If you enjoyed the video: consider buying me a virtual coffee at ko-fi.com/moneymacro or supporting long term by becoming a member or Patron. As per usual, my sources can be found in the description and I will feature the best critiques of my work here under this comment (so don't comment under here please). If you make strong claims that are contradicted by data, such as central banking is one big conspiracy and inflation only happened after central banking, please provide me with credible sources (e.g. data / historical sources / academic papers) and I will consider them as well :) Oh and scammer in the comments!!! I will NEVER ask you to contact me by phone.
Hi, love your channel, but the ending was factually incorrect, I believe. Britain suffered a banking crisis in the 1820s, then again in the 1840s, and then again in the 1870s and 1890s. In fact, I'd love to see you dive into these crises, because monetary economists at the time (the Currency and Banking Schools) had a lot of debate over them, and I'd love to learn more about what happened from a professional economist with great research skills. I appreciate your channel, keep at it!
@@fatpotatoe6039 I think I should have been more clear about the time period. I meant after the Bagehot rule was adopted in the second half of the 19th century. Still then, my source states that there were not more crisis after 1866 www.clevelandfed.org/en/newsroom-and-events/publications/economic-commentary/economic-commentary-archives/2007-economic-commentaries/ec-20071201-a-brief-history-of-central-banks.aspx Did I put too much trust in it?
@@MoneyMacro Aren't all of the earlier crises arguably connected to easy money from the Bank of England, from what I've read? What are your thoughts on them? Perhaps the Bagehot Rule was the correct monetary policy. I'd also like to know if you have any thoughts on the "Theory of Free Banking" by George Selgin (I've read quite a few of the chapters).
The story of central banks is essentially to fund the military adventurism of the ruling class, who don't have the money to pay for war, and end up gifting the financial class land instead. It's how wealthy financiers became nobles and aristocratic landowners.
Loved that episode debunking EE and other economic myths and giving truth a place to exist in here : ) Thank you and please make more educational informative like these
Remember the joke about putting a 100 different economists in a room and getting 100 different opinions... I'm not concluding one way or the other, merely be cautions about using perspectives to confirm your prior positions..
Ain't about cherry picking, 100 different salesmanship is different from 100 different economists. Even so economics is not supposed to be so obscure and mindlessly confusing as that. Fortunately, that's not our situation today, when the global "elites"(corrupt) try to disarm/cripple our economic development(knowledge) we now know we see through their lies and actually be able to test and interogate those 100 perspectives to verify whether they are bought or genuine. Yes, even in the Economist world we have real professionals doing their best. And that is us being cautious.
Finally some talk about riksbanken. Another fun fact is that it was the first central bank to introduce a negative interest rate. Maybe a potential topic for a future video?
You are doing such a good job presenting this material. This channel really has the potential to get quite big. I think a lot of people are interested in getting thorough and engaging analysis of all these economic topics. Economics is a subject which can be both extremely exciting and interesting but also bone dry. In high school economics was my most hated subject. It was just so incredibly boring. Not because of theory, because I have been into physics, chemistry, math etc for quite some time, but all these Bob and Alice setup a Lemond stand examples ruin economics as a subject. Despite the Wealth of Nations being a long read, it was among the first economics books which got me engaged. The same can be said about Freaconomics or the Undercover Economists. I believe economics is best taught when paired with interesting real world history and analysis of our society. So many school books seem to want to get to the point so fast, that they rip out all the parts which provide spicy to the story. They think by making the page count half as long, people will read and grasp the material in half the time. Yet it becomes 4x more boring, so you spend 4x the time just slogging through. A short unengaging text is "longer" than a longer engaging text.
as far as youtube channels go, some people just have it and some dont, this channel has it, it's clear concise, and most important it is entertaining, if you dont entertain, you dont retain the viewers interest. these clips are informative and entertaining, thats a winning formula
It's so interesting because you provide wide background - how banking was connected to wider economy and individual interests... that would be unbelievable if there was no corruption. And your videos allow to understand other aspects of history better. Thank you.
Very, VERY glad I found this channel. Towards the tail end of my Economics BSc, I felt so confused and frustrated about the 'novelty' having worn off for me. In my university, the teaching was incredibly dry and not very inspiring, and left me wondering if I even cared for economics at all. I thought maybe I'd chosen the wrong path. On a whim, I signed up for a master's program that taught innovation economics and all sorts of heterodox economic theory. And by complete accident, I discovered Joeri's channel around the same time. This has totally rekindled the fire for me! Great videos, keep it up:-)
Thanks for sharing. I have a cousin persuing a Master's in Economics.(We're in South Africa and he is persuing it through a Swedish university) Economics is a field I have not had much gees(emotional energy) for but this channel makes the content very digestable and that much more fun to engage with.
@@patriciajane3436 Same here, I made $12,400 profits on investing since I started trading with Matthew Smith his trading strategies are too notch am winning consistently trading with Mr Matthew Smith.
Excellent research work Joeri! Many thanks for doing this and making it available on RUclips. I learned a lot of things that I was not aware of. We can always make some rules on how we should do business and then give the participate that agree to the rules names such as merchants, manufactures, farmers, consumers, bankers, along with many other types participants. The rules can always be changed to try to improve things or make things easier or to make things more secure. Whether the transactions are made with gold and silver coins or other items that the participants agree too or by a hand shake or by documenting items in ledgers does not really matter as long as the participants are honest and trustworthy and follow the rules they have agreed to. It really does not matter what money and financial system is used as long as the participants are honest and trustworthy and follow the rules! The problems and issues that have plagued money and financial systems throughout history is that there are always a considerable number of participants that are not honest and trustworthy and engage in corrupt and criminal activities for personal gain and for power and glory. Not really sure if coming up with new rules and systems will ever solve this problem. Perhaps with the advancing computer and internet technologies the corrupt and criminal activity can be kept under control much better.
Digital technology will make (and has made) some methods of engaging in such activities more difficult and less profitable, and others easier and more profitable, much like any other innovation. Ultimately, the important bit is the rule-set and enforcement there of. As you said, there are always people who will try to exploit or abuse the system, so rules that account for this and minimize perverse incentives, (thereby discouraging malicious actions by rendering them less rewarding than benevolent actions) will generally work better than those that do not. Setting up rules that incentivize benevolence rather than malice will tend to minimize the number of large scale abuses, as such are usually perpetuated by reasonably intelligent, but problematically self interested, individuals doing what seems to be in their best interests. Small scale abuses tend to be a function of different processes, often involving the ignorant, stupid, and/or desperate. Such are generally prevented by first removing the incentive to engage in such, and then by ensuring that those who do anyway are caught swiftly and reliably (beyond a certain minimum needed to render punishment relevant at all, the likelihood of being caught is far more of a discouragement than the harshness of the punishment when and if you are.) Most Economic ideologies inevitably fall over when their adherents loose sight of these rather basic facts of humanity (ideologies based in things other than economics tend to run into problems with different traits of humanity, though in a similar way.)
