Inventing Paper Money
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- Опубліковано 27 тра 2023
- Step back in time with Economics Explained Essentials in our latest video: "The Invention of Paper Money - The 7th Century Tang Dynasty." This enthralling narrative uncovers the story behind the genesis of paper money, which took place in the expansive heartlands of China during the sophisticated Tang Dynasty. Witness a transformative era when monetary economics was forever changed, as barter and precious metals gave way to an innovative, abstract form of currency. Our video unearths the reasons behind this shift, bringing into focus the intricacies of early fiscal policy, the practical needs of trade, and the societal dynamics at play. Using vivid illustrations, compelling narratives, and expert analysis, we bridge the gap between history and modern economics. Whether you're an economics enthusiast, a history buff, or simply intrigued by the evolution of our financial systems, this video offers a captivating journey into the roots of paper money. Join us and let the wisdom of the Tang Dynasty enrich your understanding of our economic present.
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"or perhaps the lack of it!" barely 10 seconds in and already calling me poor dammit
Hello, as a czechia citizen I would suggest to look on "czech privatization" economicly fascinating case study of replacing socialism to capitalism in 90" after the Soviet Union colapse.
Thank you for all your work!
"Money is not the goal. Money has no value. The value comes from the dreams money helps achieve.” - Robert Kiyosaki
mmkay
Yet he’s all about the Benjamin’s. That’s the same propaganda every MLM uses.
The fatherof capitalism adam smith onces said that all money is. Belief
Always interesting, thank you.
Don't have to remind me how poor I am EE :
Git that bag homie no1 gonna give it 2 u
Excellent video
You have a great voice for this
Great video!
This video makes it sound so great and needed. The first time i ever heard about how it was started, and why i looked it up in the first place, was more like this: goods were traded for goods or even services and that was working fine until some emperor printed a bunch of stuff on tree bark. And when some poor dude with his furs or whatever he had was told he was getting tree bark with a bunch of scribbles on it, he wasn't too happy. Until the emperors guards or whatever they were called had all their weapons pointing at him like yeah you're gonna trade
Whatever that low noise is in the back ground of the video is making me physically uncomfortable
It is meant to trigger discomfort and low level fear in the listener.
The last reason for me to have physical cash in my wallet on any regular basis disappeared over a decade ago when bar top EFTPOS terminals became ubiquitous in Australian pubs.
Yeah, the only reason most people I know have cash is that you can't buy pot with a credit card.
Thanks
Great video :)
Bruh! Where did you get your sources? The currency called Yuan was only introduced in 1889. The currency in Ancient China in post/pre Song dynasty were jiaozi, liang and tael
The characters on the coin in the thumbnails are Kai Yuan Tong Bao, the Yuan character there is where the modern Yuan got its name from. This coin was minted since the 6th Century Tang dynasty.
Really annoying BGM
Amazing, but how did they prevent forgery? Punishment seems insufficient.
Most people had no ability to print anything. And setting up a big enough counterfeit operation to make it worthwhile was likely to attract the attention of the government fairly quickly and get everyone involved executed.
IIRC, that's the reason why currencies have/had intricate, web-like patterns on them. Then if you didn't get it exactly right it wouldn't be accepted.
This went from a historical video and suddenly turned into a crypto/digital currency sales pitch at the end there.
Well they did invent paper, and printing, so....
2:59 So Kubilai, born in 1294, created the Yuan banknotes issued by the Bank of China, founded in 1912 😂.Perhaps you confused the 元 Yuan dynasty with the currency unit 圆, for which 元 is conventionally used.
The trouble with electronic money it is easily traceable. Who wants businesses and governments knowing what you spend every little dime on?
"Debt: The First 5,000 Years " by anthropologist David Graeber published in 2011.
Within 3 days!
i'm all right, jack, keep your hands off my stack
Within 12,500 views!
Paper money is just an I owe you note from banks. But what do these banks actually owe you?
Why the hell do Caucasians always butcher the pronunciation of "Yuan"? What part of Yuan looks like Wan?
