When Money Stopped Existing
Вставка
- Опубліковано 8 кві 2023
- Dive into England's intriguing past with our captivating educational video. Explore the 5th-century aftermath of Roman departure, as coinage vanished and bartering reigned supreme. Uncover how this ancient society adapted to a cashless existence for two centuries, shaping commerce and communities in unexpected ways. Join us on this historical journey!
This video was made possible by our Patreon community! ❤️
➡️ / economicsexplained
Enjoyed the video? Comment below! 💬
⭑ Enjoyed? Hit the like button! 👍
✉️ Business Enquiries → hello@economicsexplained.com
🎧 Listen to EE on Spotify! 👉 anchor.fm/EconomicsExplained
Follow EE on social media:
Twitter 🐦 → / economicsex
Facebook → / economicsex
Instagram → / economicsexplained
Discord → / discord
#Finance #Econ #EconomicsExplained
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
ECONOMICS EXPLAINED IS MADE POSSIBLE BY OUR PATREON COMMUNITY 👊🙏
Support EE by becoming a Patron today! 👉 / economicsexplained
The video you’re watching right now would not exist without the monthly support provided by our generous Patrons:
Morgon Goranson, Andy Potanin, Wicked Pilates, Tadeáš Ursíny, Logan, Angus Clydesdale, Michael G Harding, Hamad AL-Thani, Conrad Reuter, Tom Szuszai, Ryan Katz, Jack Doe, Igor Bazarny, Ronnie Henriksen, Irsal Mashhor, LT Marshall, Zara Armani, Bharath Chandra Sudheer, Dalton Flanagan, Andrew Harrison, Hispanidad, Michael Tan, Michael A. Dunn, Alex Gogan, Mariana Velasque, Bejomi, Sugga Daddy, Matthew Collinge, Kamar, Kekomod, Edward Flores, Brent Bohlken, Bobby Trusardi, Bryan Alvarez, EmptyMachine, Snuggle Boo Boo ThD, Christmas
Bear in mind that when we refer to the Roman occupation of England, that time period was roughly as long as the time from when Henry VIII was king of England until now. That is 450 years, give or take.
We forget how short modern industrial history is - about 200 years, or 3% of civilised history.
For that reason I never liked the term “roman occupied England/Britain”.
Ad 70 down south to 410, thats 340 years
Disappointed - seemed to know their Celtic and Roman coins, then skipped over "When Money Stopped Existing", the period ended with silver sceattas, the gold thrymsas of Eadbald of Kent (600 or so), and the (in my my view momentous) introduction of silver pennies by Offa of Mercia, on the Carolingian model of Pippin. This event in the 760s is the birth of the modern pound sterling. From Offa onward, silver pennies were struck for many kings including Egbert of Wessex, Aethelwulf, Afred the Great and Edward the Elder, before Athelstan. The Normans didn't change this system, silver pennies just changed from Edward the Confessor to William the Conqueror. Hence the continuity from Offa until now. Useless fact - silver pennies are still minted for Maundy Money.
You were expecting an 8 minute video to take a deep dive? 🥴 But, hey, thanks for the fill in…🫡
0:50 criticism could you use era accurate maps instead of highlighting multiple countries and hoping for the best
lmao yeah
I agree. If they still want to show the modern countries, they can shade in the Gaul areas and have a dotted line in the modern borders.
This is the first of your videos that I have watched. I enjoyed it very much and learned a lot. Thanks!
1:20 … they were an important source of Tin (which, as a necessary component of bronze, was in high demand during the Bronze Age)
Yes! I recently saw a video of ancient Greek history and they mention that!
This second channel is really becoming a great channel on its own. How are the decisions made what goes to the main channel and what goes to the second? Is it dependent on the team working on it? Or the topic?
your name and picture LOL
@Jack Smith Waiting on what? Maybe a reply from a b0.t just doesn't show up often on YT.
@@wrathford D'oh! I mean, thanks!
The idea that pre-currency economies used bartering has been discredited. Instead, they had the gift economy.
Sorry to be one of those nit-picking UA-cam commentator chaps. However its really odd, every time "England" is describe not once is the English flag shown, the St Georges Cross? Only to show instead the modern Union Flag of the four countries, which has existed since 1801.
I've had at least one conversation where I've referred to the English flag and the other person thought I meant the Union Jack.
@@Roger_Gadd must be american.
@@jonathanodude6660 I'm unsure what you mean, but the people I refer to regarding failure to identify the English flag are all New Zealanders, as am I. But I do have the advantage in this of also being a UK citizen.
wait, why is Lorenzo de Medici shown as an example of a penny pincher?
they didn't have a rabbi picture handy
lmao
BC and AD!