How will you forever grow the economy? With 2 new earth's in space? Or destroying one half to double the other half. Or make 2/3 poor to give the grow to the 1/1 to make grow?
You completely miss the point. The ONLY reason the economy needs to grow is because the money supply is being inflated at interest. The economic growth is needed to pay off the interest on the loans. When new money is created artificially at interest (usury) then there is never enough money in the system to pay off the interest and so the economy must be grown. With a stable money supply, things would get cheaper over time requiring zero economic growth yet would still function perfectly.
Hey @Marco, love your videos. Just so you know, the Roman Empire had a bank run (I think it was in 33 AD), so they invented a bank for banks with a cash reserve to prevent future bank runs. It's pretty obscure knowledge, so I'm not sure if it was just overlooked, as it's easy to do, or maybe the roman central bank didn't count for some reason, but it regardless it seems worthwhile mentioning it, even as a footnote. I consider it the first central bank.
@@MoneyMacro Ha, I think Economics Explained covered it. I tried finding the video awhile back because it also discuses how a Chinese emperor experimented with proto-MMT (my words, not how it's described in the video). I couldn't find it, so either I missed it or it was a different channel. I'm pretty sure the History of Rome podcast also covered the Roman banks.
@@MoneyMacro I think he's exaggerating a little bit. To my knowledge, the events went something like this: Many wealthy men in Rome invested their fortune by loaning money. There was also a law stating that they should hold at least 1/3 of their assets in Italian land but that law was widely flouted. When that law started to be enforced again many loans were suddenly recalled so that the men in question could purchase the requisite land. Many borrowers sold land to try to meet the recalled loans which caused land prices to fall. The creditors in turn tried to delay their land purchases so that the prices would fall more and they could buy the land at a cheaper price. This lead to a vicious circle of plummeting land prices and credit crunch. Emperor Tiberius was eventually able to halt the crisis by, among other things, providing large amounts of credit. I'm a bit skeptical if that would really qualify as a central bank.
@@MoneyMacro I agree and additionally I wouldn't classify the crisis as a bank run. Many borrowers were badly hurt but it was because they were suddenly ordered to pay back a substantial part of their loans.
Hey, non-economist here. Very interesting, and historical (‘evolutionary’) take on concepts is much more understandable and appealing for me. Now, if you’re doing the continuation of this topic, could you debunk/clarify a tidbit I heard about rapid rise of income inequality since the abolition of gold standard? Thanks
I was hoping Walter Bagehot would make an appearance. I love how you carefully explain your principles and then move forward through the messy reality of history. It anchors the story very well!
Very good and interesting video once again. If you really wanted to take conspiracy theories on though, I think a longer elaboration on their private ownership is needed. The terms of the Fed are still unknown, but how the owners of the BoE where bought out gives a hint of the direction we should be thinking of.
Yeah. Perhaps this stuff is worthy of a lengthy response video. I couldn't really get into it here because I also use this video in a University course where these conspiracy theories are extremely fringe (as opposed to on RUclips).
@@MoneyMacro Ahh right, I understand. I hope it can enter your backlog of video ideas :D. I think i'd be really helpful in the battle against conspiracies. (and I also really like to learn more about it myself, I read the wikipedia pages, but learning that indeed central banks where/are privately owned and payed dividends just pushes you more towards conspiracies...)
Everyone should watch Peacedozer’s video series on central banking. It’s based off of the book by Stephen Goodson titled “A History of Central Banking”. All of them are great, but “Chapter 2: The Hidden Origins of the Bank of England” is particularly interesting.
Im subscribed to +300 channels, but lately this one is getting top10 place for sure, top1 in economics, and i get the feeling i got in early! Hopefully you went full time
This video is so well done, I come back to it again and again. Sometimes I watch it at night to help me fall asleep lol. Thank you so much for making it!
I learned that the Templars issued letters of credit that pilgrims could cash in when the got to Jerusalem. First international bankers and first tourists?
Have you considered making videos about counties economies and what makes there economies unique compared to others? Absolutely love your videos and appreciate the amount of research and work you put in every one :)
I think central banks are fine as long as they have at least 100% reserves and ideally have 110% reserves or more for improved stability of the economy but I'd rather a banking system similar to that of the USA before the creation of the Federal Reserve System in 1913 where each bank is required to be a member of a clearing house which would (or rather should) have at least 100% of reserves which would end the central bank monopoly and would decentralise the national banking industry. For trade, each clearing house would print bank notes and would be required to use the same currency symbol, and currency standardisation i.e. all currency from each clearing house is divided into 100 units (cents) out of every whole unit (dollar) and not some CHs using 100 subdivision and others using the base-12 system like the pre-decimal GBP, IEP on a national level... ...a current system like this would probably be Hong Kong, Scottish & Northern Irish, British Overseas Territories (Isle of Man, Falkland Islands, Saint Helena, Gibraltar, Jersey, Guernsey etc.) banks printing their own notes
Thats sounds like a super inefficient version of what we have now. Why handicap yourself with all this red tape when no one else is going to do it it seems to be based on nothing.
but right now central banking system is an hole sale lie and works only for its owners and funds - even gov or more like parliaments that are suppose to have over watch have been bought and this next step they plan - central bank digital currency is new form of slavery - total loss of privacy and owenership - bank and gov would deside what, where , when and how much !
@@hoponasu2471Calm down there brother, you might pop a vein. There is no "lie", the middle class has absolutely benefitted from central banking through lower interest rates and more stability. You also might wanna read up on slavery a bit honey. Owning CB liabilities is not in anyway akin to slavery. Its also not stripping anyones private property? Like what? CBs are indepenent agencies (quasi private) while normal banks are private ie provate property.
