8th February 2018 History of barter, money and banking to now

The agenda presented by the club secretary Mr. D. Brooke
Subjects presented in order with the secretary's recorded introduction

Voice files might not be immediately active when this post is published.

Introduction 

Recorded Introduction:
Link to alternative site for immediate play [ Don.s Intro. ASC Audio_43 02/18]


Audio_43 02/18


The only present for the evening.  A fixed frame visual with narrative. The problems inherent with barter, somewhat modified with various societies adopting things from nature finding mutual acceptance.  Coins made of various materials before the introduction of paper as a means of exchange first in China.  Guess this is when "cash" came into the vocabulary as we know it today.  On a time line this concept found its way to Italy and there after to the rest of Europe, as a means to trade between countries.  However it was in England during the 17th century when a couple of financial innovators used paper exchange to "greenfield" and there after to expand exploitative trade.  This trade expansion concomitant with national debt and the requirement to finance wars. The days of the trusted silver and gold smiths was to give way to the formation of independent banks, the central banking and the fractional reserve banking system -- reasons for these developments given in the narrative. Told of gold as a standard came into being and when it failed, beginning of the end as the means to peg currency to it -- unclear as to why the US gave its stock pile or some of it to those the US supplied during the WW11; namely France and President C. de Gaulles demand, bringing other countries to claim a return of gold to them -- (gold) as the standard extinguished officially in 1971.

The period of history involving the "innovators" above referred, the British Prime Minister of the era etc., makes for enjoyable entertainment.  But consideration in hindsight a sowing of enjoyment when related to GFC, the Ponsy schemes and history it could be said repeating, with distress for some people financially.


Link to alternative site for immediate play of discussion following. 

Audio_44 02/18


CONCLUSION with a vote of thanks for the secretary evenings events.