Yuan becomes Won
I will never go with a digital currency. If the government does this. Then I will barder to get what I need. I will not be controlled by the government
Good luck telling the utility company you’ll send 3 chickens for the water bill or a doctor that you’ll give him 50 pounds of wheat for the checkup.
Please not that drum sounds all along the video.
And please keep some little pauses between sentences.
Right now it us really tough to follow 🙈
It took just 27 years for the first paper-based fiat currency to fail. Did anyone notice or care?
😂, the man in the logo of the video was the Mongolian ruler who conquered China, and Mongol Empire killed 50% of the Chinese population.
And look at his Mongolian dress. 😅
Marco Polo did not discover Eye glasses in China and you mispronounced Tang every time you said it :P
In the tomb of Liu Jing, the King of Guangling, a gold circle embedded with crystals was unearthed, which was the first glasses in history
China invented glasses ???
China invented a lot it was the major civilization for quite a bit of history.
We normalized do it or else during 3 years gov over reach, so it’s not a stretch to think CBDC will be the same
When the UBI comes via CBDC, trade it as fast as you can for non-slave money. When they ban that, buy storable food.
@@AlecMuller All money is slave money, only things with real uses have real value.
I'm guessing the Tang had not figured out gold/silver/electruim coins?
They had silver boats and gold frogs / bars.
So dollar started from old china😅
"and control inflation when the economy overheats"
Funny, I can't think of a single time where a ruling political party complained that the economy was growing _too_ fast under their rule
That's why the bureaucracy handling money supply needs to operate independently of the political leadership. That's the difference between the long trusted US Dollar and something like the crashing Turkish Lira.
Im happy that Turkey does not seize foreign governments to favor their currency in international trade. US biggest export is the printed dollars. Good luck when the demand drops.
@@doujinflip USD lost 99% value from day FED had been created 110 years ago. TRY lost 95% of value in last 15 years. In is not quality diffrence, but quantity.
Dont mistake 'overheats' with economy growing 'too fast'. There really is no such thing as the economy growing too fast, but there is an issue of people competing too furiously for resources that the resulting inflationary pressures can cause inefficiencies/instability of a market.
In short overheats means inflation, doesnt mean that the economy is growing.
@@roberthiggins8234 What you have just described is simply investment that grows as a result of increasing the money supply by issuing empty currency, not from real savings. Austrian business cycle theory has explained this in detail.
probably not crypto
Thing is tho in past forms money wasnt instantly programmable, dont fall for the trap of "convenience" you might find when you go for your chicken tendies, youre banned till the next month when you use ur CBDC's too many carbon units used, comrade.....ur grandparent for once, were right, cash is king!!!
MOM WHERE ARE MY TENDIES REEEEE
The paper money of the future would be a currency that anyone could mint but would still be stable liquid and be able to be used for investments and consumption
No it wouldn’t. That’s a really absurd statement and a flawed understanding of money.
@Jake Smith the fact anyone can create a currency now is just the first step. Just because it doesnt exist right now doesn't mean it won't. I honestly see a world where the currency of the future is backed by energy so anyone with a generator can technically mint it. I'm not saying anyone can print a trillion dollars I'm saying anyone can mint some amount of money but the price will hardly change.
@@wilfredpeake9987 A currency is only really backed by something if you can get that thing back out of the currency.
@J B wireless energy transfer we can already do it now we just need to improve it
@@wilfredpeake9987 So you imagine what? Everyone is just going to have high power microwave transmitter and receiver on top their homes and a battery bank and they will point it at whoever's home they want to pay??
Dog Money
Money isn't real.
Fiat currency is not money.
yes it is, and if you don't think so I can take all of yours off your hands if it's not worth anything.
Good luck exchanging your goats for a coffee at Starbucks.
To anybody not well-versed in gold bug logic, they sometimes try to make a distinction between currency and money, based on intrinsic value.
@@JakeSmith-jy1kx Gold has very little intrinsic value though.
@@falconJBGold has very high intrinsic value. Ironically gold had nearly no intrinsic value in the civilizations that actually used it as currency, as most of its use comes in technologically advanced aplications.
Sumer was doing that with clay tablets.