@@disser3849 Well CB Digital Currencies do help end privacy and by proxy freedom because it would allow the central bank to see all transactions which would then give this data to the authoritarian government while also having the power to put a time limit on money i.e. that €300 in your bank account must be spent in 2 weeks if your on the Univeral Basic Income Scheme. All CBDCs are is a centralised version of Bitcoin and Bitcoin offers zero privacy benefits over paper notes and minted coins and actually takes them away. Also most Central Banks are not really independent agencies especially if they're owned by the government in whole or in part such as the Bank of England which was nationalised in 1947-1948 or the European Central Bank which is an arm of the European Union or the US Federal Reserve Bank(s) which has unnamed investors which they refuse to disclose while many non-central (consumer/business facing) banks are not privately owned and are in fact owned by the government such as most banks in the PRC (China) or are part-government owned such as the NatWest Group (England) [legally called *Nat*ional *West*minister PLC]
@@wclifton968gameplaystutorials Well obviously no. Freedom is not defined as "make transactions that law enforcement cant track". We have no idea if CBs are even going to track those transactions or not and how they will be secured. At least at this moment European CBs official stance is that the information will be private and not harvested like Facebook does. Not sure about possible criminal transactions. I have worked my whole life in different private sector companies and every single transactions we have made has been completely traceable wire payments (true for literally all companies that are not doing shady shit). This has absolutely nothing to do with our "freedom". Unless you mean freedom in that weird libertarian sense where a poor person should be able to enslave himself and I should be free of the coercion of the police to kill people. Besides, this whole point is moot because you can still use your cash or old deposits (though people really hate cash, me included). And as I said, CBs are quasi private institutions. As in their goverments cannot force them to raise/lower rates or continue/reduce qe. In United States if want to become part of the Federal reserve system, you need to fulfill certain regulatory requirements. In exchange you get a stock and a vote for you local FED board (its actually 12 FED banks, not one). All national banks need to be part of the Federal Reserve system. This is not a secret and it is transparent. And its actually a way to make FED even more independant. President and the senate pick the governors though. Most of the private banks in the western world are owned by private investors, not state owners. You have some public wealth fundd etc that might own some stock in banks, but its a very minor portion.
A good summary of central banks. History of central banks. Definitely will open your eyes. If there is a problem in the world it is usually orchestrated by cental banks . Not all only the big ones.
Dear Author, do you think the flourished banking industry in NL is to some extent linked to the fact that the main European river Rhine leads to the NL itself? Geography pre-destined the monetary (banking) success?
The Rhine leads to Switzerland, past that is the river Ticino, a tributary of the river Po leading to Venice. from Wikipedia: 'The opening of the Schöllenen Gorge for traffic was an important factor in the original Swiss Confederacy. The three regions of Uri, Schwyz and Unterwalden (the Waldstätten or "forest communities") gained imperial immediacy under the Hohenstaufen emperors still in the first half of the 13th century. An important aspect of the early confederacy, expressed in the Pfaffenbrief of 1370, was the guarantee of peace along the road from Zürich to the Gotthard Pass.' No Gotthard pass, no Switzerland.
I think you gloss over America's experience with central banking/free banking a bit too much, though that might be worth its own video. During the late 18th century and early 19th there was a central bank and it was ultimately disbanded due to problems with stability. Following that there was a free banking system that was very stable and effective, it was similar to the Scottish free banking system which was likewise very stable. This system only came to an end during the Civil War, mostly for political reasons. The system that followed was a regional banking system and that system wasn't stable, which led to the creation of the Fed in 1913. Frankly I think the pre-Civil War system had a lot going for it and it's a bit unfair to lump all pre-1913 banking systems together.
Central banking was the move from gold backed or anything backed currency. It allowed governments to move off needing something of value related to each currency in use. It is moved to “trust us, it’s worth something” status. Haha
Great channel! Love these videos doing the research on the topic, without any personal opinions on how to adjust the system or how to change the world. Please do one video if there is a relationship between the Federal reserve creation in 1913 and the 1929 stock market crash.
the relation is that between 1913 and 1929 and after, the Fed didn't know yet what to do and how to handle things, didn't have enough monetary experience. Perfection does not exist, its an evolution. And no system is perfect.
could you change the border around video thumbnails? the orange is too close to the red bar youtube shows when you've watched a video, so it's hard to see which videos i've watched already
He criticized and condemned the priests/politicians. Then, he went to their bosses, the moneylenders, and whipped them out of the Temple. That’s when they put the hit out on him.
Joeri, "Public emergency" you have right, but I think you mean "privately owned" banks in 14th century "Italy." I don't know about Italy. In English English I think they might have been called Piedmontese until fairly recently. And I sure don't know that anything within a horse-ride of Switzerland is called "Southern" Europe.
haha yeah I would have loved to finish the story to the modern era... I might at some point. But, for now .... I will start working on my next videos on the current inflation debate and the Economy of Afghanistan.
Uhmm first recorded bank notes? In 1661? By bank of Stockholm? In what sense? Last time I checked that credit goes to Tang and Song Dynasty China between years 618 ~ 1279
@@night6724 Haha well yes I might actually do a debunking of the Netherlands being a 'perfect' economy. It is not. Your regulation story though .... I heard they don't enforce regulations in South Sudan..... Amazing place to start a business.
Hi Marco! Just a question; you mentioned in your video that sweden created the first bank notes (if I quote you right). How do you look at the bank notes in china that excited long before 1600?
Hi, I watch your Chanel. I have recently written a book on Macroeconomic, Titled Plural Macroeconomics. I have posted a copy to you by snail mail on 3 rd November. It is stuck at Netherlands customs as on 15th. Some titles of the chapters are really click baits. I list them below: 1 Macroeconomic measurements 2 Macroeconomic money as a dynamic entity. 3 Multiple and Dynamic seigniorage hypothesis 4 State is violence 5 Distribution - deals with distribution between three markets: money, good and services, assets. 6 Societal memory and entropy Request you to go through it. I had posted about 200 copies of it to many academics. You were one of the pick. Regards
I watched it. I don't understand his point though... Every major civilization had a debt based monetary system. Not a single exception. How can you then make the argument that we should switch to non-debt money.
@@MoneyMacro I don’t think that was his point, more so exposing those that exploit these systems and presenting other type of systems that have been used in lieu in the past, like the tally sticks (used in Britain for centuries before debt-money), colonial script or greenbacks to name some of the ones mentioned by Still. And to add my opinion, no centralised/top down system thrives or is beneficial to the people for long, these are prime for exploitation and corruption, (private) central banking is no exception.
Love the video Yoeri, thanks. Just one tiny cosmetical detail: Flevoland shouldn’t exist on your historical maps. Howerver I understand fixing this could open up a can of worms with other insignificant details that could be fixed.
I feel the same way. My day job (teaching at university) was super intense these last few weeks. I'm trying to become more consistent. But, it might take a while
Hoi Joeri, kleine tip, de rood-oranje border die je in je thumbnails gebruikt maakt de rode watched indicator zeer lastig te zien. Dat kan er toe leiden dat mensen videos overslaan omdat ze denken dat ze die al gezien hebben of juist op een video klikken die ze al eerder gezien hebben in de veronderstelling dat ze dat nog niet gedaan hebben en daardoor denken dat het een repost is of wellicht geirriteerd raken omdat ze tijd verspillen.
Great channel !! Recently I was watching some old American presidential debate in which ron paul was suggesting ending the federal bank to counter inflation can you please make a video about that idea and what will be it's impacts if we do that in today's world and please bear with my english it's not my first language.
yeah haha it would have an insane impact. Given some of the comments on this vid, I think I should at some point do a response video for these types of ideas.
Thanks for presenting these things in a way that even a layman like me can kinda follow the story. Because the jargon used by most financial people too often turned me off ... Dank U vel.
