4/3/2023 0 Comments Moneymoney test![]() ![]() Question: What group of people used whale teeth as currency? Answer: Whale teeth were used as currency by Fijians. Although they may seem a pretty random choice, the shells had a number of advantages: they were similar in size, small, and durable. Question: When were cowrie shells first used as money? Answer: Cowrie shells were first used as money about 1200 BCE. Because of the stripe, merchants no longer needed to make phone calls to obtain authorization from credit companies. Question: What company introduced the magnetic strip on credit cards? Answer: We have IBM to thank for the magnetic stripe on credit cards, which was introduced in the 1960s to contain account information. Question: The people of ancient Rome reportedly used currency made from what? Answer: About the 6th century BCE leather and animal hide began to be fashioned into currency, and early ancient Rome reportedly used this type of money. Question: What is wampum? Answer: Shells in the form of wampum (tubular shell beads) was used as money by Native Americans. Question: What punishment did 14th century Chinese currency say that counterfeiters would face? Answer: Chinese currency from about the 14th century carried the warning that counterfeiters would be decapitated. This innovation is widely thought to have occurred during the reign (997–1022 CE) of Emperor Zhenzong. Question: What country introduced paper currency? Answer: Given that paper is widely believed to have originated in China, it is fitting that that country introduced paper currency. Money, Money, Money Quiz Question: What word did Benjamin Franklin purposefully misspell on currency to deter counterfeiters? Answer: Benjamin Franklin purposefully misspelled “Pennsylvania” on currency, believing that counterfeiters would correct the error in their forgeries. SpaceNext50 Britannica presents SpaceNext50, From the race to the Moon to space stewardship, we explore a wide range of subjects that feed our curiosity about space!.Learn about the major environmental problems facing our planet and what can be done about them! Saving Earth Britannica Presents Earth’s To-Do List for the 21st Century.Britannica Beyond We’ve created a new place where questions are at the center of learning.100 Women Britannica celebrates the centennial of the Nineteenth Amendment, highlighting suffragists and history-making politicians.COVID-19 Portal While this global health crisis continues to evolve, it can be useful to look to past pandemics to better understand how to respond today.Student Portal Britannica is the ultimate student resource for key school subjects like history, government, literature, and more.Britannica Explains In these videos, Britannica explains a variety of topics and answers frequently asked questions.Demystified Videos In Demystified, Britannica has all the answers to your burning questions.This Time in History In these videos, find out what happened this month (or any month!) in history.#WTFact Videos In #WTFact Britannica shares some of the most bizarre facts we can find.Britannica Classics Check out these retro videos from Encyclopedia Britannica’s archives.preparing for the collapse of the US Dollar. ![]() Rafi joined me for a great discussion around When the dollar can no longer be substituted back into any amount of physical gold, the dollar becomes worthless. The dollar was born as a gold substitute, and it will die when it is no longer a gold substitute. ![]() The dollar only has any market value right now because it can still buy some amount of gold. Even now, when you use dollars, you are using gold substitutes. Wherever enterprising men seek to exchange their goods and services for more marketable goods that facilitate further exchanges for other goods, the precious metals, especially gold, are most suited to serve as money.Īdding to that, Rafi made the excellent point that gold is the foundation and everything else is layered on top of it. Oney is not the product of a legislative act, but the inevitable result of man’s division of labor and exchange economy. What is money?Īccording to Hans F Sennholz, who authored Gold Is Money, Meanwhile, the Zimbabwean Dollar lasted about 30 years before it collapsed. Tom Luongo’s related podcast with me is worth listening to.Ĭonsider that gold held in the hands of Julius Caesar thousands of years ago is still in circulation today, albeit looking a bit different. The point is that most currencies have come and gone throughout history but gold has weathered all the storms of change. That’s not to say that cryptocurrency is a bad idea, as Rafi Farber said to me in our following conversation. By comparison, Bitcoin is little more than a decade old. Gold has been around – and traded for its value – for thousands of years and has certainly stood the test of time. ![]()
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