410 AD. There, fixed it for you.
Nice
Finally, a video presented by a lady who can speak properly and does not have irritating background noise.
Yep, I hate background "music" too. But I'm also not fond of images that have little or no relevance to the video, as was too often the case in this video.
@@Roger_Gadd Good point.
Wtf man 🤣
Would have preferred a man’s voice, but still a good video nonetheless.
Is it not an AI female? These days I can’t always tell.
An economy can't go 2 minutes without money. This is like saying we never had money before CBDCs. Money is a social debt/credit phenomenon not a particular object
They were trading in Chaos and Divine Orbs centuries before Path of Exile came to be
7:04 I have to know what that is.
Yay lady EE is back
Apples used to be italian food?
what kind of psycho makes the land on a map blue?
Will the UK ever adopt the Euro? As you suggested at the end.
Nobody can predict the future, but I don't see why it wouldn't eventually do so. The first step is reversing Brexit, which I'm pretty sure will happen within the next 20 years or so, as the British realize their mistake.
i think its looking a lot more likely after the pound’s recent uncertainty, and it’s probably going to increasingly lose importance compared to the dollar and euro, and hell prolly even the chinese yuan. but yea like the other commenter said, its probably a couple decades down the line
The minor economic difficulties that Britain is experiencing now, is only short-term. However the Eurozone and by extension the European Union is on long term deprecation as share of global output. Britain will not re join the EU because of any economic reason, that it will be better off. It will re-join due to loss of self identify and cultural confidence which multicultural and mass migration creates. If the population don't identify as native English, Welsh, Scots or Irish. Then why wouldn't one join a the mass national EU project?....
@@JR-rv3xr are you conservative? It seems like
@@davisoaresalves5179 That's an interesting question, why are you?
Attaching your country to the largest trading block in the World has a positive economic impact? Wow! Someone should have written something about that before 2016... 😅😂🤣
It'd be nice if you explained why the UK pushed so hard to keep the pound and how their separate but integrated financial system ended up being used as a backdoor into more regulated European markets for two decades (by otherwise prohibited people - eg. Russian oligarchs, etc...). Good luck to them!
this is a history lesson, not an economics one. the oligarchs werent prohibited, illegal money was. the uk simply didnt check whether the money was illegal or not, or at least, not very hard, nor when enough money was offered.
It's all about your moral circle and time preference. Clearly mass migration is pushed by capitalism, and sometimes it has short term economic benefits, but in the long term it is one of the most disastrous and intractable problems a nation can inflict on itself
Why in the name of Nero would you make the land parts of your maps BLUE???
England had different money and it was difficult to trade with continent europe... and history repeats (Brexit)
They’re beardly the same people lol
England has also had the most open economy in Europe for much of the last five hundred years, which has been to its immense benifit. Perhaps an open economy requires its own currency to prevent it being closed by foreigners.
@@cremedelacoochie5688 I had several goes at writing a succinct response to your comment and omit some “rabbit holes” from this reply. It is unclear to me what you dispute. I am reasonably sure that the proposition that England “had the most open economy in Europe for much of the last five hundred years” is sufficiently supportable. It probably still does, at least for trade outside the Eurozone.
Yes, I did draw a too longer bow and I cannot support the (speculative) general conclusion as stated. However, I do support the proposition that “an open economy with its own currency is less likely to be closed by foreigners”.
Other things being equal, a nation without its own national currency is more likely to economically fail. I’ll take it as given that you accept the benefits that arise from the pricing signals sent by a floating exchange rate.
A fully failed economy is a bankrupt economy.
A fully bankrupt economy is a closed economy because no one will sell to it and it cannot produce anything of value to sell. Foreigners make it a closed economy unless they are strange. As I understand might be the case with Greece, the foreigners (Germany etc) decided not to get their money back, didn’t asset strip the nation, and for some strange reason continued to enable that failed national government to keep spraying its citizens with money.
Since the day-to-day adoption of the Euro 21 years ago, the GBP has lost value. This depreciation of Britain’s currency has left it in a stronger position than would otherwise have been the case, Brexit aside.
@@cremedelacoochie5688 Economist here. Yes, it actually does make sense.
Can you do a video explaining how you research and make your videos?
appaears to be a mix of quora and wikipedia, unfortunately
14:13 Who publishes a map with the land in blue and the seas in white with grid lines? What is this strange Italy shaped lake? I bet you drive on parkways.
Does it really matter how it’s coloured in? You can still tell what it is.
@@wilhelmbittrich88 It does. This way around impedes comprehension for a moment, during which a visual puzzle is being solved while spoken words are missed. Then again I live in a country where you can sport the union jack over the letters GREECE and get no reactions.
