Exploitation is a problem, yes. However, I don't think that the existence of money is to blame. Other factors, such as monopolies, oligopolies, and a business / economic structure that places profit above all else, is largely to blame. "And we haven't seen anything from communism yet, because we were never able to fully reach it." This is what I like to call the "purity argument," and I see it from all sides in many topics, such as economics, politics, and religion. It generally goes like this: "My point of view wasn't followed purely enough, and that's why everything fails." My biggest concern with following any philosophy absolutely purely is that it may not be flexible enough to accommodate reality, or may leads to extreme results of some sort. In any case - if you'd like to describe how you think economics ought to work in more detail, feel free. Consider me interested.
@michaelfixedsys7463 6 жыл бұрын
“Needless to say, his head was promptly separated from his body”
@mikelisabartels6221 7 жыл бұрын
i love this show i watch this every week and tell overs
@m_b_lmackenzie4510 5 жыл бұрын
I love when you bring sketches from the other series. "Why let a little historical series get in the way of creating another historical series?"
@LaceNWhisky 7 жыл бұрын
I've always had a hard time wrapping my head around the concept that paper money correlated to some volume of gold stashed somewhere where I'd never see it in my life. Actually seeing the history of the development of that concept helps a lot.
@dangime 7 жыл бұрын
Glad this episode seemed much more accurate. You could have included that eventually paper money got so out of hand in China it was eventually banned after repeated devaluations and crash, and they'd only accept silver for hundreds of years, as pointed out in your Opium war videoes.
@KnakuanaRka 5 жыл бұрын
“Needless to say, he was promptly strangled with a bowstring.” Priceless.
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