I found this informative, but it skips over the 1920-1921 and 1929-1946 depressions that were enabled by the Federal Reserve System. The Great Depression was far more destabilizing than any of the banking problems the US had in the 19th Century.
Inflation makes the government and central banks owners wealthiers at the expense of the people. People gets rob of their work and purchasing power. This video will help you understand WWI and WWII.
Best book on Banking and Finance: (Armour, 2016) Principles of Financial Regulation The Fed and Inequality: (Petrou, 2021) Engine of Inequality: The Fed and the Future of Wealth (Dietsch, 2018) Do Central Banks Serve the People?
“In 1694, the Bank of England was created, the model on which all central banks in Europe and later in the USA was replicated. Soon thereafter started, what modern academics call, “modernity”, which in reality meant reducing people to servitude. English big time financiers did not like the fact that early US colonies had issued their own money and showed hostility to the Bank of England. The attempt of England at abolishing US currency was also the prime cause of the American Revolution. To a large extent 19th century America prospered precisely because of the absence of a central bank. One must not forget, as the author states, that Andrew Jackson’s presidential campaign was carried out under the banner “VOTE ANDREW JACKSON, NO BANK!” The ominous year for the USA, as well as for the entire world was the creation of the Federal Reserve Bank in 1913, which indirectly precipitated the Western world into two world wars and hundreds of local wars all over the world.” Excerpt From A History of Central Banking and the Enslavement of Mankind Stephen Mitford Goodson
as an f1 fan looking to learn about stuff outside of f1, it was quite triggering that not even in an economics video can i escape the dutch national anthem in 2023 haha
It is hard to believe for many that before Italy the Song Dynasty had its central bank that suits for your criteria. It is also a pawn shop with paper money.
It didn't suit my criteria because it wasn't a bank but a pawn shop. But, yeah I agree that China has a rich monetary history that deserves some time in the sun.
It is not a pawn shop. It has the function of deposit, creating credit and it is national. Government also created money in paper. You may also bring your valuables to the bank and have money in your hand. I have not checked into Arab history so not sure if there is a parallel system as well. However the modern central bank system we have now started in Italy and there is no doubt about it.
Interessant kanaal waar ik, wat de content betreft, (nog) geen moer van begrijp. Balen dat de videos niet in het Nederlands zijn. In ben al een poos op zoek naar een Nederlander die dit soort dingen goed uit kan leggen. Heb ik er eindelijk 1 gevonden, lult ie Engels!
The bank of England funded the ending of the slave trade aswel as earlier helping prop it up. I would say funding the ending of the slave trade is significant enough to mention.
Wait what. Didn't kautilya talk about the existence of and best practices, including the interest rates for a centralized money lending system In Mauryan empire ? Wouldn't that be the first " centralized banking " considering he wrote about it around 400 BC, it would've been existed for longer.
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
If you enjoyed the video: consider buying me a virtual coffee at ko-fi.com/moneymacro or supporting long term by becoming a member or Patron. As per usual, my sources can be found in the description and I will feature the best critiques of my work here under this comment (so don't comment under here please).
If you make strong claims that are contradicted by data, such as central banking is one big conspiracy and inflation only happened after central banking, please provide me with credible sources (e.g. data / historical sources / academic papers) and I will consider them as well :)
Oh and scammer in the comments!!! I will NEVER ask you to contact me by phone.
Hi, love your channel, but the ending was factually incorrect, I believe.
Britain suffered a banking crisis in the 1820s, then again in the 1840s, and then again in the 1870s and 1890s. In fact, I'd love to see you dive into these crises, because monetary economists at the time (the Currency and Banking Schools) had a lot of debate over them, and I'd love to learn more about what happened from a professional economist with great research skills. I appreciate your channel, keep at it!
@@fatpotatoe6039 I think I should have been more clear about the time period. I meant after the Bagehot rule was adopted in the second half of the 19th century. Still then, my source states that there were not more crisis after 1866
www.clevelandfed.org/en/newsroom-and-events/publications/economic-commentary/economic-commentary-archives/2007-economic-commentaries/ec-20071201-a-brief-history-of-central-banks.aspx
Did I put too much trust in it?
@@MoneyMacro Aren't all of the earlier crises arguably connected to easy money from the Bank of England, from what I've read? What are your thoughts on them? Perhaps the Bagehot Rule was the correct monetary policy.
I'd also like to know if you have any thoughts on the "Theory of Free Banking" by George Selgin (I've read quite a few of the chapters).
@@MoneyMacro Thanks for the source nonetheless! More to read, the better!
Ik heb het idee dat je gewoon Nederlands bent
The story of central banks is essentially to fund the military adventurism of the ruling class, who don't have the money to pay for war, and end up gifting the financial class land instead. It's how wealthy financiers became nobles and aristocratic landowners.
I love this channel so much! Keep up the amazing work!
Loved that episode debunking EE and other economic myths and giving truth a place to exist in here : ) Thank you and please make more educational informative like these
EE is salesmanship not economics.
Pretty much~ on point!
Thanks! I will do more debunking & fact-checking videos on the future.
(my current problem is finding enough hours in a day)
Remember the joke about putting a 100 different economists in a room and getting 100 different opinions... I'm not concluding one way or the other,
merely be cautions about using perspectives to confirm your prior positions..
Ain't about cherry picking, 100 different salesmanship is different from 100 different economists. Even so economics is not supposed to be so obscure and mindlessly confusing as that. Fortunately, that's not our situation today, when the global "elites"(corrupt) try to disarm/cripple our economic development(knowledge) we now know we see through their lies and actually be able to test and interogate those 100 perspectives to verify whether they are bought or genuine. Yes, even in the Economist world we have real professionals doing their best. And that is us being cautious.
Finally some talk about riksbanken. Another fun fact is that it was the first central bank to introduce a negative interest rate. Maybe a potential topic for a future video?
You are doing such a good job presenting this material. This channel really has the potential to get quite big. I think a lot of people are interested in getting thorough and engaging analysis of all these economic topics. Economics is a subject which can be both extremely exciting and interesting but also bone dry. In high school economics was my most hated subject. It was just so incredibly boring. Not because of theory, because I have been into physics, chemistry, math etc for quite some time, but all these Bob and Alice setup a Lemond stand examples ruin economics as a subject.
Despite the Wealth of Nations being a long read, it was among the first economics books which got me engaged. The same can be said about Freaconomics or the Undercover Economists. I believe economics is best taught when paired with interesting real world history and analysis of our society. So many school books seem to want to get to the point so fast, that they rip out all the parts which provide spicy to the story. They think by making the page count half as long, people will read and grasp the material in half the time. Yet it becomes 4x more boring, so you spend 4x the time just slogging through. A short unengaging text is "longer" than a longer engaging text.
