Follow me on Twitter: twitter.com/Professor_Barth If you enjoy this channel and want to support: www.patreon.com/professorbarth Buy my book: www.amazon.com/Currency-Empire-Seventeenth-Century-English-America-ebook/dp/B08L6ZPV19/ref=sr_1_1?keywords=currency+of+empire&sr=8-1 History of Money playlist: ua-cam.com/play/PLinliDgP9EbScxfH5wxoX8I_HNRSElqZ_.html Foundations of Western Political Thought playlist: ua-cam.com/play/PLinliDgP9EbRu4qZn8SJFgysSQB5I4c-L.html
Awesome -- thanks a lot! Glad you've enjoyed it. Way back when, before graduate school, I was a high school teacher -- the experience was integral in helping me to value educational presentations.
I've watched most of your lectures and have really enjoyed them. I have a request - Professor Barth presents "A Return to Bimetalism in The United States of America" I realize much of this lecture would be speculation and one man's imagination at work but I sure would like to see you give it to this audience. One of my top questions would be how to reconcile all the wealth accumulated by the public, as well as the debt since going to fiat money? And... Historical examples of countries going away from paper and back to real money, how did they account for all the paper? For example, would a bill gates or Jeff bezos have to exchange their paper at a reduced rate? Would the dollar need to first become worthless? Or could there be a seamless transition? All these questions acknowledging no Act of Congress or political will to do so currently. Thanks!
I wonder how they managed to get rid of all of the millions of dollars worth of paper currency that was printed to fund the revolutionary wars. Also, why would they want to have a bimetallic currency system, when one of the problems that they were facing was the lack of silver in the colonies which was mentioned in the earlier lectures?
It's not completely understood what happened with the Continental dollar actually. The conventional story is that in the years after 1779, they were trashed and forgotten; some of them were saved and became valuable collectors' items. That narrative has been challenged recently: an 18th century monetary historian, Farley Grubb, conducted research showing that the question of the disposal of Continental dollars remained an issue even into the 1790s. You can read his paper here: www.nber.org/system/files/working_papers/w13770/w13770.pdf
Yes, silver was relatively scarce in 18th-century America (though no more scarce than gold). But the scarcity was due in large measure to the predominance of fiat paper money, which crowded silver out of currency markets and kicked Gresham's Law into gear. Ironically silver was probably less scarce in America in the late-17th century than in the 18th century because of the lack of fiat paper in the former era. Once things stabilized a bit in and after the 1780s, silver and gold returned.
@@ProfessorBarth @Professor Barth Thanks so much for taking the time to reply Professor Barth. I guess this is a lot more complex than most people realize. I started viewing your video series to get more background for the required reading by Allyn Young for a banking course on Coursera. d396qusza40orc.cloudfront.net/money/readings/Allyn%20Young.pdf I guess the lecturer for that course was very Pro-Big Bank, definitely on the side of Hamilton, Nicholas Biddle and the rest. I guess it should be expected as it is a banking economics course. Watching your video series adds a lot of balance, and gives a much broader perspective. It is also way more interesting to learn the history and the juicy bits about the politics that went on at the time. You should definitely consider adding this in as a course on some MOOC platform, complete with a certificate etc. Thank you once again for making this series.
Ottoman turks called sickman of Europ because like som europian Turks wasn't colonialist and didn't enslaved Africans or thers and din't change others language or religion.They didn't change Greeks language or religion in 500 years ruling Greece.Turks didn't used opium and addiction as a income sources.Anatolian opium trade domestically in Armenian monopoli and out side anatolia inglish levant company(east india ompany) and Ameican Perkins and Astors hade opium trade monopoli.
The money was the metal, silver & gold in coin form. Exchanging them is barter first between 2 people. Gold is not money, gold can be USED AS MONEY but in exchaning it is wealth exchange is barter. The Coinage Act of 1792 states, AS MONEY, that means AS A MEDIUM OF EXCHANGE AND IS BARTER. The people owned the metal and today are so stuupid they don't understand the should own the thing they exchange on planet earth as human beings, with no fractional reseve banking.
