You’ve Been Lied to About the History of Money w/ Richard Werner (WiM576)
The "What is Money?" Show
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The Alchemy of Money: From Gold to Banking
This chapter explores the historical evolution of money, focusing on the pivotal role of goldsmiths in the transition from physical gold to more efficient forms of currency. It examines the ethical dilemmas faced by goldsmiths and the complexities of banking systems, including the creative manipulation of financial practices that contributed to modern money creation. The discussion highlights the transformation of deposits, promissory notes, and the alchemical process of turning basic materials into monetary value, revealing the underlying intricacies of banking theory and practice.
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