"all wars are bankers wars"
That was the real reason for the : Boer wars, both world wars Russian revolution
tiny hats.
"Your people started all the wars..."
Mel Gibson
@@FockanInternational Zionist bankers are the devil on earth, when will people wake up to their lies ?
Peace and life are for cowards, poor people should sacrifice themselves to God
as far as youtube channels go, some people just have it and some dont, this channel has it, it's clear concise, and most important it is entertaining, if you dont entertain, you dont retain the viewers interest.
these clips are informative and entertaining, thats a winning formula
Thanks Fred! That is exactly the balance I am trying to get right :)
Not a mention of Rothschild?
The video would be taken down otherwise
Antiseptic comment, you are dangerous you need democracy
I was thinking the same thing but facts are facts perhaps the beginnings of the concept of central banking are left up to interpretation...
@@RisingInTheFleshAbsolutely, he knows who the Rothschilds are! What do people expect? They know we live under Censorship!
You must be new if you actually expected any of "them" to be named.
It's so interesting because you provide wide background - how banking was connected to wider economy and individual interests... that would be unbelievable if there was no corruption. And your videos allow to understand other aspects of history better. Thank you.
Very, VERY glad I found this channel. Towards the tail end of my Economics BSc, I felt so confused and frustrated about the 'novelty' having worn off for me. In my university, the teaching was incredibly dry and not very inspiring, and left me wondering if I even cared for economics at all. I thought maybe I'd chosen the wrong path.
On a whim, I signed up for a master's program that taught innovation economics and all sorts of heterodox economic theory. And by complete accident, I discovered Joeri's channel around the same time. This has totally rekindled the fire for me! Great videos, keep it up:-)
What universities are you talking about?
Thanks for sharing. I have a cousin persuing a Master's in Economics.(We're in South Africa and he is persuing it through a Swedish university) Economics is a field I have not had much gees(emotional energy) for but this channel makes the content very digestable and that much more fun to engage with.
I'm so happy ☺️ my life is totally changed. I've been earning $10,250 returns from my $4,000 Investment every 13 days
@@patriciajane3436 Same here, I made $12,400 profits on investing since I started trading with Matthew Smith his trading strategies are too notch am winning consistently trading with Mr Matthew Smith.
@huei I heard a lot of investing with Mr MATTEW smith and how good he is, please how safe are the profit?
"A central bank provides financial services to the government." That is an understatement.
Swede here and I had no idea about Riksbanken role in all of this. Great video!
Excellent research work Joeri! Many thanks for doing this and making it available on RUclips. I learned a lot of things that I was not aware of. We can always make some rules on how we should do business and then give the participate that agree to the rules names such as merchants, manufactures, farmers, consumers, bankers, along with many other types participants. The rules can always be changed to try to improve things or make things easier or to make things more secure. Whether the transactions are made with gold and silver coins or other items that the participants agree too or by a hand shake or by documenting items in ledgers does not really matter as long as the participants are honest and trustworthy and follow the rules they have agreed to. It really does not matter what money and financial system is used as long as the participants are honest and trustworthy and follow the rules! The problems and issues that have plagued money and financial systems throughout history is that there are always a considerable number of participants that are not honest and trustworthy and engage in corrupt and criminal activities for personal gain and for power and glory. Not really sure if coming up with new rules and systems will ever solve this problem. Perhaps with the advancing computer and internet technologies the corrupt and criminal activity can be kept under control much better.
Digital technology will make (and has made) some methods of engaging in such activities more difficult and less profitable, and others easier and more profitable, much like any other innovation. Ultimately, the important bit is the rule-set and enforcement there of. As you said, there are always people who will try to exploit or abuse the system, so rules that account for this and minimize perverse incentives, (thereby discouraging malicious actions by rendering them less rewarding than benevolent actions) will generally work better than those that do not.
Setting up rules that incentivize benevolence rather than malice will tend to minimize the number of large scale abuses, as such are usually perpetuated by reasonably intelligent, but problematically self interested, individuals doing what seems to be in their best interests. Small scale abuses tend to be a function of different processes, often involving the ignorant, stupid, and/or desperate. Such are generally prevented by first removing the incentive to engage in such, and then by ensuring that those who do anyway are caught swiftly and reliably (beyond a certain minimum needed to render punishment relevant at all, the likelihood of being caught is far more of a discouragement than the harshness of the punishment when and if you are.)
Most Economic ideologies inevitably fall over when their adherents loose sight of these rather basic facts of humanity (ideologies based in things other than economics tend to run into problems with different traits of humanity, though in a similar way.)
7:49 funny how things never change
If a central bank cannot grow an economy, it has no right to devalue its notes. It's like a beekeeper who takes too much honey and kills the hive.
How will you forever grow the economy? With 2 new earth's in space? Or destroying one half to double the other half. Or make 2/3 poor to give the grow to the 1/1 to make grow?
@@deniseproxima2601it seems the banks jus want to own everything,,and have most people live in almost poverty
@@deniseproxima2601 by nationalizing minting and monetary policy based on the nations trade and production and not the by the rules of some bankers
You completely miss the point. The ONLY reason the economy needs to grow is because the money supply is being inflated at interest. The economic growth is needed to pay off the interest on the loans. When new money is created artificially at interest (usury) then there is never enough money in the system to pay off the interest and so the economy must be grown.
With a stable money supply, things would get cheaper over time requiring zero economic growth yet would still function perfectly.
I am glad that your channel has provided a well-articulated explanation of the history of the Central Bank.
Thank you for your presentation , I watched all of it .
~ Crawford D. Smith in Indiana , U SA .
Hey @Marco, love your videos. Just so you know, the Roman Empire had a bank run (I think it was in 33 AD), so they invented a bank for banks with a cash reserve to prevent future bank runs. It's pretty obscure knowledge, so I'm not sure if it was just overlooked, as it's easy to do, or maybe the roman central bank didn't count for some reason, but it regardless it seems worthwhile mentioning it, even as a footnote. I consider it the first central bank.
interesting. Where did you read about this?
@@MoneyMacro Ha, I think Economics Explained covered it. I tried finding the video awhile back because it also discuses how a Chinese emperor experimented with proto-MMT (my words, not how it's described in the video). I couldn't find it, so either I missed it or it was a different channel. I'm pretty sure the History of Rome podcast also covered the Roman banks.
@@MoneyMacro I think he's exaggerating a little bit. To my knowledge, the events went something like this:
Many wealthy men in Rome invested their fortune by loaning money. There was also a law stating that they should hold at least 1/3 of their assets in Italian land but that law was widely flouted. When that law started to be enforced again many loans were suddenly recalled so that the men in question could purchase the requisite land. Many borrowers sold land to try to meet the recalled loans which caused land prices to fall. The creditors in turn tried to delay their land purchases so that the prices would fall more and they could buy the land at a cheaper price. This lead to a vicious circle of plummeting land prices and credit crunch. Emperor Tiberius was eventually able to halt the crisis by, among other things, providing large amounts of credit.
