30 Nov '16, 3pm

The First And Last Word In Money: How Bitcoin Is More Like Ancient Sumer Than The Federal Reserve - Nasdaq

The First And Last Word In Money: How Bitcoin Is More Like Ancient Sumer Than The Federal Reserve - Nasdaq

Further interference came after the first banks were established. The basic idea was sound: it’s risky to keep large quantities of gold and silver in your home, so wealthy individuals would pay a bank to do it for them. Clients would withdraw funds as they needed them. After a while, it became evident that you didn’t physically need to take the gold out at all. The bank could write you a contract that gave you a claim to the gold they held in their vaults – the first banknotes. The state took the same approach with so-called representative money, or notes that were backed by holdings of gold. You could, in theory, redeem a note for its face value in gold. But both banks and states realized they didn’t need to hold 100 percent of the gold their notes represented. They could lend it out at interest or, in the case of the state, spend it elsewhere. The logical conclusion of t...

Full article: http://www.nasdaq.com/article/the-first-and-last-word-in-...

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