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GOLDSMITH MONEY CREATION: An illustration of the basic money creation process undertaken by banks using the hypothetical activities of a hypothetical goldsmith. The goldsmith profession of Medieval Europe provides insight into the modern banking business, including the seemingly magical ability of banks to create valuable money out of inputs with significantly less value.
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SILVER CERTIFICATES Paper currency issued and authorized by the U.S. Department of the Treasury that is, in principle, backed up by, and exchangeable for, an equivalent value of silver. Silver certificates were in circulation as a medium of exchange for the U.S. economy during two periods, 1878 to 1923 and 1928 to 1957. A similar form of paper currency is gold certificates.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at an auction seeking to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for letters from the Internal Revenue Service.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"In order to create there must be a dynamic force, and what force is more potent than love." -- Igor Stravinsky, violinist
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ARP
Average Revenue Product
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