I'm a bit skeptical if that would really qualify as a central bank.
@@seneca983 ah yes I read that in my book "Money Changes Everything." Yeah probably too ad hoc to classify as a central bank :)
@@MoneyMacro I agree and additionally I wouldn't classify the crisis as a bank run. Many borrowers were badly hurt but it was because they were suddenly ordered to pay back a substantial part of their loans.
Your animations got a lot more interesting and well done lately! Keep up the great work!
Someone else helped me out with this particular video. I will tell him.
Hey, non-economist here. Very interesting, and historical (‘evolutionary’) take on concepts is much more understandable and appealing for me.
Now, if you’re doing the continuation of this topic, could you debunk/clarify a tidbit I heard about rapid rise of income inequality since the abolition of gold standard? Thanks
Great content and happy to see my hometown Middelburg mentioned, I have yet to learn about The Bank of Middelburg and am eager to do so!
Thanks! I love Middelburg's beautiful old city centre.
I was hoping Walter Bagehot would make an appearance. I love how you carefully explain your principles and then move forward through the messy reality of history. It anchors the story very well!
Thanks Erik!! Also for your continued support.
Thank you for posting - at times like our right now this background information is vital for everyone to understand what is at stake .
Hahahaah the way you started speaking quieter at 16:05 when u said slave trade. Goeie video man veel geleerd.
Teaching a Money & Banking class these days. Some of the elaborations in this video will be very helpful. Thank you very much!
Very good and interesting video once again. If you really wanted to take conspiracy theories on though, I think a longer elaboration on their private ownership is needed. The terms of the Fed are still unknown, but how the owners of the BoE where bought out gives a hint of the direction we should be thinking of.
Yeah. Perhaps this stuff is worthy of a lengthy response video.
I couldn't really get into it here because I also use this video in a University course where these conspiracy theories are extremely fringe (as opposed to on RUclips).
@@MoneyMacro Ahh right, I understand. I hope it can enter your backlog of video ideas :D. I think i'd be really helpful in the battle against conspiracies. (and I also really like to learn more about it myself, I read the wikipedia pages, but learning that indeed central banks where/are privately owned and payed dividends just pushes you more towards conspiracies...)
Everyone should watch Peacedozer’s video series on central banking. It’s based off of the book by Stephen Goodson titled “A History of Central Banking”. All of them are great, but “Chapter 2: The Hidden Origins of the Bank of England” is particularly interesting.
ruclips.net/p/PLZ7GdlPK75_tXJYVzkCId2SYEjBLjnU9E&si=kzgRFTAIsxPvxxfX
It's a good book but I wish it placed less emphasis on the Jews (For publicity reasons)😅
Just came across this channel just now and wow, I love this content, the research and your presentation. Dat ik jullie nog niet kende!
Im subscribed to +300 channels, but lately this one is getting top10 place for sure, top1 in economics, and i get the feeling i got in early! Hopefully you went full time
Thanks!!! I'm not fulltime at the moment. I hope I can start doing that early next year.
This video is so well done, I come back to it again and again. Sometimes I watch it at night to help me fall asleep lol.
Thank you so much for making it!
Haha. Happy to hear that! Except for the falling asleep part ... I guess
I learned that the Templars issued letters of credit that pilgrims could cash in when the got to Jerusalem. First international bankers and first tourists?
hahaha yeah true they played a major part in the history of banking.
Have you considered making videos about counties economies and what makes there economies unique compared to others?
Absolutely love your videos and appreciate the amount of research and work you put in every one :)
Great video, looking forward to part two.
I think central banks are fine as long as they have at least 100% reserves and ideally have 110% reserves or more for improved stability of the economy but I'd rather a banking system similar to that of the USA before the creation of the Federal Reserve System in 1913 where each bank is required to be a member of a clearing house which would (or rather should) have at least 100% of reserves which would end the central bank monopoly and would decentralise the national banking industry. For trade, each clearing house would print bank notes and would be required to use the same currency symbol, and currency standardisation i.e. all currency from each clearing house is divided into 100 units (cents) out of every whole unit (dollar) and not some CHs using 100 subdivision and others using the base-12 system like the pre-decimal GBP, IEP on a national level...
...a current system like this would probably be Hong Kong, Scottish & Northern Irish, British Overseas Territories (Isle of Man, Falkland Islands, Saint Helena, Gibraltar, Jersey, Guernsey etc.) banks printing their own notes
Thats sounds like a super inefficient version of what we have now. Why handicap yourself with all this red tape when no one else is going to do it it seems to be based on nothing.
but right now central banking system is an hole sale lie and works only for its owners and funds - even gov or more like parliaments that are suppose to have over watch have been bought and this next step they plan - central bank digital currency is new form of slavery - total loss of privacy and owenership - bank and gov would deside what, where , when and how much !
@@hoponasu2471Calm down there brother, you might pop a vein. There is no "lie", the middle class has absolutely benefitted from central banking through lower interest rates and more stability.
You also might wanna read up on slavery a bit honey. Owning CB liabilities is not in anyway akin to slavery. Its also not stripping anyones private property? Like what? CBs are indepenent agencies (quasi private) while normal banks are private ie provate property.
@@disser3849 Well CB Digital Currencies do help end privacy and by proxy freedom because it would allow the central bank to see all transactions which would then give this data to the authoritarian government while also having the power to put a time limit on money i.e. that €300 in your bank account must be spent in 2 weeks if your on the Univeral Basic Income Scheme.
All CBDCs are is a centralised version of Bitcoin and Bitcoin offers zero privacy benefits over paper notes and minted coins and actually takes them away.
Also most Central Banks are not really independent agencies especially if they're owned by the government in whole or in part such as the Bank of England which was nationalised in 1947-1948 or the European Central Bank which is an arm of the European Union or the US Federal Reserve Bank(s) which has unnamed investors which they refuse to disclose while many non-central (consumer/business facing) banks are not privately owned and are in fact owned by the government such as most banks in the PRC (China) or are part-government owned such as the NatWest Group (England) [legally called *Nat*ional *West*minister PLC]
@@wclifton968gameplaystutorials Well obviously no. Freedom is not defined as "make transactions that law enforcement cant track". We have no idea if CBs are even going to track those transactions or not and how they will be secured. At least at this moment European CBs official stance is that the information will be private and not harvested like Facebook does. Not sure about possible criminal transactions. I have worked my whole life in different private sector companies and every single transactions we have made has been completely traceable wire payments (true for literally all companies that are not doing shady shit). This has absolutely nothing to do with our "freedom". Unless you mean freedom in that weird libertarian sense where a poor person should be able to enslave himself and I should be free of the coercion of the police to kill people. Besides, this whole point is moot because you can still use your cash or old deposits (though people really hate cash, me included).