@@tactileslut I think this is a you problem.
I'm curious about the emphasis upon struck coinage, as compared to metallic exchange rates by weight (rather than fiat value). Northern Europe spent many centuries using gold, silver (most especially silver!) and bronze metal as value holders for trade and exchange--in other words, as currency. There are hordes and caches found across the region, some even including the scales used to measure weight for the purpose of fair exchange. It's monetary activity in the absence of a single, centralized authoritarian ruler. Decentralized money didn't have some narcissist's face stamped on it, and it wasn't valued by fiat declaration (thus it wasn't subject to devaluation and hyperinflation), but it absolutely was not goods-for-goods barter. Let's not pretend that the whole region devolved into clunky, inefficient barter systems with the gradual dismantling of the western Roman empire. They simply used the metal itself as a currency, and one could argue that this free-trade version was much more stable than any fiat system, where the temptation to tamper with nominal values inevitably yields inflation. Penny pinching is impossible in a weight-based system. Counterfeiting coins only works if the coins are claimed to be more valuable than the metal they're made from.
Of course, there were other causes of instability at the same time (raiding and banditry were a problem before, during and after Roman presence) and those horde finds show the insecurity of the time. No one is claiming this was a golden age. Still, it's not legitimate to claim that it was an era lacking in metallic exchange systems (currency), simply because no one felt a need to stamp their profiles on coins.
ah yes because the only alternative to currency is barter... gotta be quantized right?
Like in Japan!!!
410 AD, not CE
Christians made that calendar give them the respect they deserve.
Roman sesterces, asses, etc were minted in BRONZE not brass.
if only rome had developed a debt based society, they would grow as quickly as we did and disappear almost as quickly as we are about to without worrying about silver and gold stopping their wars
Best comment I've read this week.
Ah, another person that doesn’t understand reserve currencies. Time for an economics explained video!
@@JakeSmith-jy1kx How about you address what you think he's saying.
How many stones is a pound? I mean euro
So they were Brexiting even before Britian existed... good job islanders
Commenting 4 algorithm
You really need to stop making your maps with BLUE LAND - that is the colour of water and the ocean, it really does not work
Oh give it a rest. It’s unique, and we can still tell what it is. You people will complain about anything.
First
Pretty shameful attempt to smear Isaac Newton. Why try and associate him with something so negative?
I doubt British pound will survive for long. As British economy get weaker and weaker, influence of Euro will be stronger.
Brit will prefer Euro as means of transaction. and value storage. Pound will be disappear on turn of next century.
That’s looking a long way ahead. On it’s current course GB is set to be an outpost of India rather than Europe, and quite probably India will adopt the pound as its currency.
Doubtful, although the pound is weak Currently the eu is more likely to splinter and the European economies revert back to their previous money
A weak currency means cheaper exports which will actually benefit the British economy. Remember, currency is a tool and not a store of wealth. Why would an economy adopt a tool it cannot control? That's the biggest flaw of so-called reserve currencies like the Euro and the Dollar, and it's why so many countries are trying to move away from them.
@@zukritzeln - For the poor, and indeed many of the middling well-off, currency is precisely how people keep their wealth. Few of them own shares or bonds or land.
euro meatrider talking shit, lmao you do realise the eu is struggling right?
Use A.D. not “CE”
why?
@@AdmiralBison - Because no one in the UK uses C.E., and this is a vid about the UK.
AD is only used in Christian contexts. CE is used in academic contexts, and thus also all secular ones as well.
@@JakeSmith-jy1kx - Not true. I work in publishing, and we NEVER use C.E. And most of our books are historical and have nothing to do with christianity.
@@JakeSmith-jy1kx - I should add that the firm is very large, and our books are semi-academic and are widely cited in academic literature.
"the earliest coins used in britain" accomanied by a map of britain... and ireland. and the video description: "dive into england's intriguing past"
none of this lends credibility to what you are doing here. it is offensive and speaks to a lack of care about pretty basic facts. should we then believe the rest of your content? why should we have faith in your information if you cannot even work out really really basic stuff like... yeah ireland is NOT britain, rome never conquered all of britain anyway, and yup, england did not exist for centuries after the time period this video covers.
so why should we trust you on other more complex details? was it really a barter-based economy? really? just because an otherwise demonstrably fact-light video on youtube says so?
You always refer to years after Christ's birth as common era, CE. Have you ever stopped to think that this CE began with Christ's birth? Call it what you want, call it a fiction, but Christ's birth was the mark of present day timekeeping. That's why I gave you a thumbs down.
love when people get pissed about this. grow up
Clickbaity and misleading title. Completely unnecessary.
First view