Bitcoin: The End of Money as We Know It Page #3
- NOT RATED
- Year:
- 2015
- 60 min
- 707 Views
from the Medici
for 100 gold coins.
His promise to pay the
Medici was put on paper.
Meanwhile, the Medici
owed 100 gold coins,
for delivery of
wine from France.
The parties didn't
go to the expense
of transporting and
exchanging gold coins.
Instead, the paper
was transferred.
Everyone agreed that
the paper had value,
100 gold coins.
But only because the
everyone trusted the Medici,
as solvent middlemen.
They had created a
paper money machine.
Within a few generations,
they rose from low crime
to high finance.
Their great wealth,
helped fuel the
Italian renaissance
and elevated the family
to levels of enormous
political power.
The power to marry
into royal families
and get elected as popes.
The ties binding money
to power, politics
and influence now ran
through church and state.
Merchants had proven that
creating paper currency
could be wildly profitable.
Goldsmiths wanted
in on the action.
- Imagine it like this,
if the goldsmith had seen
over a period of time that some
of the coins he is storing for
people were gathering dust.
The people who own them,
don't need them right now.
So what if I go and lend
them out into the community
and I charge them
interest on this loan.
So he starts out lending
some of these gold coins
and then later he
realizes, actually people
don't even want the gold
coins they just want the piece
of paper that says that the
gold coins are in the bank
and with the goldsmith.
So I can now make a loan
And whatever I write
on the piece of paper,
as long as the people trust
me, they'll trust the paper.
And effectively the goldsmiths,
the early day bankers,
they had literally acquired
- [Voiceover] More and more
from merchants and
banks circulated
and began to rival
the crown's coins.
The power inherent
in controlling
slipping away from the rulers.
They couldn't tax or de-base
this new kind of money.
But they had bigger ambitions
than ever with trading posts,
colonies, and empires that now
stretched across the globe.
For centuries,
European countries
would take turns
building massive fleets
and waging war on each
other to rule the world.
(yelling)
- Government wanted to
take the people's money
That's essentially
the history of money.
Money and warfare go together.
- [Voiceover] War is expensive.
One year's income taxes
simply aren't enough.
Kings and queens had to borrow
financial innovation,
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"Bitcoin: The End of Money as We Know It" Scripts.com. STANDS4 LLC, 2024. Web. 2 May 2024. <https://www.scripts.com/script/bitcoin:_the_end_of_money_as_we_know_it_4139>.
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