And as I said, CBs are quasi private institutions. As in their goverments cannot force them to raise/lower rates or continue/reduce qe. In United States if want to become part of the Federal reserve system, you need to fulfill certain regulatory requirements. In exchange you get a stock and a vote for you local FED board (its actually 12 FED banks, not one). All national banks need to be part of the Federal Reserve system. This is not a secret and it is transparent. And its actually a way to make FED even more independant. President and the senate pick the governors though.
Most of the private banks in the western world are owned by private investors, not state owners. You have some public wealth fundd etc that might own some stock in banks, but its a very minor portion.
A good summary of central banks. History of central banks. Definitely will open your eyes. If there is a problem in the world it is usually orchestrated by cental banks . Not all only the big ones.
Dear Author, do you think the flourished banking industry in NL is to some extent linked to the fact that the main European river Rhine leads to the NL itself? Geography pre-destined the monetary (banking) success?
The Rhine leads to Switzerland, past that is the river Ticino, a tributary of the river Po leading to Venice.
from Wikipedia:
'The opening of the Schöllenen Gorge for traffic was an important factor in the original Swiss Confederacy. The three regions of Uri, Schwyz and Unterwalden (the Waldstätten or "forest communities") gained imperial immediacy under the Hohenstaufen emperors still in the first half of the 13th century. An important aspect of the early confederacy, expressed in the Pfaffenbrief of 1370, was the guarantee of peace along the road from Zürich to the Gotthard Pass.'
No Gotthard pass, no Switzerland.
Banking was once ilegal all over the world because they understood what banking is
and then tiny hats happened.
I am so glad I found your educational video just when things look most confusing and contradictory. Thanks !
Your videos always give me plenty food for thought.
1:20 can someone explain please this part "transform their debts into transmable deposit money"
If merchants have debts how they deposit?
I think you gloss over America's experience with central banking/free banking a bit too much, though that might be worth its own video.
During the late 18th century and early 19th there was a central bank and it was ultimately disbanded due to problems with stability.
Following that there was a free banking system that was very stable and effective, it was similar to the Scottish free banking system which was likewise very stable. This system only came to an end during the Civil War, mostly for political reasons.
The system that followed was a regional banking system and that system wasn't stable, which led to the creation of the Fed in 1913.
Frankly I think the pre-Civil War system had a lot going for it and it's a bit unfair to lump all pre-1913 banking systems together.
Yeah I think that is worth its own video at some point.
Murray Rothbard wrote a great book ‘The History of Money and Banking in the United States’. If you like history and finance a must read.
Is EE right in his video about New Zealand's economy being the best?
Central banking was the move from gold backed or anything backed currency. It allowed governments to move off needing something of value related to each currency in use. It is moved to “trust us, it’s worth something” status. Haha
Great channel! Love these videos doing the research on the topic, without any personal opinions on how to adjust the system or how to change the world.
Please do one video if there is a relationship between the Federal reserve creation in 1913 and the 1929 stock market crash.
the relation is that between 1913 and 1929 and after, the Fed didn't know yet what to do and how to handle things, didn't have enough monetary experience. Perfection does not exist, its an evolution. And no system is perfect.
Read Jekyll island
Could you make a video covering the U.S debt as well as the economics of government debt in general?
could you change the border around video thumbnails? the orange is too close to the red bar youtube shows when you've watched a video, so it's hard to see which videos i've watched already
Mega quality in these videos! I'm loving your stuff!!
Very good work. Thank you.
He criticized and condemned the priests/politicians. Then, he went to their bosses, the moneylenders, and whipped them out of the Temple. That’s when they put the hit out on him.
Joeri,
"Public emergency" you have right, but I think you mean "privately owned" banks in 14th century "Italy."
I don't know about Italy. In English English I think they might have been called Piedmontese until fairly recently. And I sure don't know that anything within a horse-ride of Switzerland is called "Southern" Europe.
Can you do a video exploring Georgism pros and cons?
Love your videos, and this was a great one...wish was longer! Maybe a part 2? 🤞
haha yeah I would have loved to finish the story to the modern era... I might at some point. But, for now .... I will start working on my next videos on the current inflation debate and the Economy of Afghanistan.
@@MoneyMacro Excellent...great topic for the next one...looking forward to it! 🙏
Uhmm first recorded bank notes? In 1661? By bank of Stockholm? In what sense? Last time I checked that credit goes to Tang and Song Dynasty China between years 618 ~ 1279
That was a government note. Not a bank note
Was the 5% deposit premium an annual charge or just a one time deposit fee? How were bankers paid otherwise if they couldn't loan?
Bankers “not entirely honest”?! - I’m crushed: my universe has been toppled!
4:08 Every Dutch citizen: *stares off into the distance with cloud timelapse in the background
@two_motion
UK citizens, also. 🇬🇧
Can you do more debunking economic narratives/myths? Thank you for making these educational contents. will we get another live Q&A soon?
Will do both more in the future :)
@@night6724 Haha well yes I might actually do a debunking of the Netherlands being a 'perfect' economy. It is not.
Your regulation story though .... I heard they don't enforce regulations in South Sudan..... Amazing place to start a business.
The DEBUNKOOOORRR
@@night6724 here comes the "free market" ppl that think the term means free of regulation.
@@night6724 define good
Excellent! Please do one on trade liberalization and its effects on exports and imports.
Excellent video on history of Central Banking
Hi Marco! Just a question; you mentioned in your video that sweden created the first bank notes (if I quote you right). How do you look at the bank notes in china that excited long before 1600?
It's a technicality. These were government notes not bank notes
Amazing content!! Happy to see the channel growing :)
Hi, I watch your Chanel. I have recently written a book on Macroeconomic, Titled Plural Macroeconomics. I have posted a copy to you by snail mail on 3 rd November. It is stuck at Netherlands customs as on 15th.
Some titles of the chapters are really click baits. I list them below:
1 Macroeconomic measurements
2 Macroeconomic money as a dynamic entity.
3 Multiple and Dynamic seigniorage hypothesis
4 State is violence
5 Distribution - deals with distribution between three markets: money, good and services, assets.
6 Societal memory and entropy
Request you to go through it.
I had posted about 200 copies of it to many academics.
You were one of the pick.
Regards
“Money Masters” by Bill Still has even more detailed information (longer).
I watched it. I don't understand his point though... Every major civilization had a debt based monetary system. Not a single exception. How can you then make the argument that we should switch to non-debt money.
