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Tag: #Bank Notes

Let There be Money – Part 3

Money Backed by Gold

According to Ludwig von Mises, the boom of the “Roaring Twenties” was the result of the US Federal Reserve Bank and its policy of easy credit. When it became obvious that the economic boom was built on sand, the economy crumbled.

Austrian Economics, Census Article, Economics, Finance, Financial Crisis, History of Money, How Money Works May 18, 2020May 27, 2020 4 Minutes

Let There Be Money – Part 2

Bank and money

Originally, banknotes were nothing else than receipts for gold or silver that were stored safely in a bank vault. Carrying heavy coins was not very practical and quite unsafe, as street robbers could easily assault you.

Census Article, Economics, Finance, Financial Crisis, History of Money, How Money Works, Hyperinflation May 5, 2020May 27, 2020 4 Minutes

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