Money and Banking: Lecture 4 - Evolution of the Payments System 1

This course covers the nature and functions of money. Topics include a survey of the operation and development of the banking system in the U.S. and an introduction to the monetary policy.
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[@李锋-u9l]

Actually, china has the bank notes from Song Dynasty before what doctor said 900 AD, which was issued by the money house, an old-style Chinese money bank based on the silver ingot which the people save in the money house. Originally, what the purpose people save is to withdraw from different city for sparing cost and security transportation, becoming acceptance by the society to play as the intermediate of exchange, namely money.

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[@dosomething3]

Before checking deposits, the Professor did not mention 'partial reserve'. And in the USA, there is no gold to back up the currency.

[@shanmugamtp3751]

Didn't paper currency cause inflation when marco polo introduced his idea in Europe? How did EUROPE figure a way out to adopt paper currency?