@@MoneyMacro I don’t think that was his point, more so exposing those that exploit these systems and presenting other type of systems that have been used in lieu in the past, like the tally sticks (used in Britain for centuries before debt-money), colonial script or greenbacks to name some of the ones mentioned by Still. And to add my opinion, no centralised/top down system thrives or is beneficial to the people for long, these are prime for exploitation and corruption, (private) central banking is no exception.
i thought the first bank note was issue by the chinese, from the chinese goverment tresury, with a promise to pay the bank note in full if cashed.
It's a bit lame .. I know. But, this was technically not a BANK note 😇
Central banks of Europe, Bank of England, and no mention of certain surname? (R)
Hehe. I couldn't find any historical sources detailing their involvement. Open to suggestions.
@@MoneyMacro wink twice if YT algo has you hostage
@@alfinal5787 ;)
Love the video Yoeri, thanks. Just one tiny cosmetical detail: Flevoland shouldn’t exist on your historical maps. Howerver I understand fixing this could open up a can of worms with other insignificant details that could be fixed.
How about that ? Real post-Doctorate of Divinity and Commerce in the eyes 👀 of Love !!
..loving it !!
...
I like this channel, please keep on posting more videos. We need accurate information, which this channel provides.
Finally a new video!!
I feel the same way. My day job (teaching at university) was super intense these last few weeks. I'm trying to become more consistent. But, it might take a while
@@MoneyMacro It's cool! Quality over quantity!
Hoi Joeri, kleine tip, de rood-oranje border die je in je thumbnails gebruikt maakt de rode watched indicator zeer lastig te zien. Dat kan er toe leiden dat mensen videos overslaan omdat ze denken dat ze die al gezien hebben of juist op een video klikken die ze al eerder gezien hebben in de veronderstelling dat ze dat nog niet gedaan hebben en daardoor denken dat het een repost is of wellicht geirriteerd raken omdat ze tijd verspillen.
Different subject: The futures is different from the implied open. How is that calculated?
Price stability? Do you have any idea how much currencies have been devalued year after year for a century now?
FYI The subtitles for the researcher promo are in the wrong place.
Ahhhh thanks! I updated them.
Deposit money premium was essentially negative interest rates right?
Different in that interest rates are typically compounding and this could be seen as a one off fee
Central Banking should be done by National Governments, non debt currency.
American Green Backs worked wonderfully.
Communism you mean?
Great channel !! Recently I was watching some old American presidential debate in which ron paul was suggesting ending the federal bank to counter inflation can you please make a video about that idea and what will be it's impacts if we do that in today's world and please bear with my english it's not my first language.
yeah haha it would have an insane impact. Given some of the comments on this vid, I think I should at some point do a response video for these types of ideas.
So glad I found this channel
Weren’t the first recorded banknotes in China?
It's a technicality. These were pure government notes. Not (central) bank notes.
This video is an excellent example of how banking built the modern world.
Thanks for presenting these things in a way that even a layman like me can kinda follow the story. Because the jargon used by most financial people too often turned me off ... Dank U vel.
Great video! I was doing my own research about the origin of CB and your video clearly give me amazing points to work around.
move to argentina
@@hajihajiwa thanks! Considering it.
@@anti-socialism thank fucking god pls hurry
@@hajihajiwa almost there comie
I found this informative, but it skips over the 1920-1921 and 1929-1946 depressions that were enabled by the Federal Reserve System. The Great Depression was far more destabilizing than any of the banking problems the US had in the 19th Century.
Inflation makes the government and central banks owners wealthiers at the expense of the people. People gets rob of their work and purchasing power. This video will help you understand WWI and WWII.
Best book on Banking and Finance:
(Armour, 2016) Principles of Financial Regulation
The Fed and Inequality:
(Petrou, 2021) Engine of Inequality: The Fed and the Future of Wealth
(Dietsch, 2018) Do Central Banks Serve the People?
great video, thanks. well presented and clean too!
Glad you liked it!
“In 1694, the
Bank of England was created, the model on which all central banks in Europe and
later in the USA was replicated. Soon thereafter started, what modern academics
call, “modernity”, which in reality meant reducing people to servitude. English
big time financiers did not like the fact that early US colonies had issued
their own money and showed hostility to the Bank of England. The attempt of
England at abolishing US currency was also the prime cause of the American
Revolution. To a large extent 19th century America prospered precisely because
of the absence of a central bank. One must not forget, as the author states,
that Andrew Jackson’s presidential campaign was carried out under the banner
“VOTE ANDREW JACKSON, NO BANK!” The ominous year for the USA, as well as for
the entire world was the creation of the Federal Reserve Bank in 1913, which
indirectly precipitated the Western world into two world wars and hundreds of
local wars all over the world.”
Excerpt From
A History of Central Banking and the Enslavement of Mankind
Stephen Mitford Goodson
as an f1 fan looking to learn about stuff outside of f1, it was quite triggering that not even in an economics video can i escape the dutch national anthem in 2023 haha
Hehe. Go Max!
Best central bank is obviously the Iron Bank
6:59 I recognize the word 'Bank', that's it. Please provide translation! 🙏
Thanks!!! …Very informative!
I like this video of yours mate 👌
Thanks Jake!
It is hard to believe for many that before Italy the Song Dynasty had its central bank that suits for your criteria. It is also a pawn shop with paper money.
It didn't suit my criteria because it wasn't a bank but a pawn shop. But, yeah I agree that China has a rich monetary history that deserves some time in the sun.
It is not a pawn shop. It has the function of deposit, creating credit and it is national. Government also created money in paper. You may also bring your valuables to the bank and have money in your hand. I have not checked into Arab history so not sure if there is a parallel system as well. However the modern central bank system we have now started in Italy and there is no doubt about it.
Goddamn you have cliffhangers now
Interessant kanaal waar ik, wat de content betreft, (nog) geen moer van begrijp.
Balen dat de videos niet in het Nederlands zijn. In ben al een poos op zoek naar een Nederlander die dit soort dingen goed uit kan leggen.
Heb ik er eindelijk 1 gevonden, lult ie Engels!
Haha helaas. Ik probeer wel vaak NL subtitles toe te voegen.
make a video about greatest merchants of all time
wouldn't that be more of a business type of subject? Perhaps the greatest trading empires?
@@MoneyMacroabout the Wallenbergs?
@@MoneyMacro yes! the greatest trading empires sounds nice!
Great video. What cameras do you shoot your videos with?
Thanks! Canon m50
The bank of England funded the ending of the slave trade aswel as earlier helping prop it up. I would say funding the ending of the slave trade is significant enough to mention.
How did it fund the ending of it?
@@MoneyMacro the banks funds were used to buy out the slave owners, only within the empire though
What about the templars order of christ portugal?
Very important in the history of central banking. But, I left them out because they weren't really a state Bank.
Wait what. Didn't kautilya talk about the existence of and best practices, including the interest rates for a centralized money lending system In Mauryan empire ? Wouldn't that be the first " centralized banking " considering he wrote about it around 400 BC, it would've been existed for longer.