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the_history_of_banking
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f for friend
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The first banks were probably the religious temples of the ancient world, and were probably established in the third millennium B.C. Banks probably predated the invention of money. Deposits initially consisted of grain and later other goods including cattle, agricultural implements, and eventually precious metals such as gold, in the form of easy-to-carry compressed plates. Temples and palaces were the safest places to store gold as they were constantly attended and well built. As sacred places, temples presented an extra deterrent to would-be thieves.
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100904
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f for friend
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Bartering has several problems, most notably the coincidence of wants problem. For example, if a wheat farmer needs what a fruit farmer produces, a direct swap is impossible as seasonal fruit would spoil before the grain harvest. A solution is to trade fruit for wheat indirectly through a third, "intermediate", commodity: the fruit is exchanged for the intermediate commodity when the fruit ripens. If this intermediate commodity doesn't perish and is reliably in demand throughout the year (e.g. copper, gold, or wine) then it can be exchanged for wheat after the harvest. The function of the intermediate commodity as a store-of-value can be standardized into a widespread commodity money, reducing the coincidence of wants problem. By overcoming the limitations of simple barter, a commodity money makes the market in all other commodities more liquid.
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100904
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f for friend
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something doesn't make sense to me but i can't quite pin point what it is exactly.
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f for friend
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Quid pro quo (From the Latin meaning "something for something")[1] indicates a more-or-less equal exchange or substitution of goods or services. English speakers often use the term to mean "a favor for a favor" and the phrases with almost identical meaning include: "what for what," "give and take," "tit for tat", "this for that", and "you scratch my back, and I'll scratch yours". Something like "Reap and Sow" also applies to this phrase.
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f for friend
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i think i know what it is, i think this concept of money has been abused.
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nit
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to: MR. Capitalism,
what makes you so cocky to tell someone that they have to pay to live in this house?
no no, you have to work 9-5, 5 days a week in a job that you HATE so you have a right to live here.
talk about TWISTED.
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