
Behind the Memo: Easy Money with Howard Marks and Edward Chancellor
The Memo by Howard Marks
Interest: The First Financial Innovation
Interest is considered the first financial innovation as it has ancient origins linked to the productivity of livestock. This concept allowed people to loan livestock in exchange for interest even in prehistoric times. According to a Yale Economic Historian, interest is the most crucial invention in finance history as it enables transactions to occur across time. Economic and financial activities inherently involve transactions across time, a fact often overlooked.
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