Follow me on Twitter:
twitter.com/Professor_Barth
If you enjoy this channel and want to support:
www.patreon.com/professorbarth
Buy my book:
www.amazon.com/Currency-Empire-Seventeenth-Century-English-America-ebook/dp/B08L6ZPV19/ref=sr_1_1?keywords=currency+of+empire&sr=8-1
History of Money playlist:
ua-cam.com/play/PLinliDgP9EbScxfH5wxoX8I_HNRSElqZ_.html
Foundations of Western Political Thought playlist:
ua-cam.com/play/PLinliDgP9EbRu4qZn8SJFgysSQB5I4c-L.html
Thank you for an excellent series. You are a superb educator, and I am enjoying your balanced presentation of the history of money immensely.
Awesome -- thanks a lot! Glad you've enjoyed it. Way back when, before graduate school, I was a high school teacher -- the experience was integral in helping me to value educational presentations.
I've watched most of your lectures and have really enjoyed them. I have a request - Professor Barth presents "A Return to Bimetalism in The United States of America"
I realize much of this lecture would be speculation and one man's imagination at work but I sure would like to see you give it to this audience. One of my top questions would be how to reconcile all the wealth accumulated by the public, as well as the debt since going to fiat money? And... Historical examples of countries going away from paper and back to real money, how did they account for all the paper? For example, would a bill gates or Jeff bezos have to exchange their paper at a reduced rate? Would the dollar need to first become worthless? Or could there be a seamless transition? All these questions acknowledging no Act of Congress or political will to do so currently. Thanks!
I wonder how they managed to get rid of all of the millions of dollars worth of paper currency that was printed to fund the revolutionary wars.
Also, why would they want to have a bimetallic currency system, when one of the problems that they were facing was the lack of silver in the colonies which was mentioned in the earlier lectures?
It's not completely understood what happened with the Continental dollar actually. The conventional story is that in the years after 1779, they were trashed and forgotten; some of them were saved and became valuable collectors' items. That narrative has been challenged recently: an 18th century monetary historian, Farley Grubb, conducted research showing that the question of the disposal of Continental dollars remained an issue even into the 1790s. You can read his paper here: www.nber.org/system/files/working_papers/w13770/w13770.pdf
Yes, silver was relatively scarce in 18th-century America (though no more scarce than gold). But the scarcity was due in large measure to the predominance of fiat paper money, which crowded silver out of currency markets and kicked Gresham's Law into gear. Ironically silver was probably less scarce in America in the late-17th century than in the 18th century because of the lack of fiat paper in the former era. Once things stabilized a bit in and after the 1780s, silver and gold returned.
@@ProfessorBarth @Professor Barth Thanks so much for taking the time to reply Professor Barth. I guess this is a lot more complex than most people realize.
I started viewing your video series to get more background for the required reading by Allyn Young for a banking course on Coursera.
d396qusza40orc.cloudfront.net/money/readings/Allyn%20Young.pdf
I guess the lecturer for that course was very Pro-Big Bank, definitely on the side of Hamilton, Nicholas Biddle and the rest. I guess it should be expected as it is a banking economics course.
Watching your video series adds a lot of balance, and gives a much broader perspective. It is also way more interesting to learn the history and the juicy bits about the politics that went on at the time.
You should definitely consider adding this in as a course on some MOOC platform, complete with a certificate etc.
Thank you once again for making this series.
I should get some sleep.
Also me on UA-cam at 11pm:
Ottoman turks called sickman of Europ because like som europian Turks wasn't colonialist and didn't enslaved Africans or thers and din't change others language or religion.They didn't change Greeks language or religion in 500 years ruling Greece.Turks didn't used opium and addiction as a income sources.Anatolian opium trade domestically in Armenian monopoli and out side anatolia inglish levant company(east india ompany) and Ameican Perkins and Astors hade opium trade monopoli.
The money was the metal, silver & gold in coin form. Exchanging them is barter first between 2 people.
Gold is not money, gold can be USED AS MONEY but in exchaning it is wealth exchange is barter.
The Coinage Act of 1792 states, AS MONEY, that means AS A MEDIUM OF EXCHANGE AND IS BARTER.
The people owned the metal and today are so stuupid they don't understand the should own the thing they exchange
on planet earth as human beings, with no fractional reseve banking.