a. In the early days man did what he could to survive.
b. Some farmed.
c. Some raised livestock,
d. While others hunted.
II TRADE
a. One day the farmer gathered all of the fresh fruit and vegetables he could and set out to find the hunter.
b. When he arrived, he proposed that he would give the hunter all of the fruits and vegetables he needed in return for some of the hunter's meat.
c. Both parties agreed and thus started the concept of trade.
d. Cattle farmers traded leather to sheep herders in return for wool.
e. Sheep herders traded racks of lamb to the guys with vineyards in return for wine or grapes.
f. And the guys with vineyards traded wine to everyone.
g. Things couldn't be better and people felt as if they had created a perfect system.
h. Until, one day.......
i. A wheat farmer gathered all the wheat he could and set out to find a fruit farmer
j. When he arrived with his grain harvest, the fruit that he had wanted was no longer in season and had gone bad.
k. Just as the wheat farmer was leaving empty-handed, the fruit farmer pulled a shiny gold object from his pocket and offered it as trade instead.
l. The wheat farmer was mesmerized.
m. He had never seen such a beautiful thing.
n. He quickly agreed and rushed back to tell others of what he had bartered.
o. Immediately the town fell in love.
p. This new object was now of the highest demand.
III GOLD, copper AND SILVER
a. Soon people realized that precious metals such as gold, copper and silver could be used as a lighter, more transportable means of trade.
b. What the people had found was a third commodity.
c. Money.
d. They needed it.
e. They wanted it.
f. After all, a cattle farmer couldn't exactly fit a cow in his pocket.
IV GLOBAL TRADE
a. All over the world people took on this concept of trading with a third commodity, but not everyone used metal...
b. In Africa and China they traded cowry shells.
c. In Japan it was koku (the amount of rice it takes to feed a family per year)
V THE GOLDSMITH
a. Once people found that gold was soft,
b. easy to work with
c. and could be cast into molds that designate specific weights,
d. that they could then keep record of,
e. it became the number one way to trade!
f. Although Europe had an abundance of these precious metals in their pocket,
g. There was one thing on their plate they lacked.
VI COLUMBUS
a. Spices.
b. They were imported from India,
c. which was extremely far away,
d. and that made it very expensive.
e. It was a critical time of economic competition,
f. and Europe along with everyone else
g. was trying to establish wealth from trade routes.
h. So, the Queen of Spain decided to appoint someone to fix the problem.
i. Sir Christopher Columbus set out in unfamiliar waters to hopefully find a quicker route for the Europeans to travel to India and bring spices back.
j. What he found instead would change the world forever!
VII North America
a. On what was later known as Columbus Day,
b. Christopher and other voyagers landed on an island they believed to be the East-Asian mainland.
c. As they approached land, they were instantly greeted by the natives.
d. They decided it would be best to settle in and start trading with the native people they had encountered.
e. Over time, more and more settlers flocked to what they called, "The New World."
f. To the new settlers, the food offered from these native people wasn't quite enough.
g. Eventually, the settlers stopped trading and decided instead, that it would be more valuable to just kill these native problems off and take the land instead.
VIII SLAVERY
a.Even though the settlers had all the land and natural resources they needed, it still wasn't quit enough.
b. New settlements needed to be built
c. and that meant that human workers would soon become the newest resource in demand.
d. But where would they find these people?
e. Africa!
f. Natives were captured from Africa
g. and brought to the south to be sold as property to the highest bidder.
IX REVOLUTIONARY WAR
a. Time passed and everywhere you looked new settlements were forming.
b. It seemed as if the settlers were finally reaching their new financial goals.
c. They got richer and richer and richer.
d. Only there was one, tiny problem standing between them and their New World success.
e. The King!
f. The King of England demanded taxes from the thirteen colonies that to them seemed way too unfair.
g. So to save their, New World they went to war!
X INDEPENDENCE DAY
a. Eight years,
b. one signed sheet of paper (Treaty of Paris)
c. and just over 35,000 bodies later, the war ended!
d. Finally on what would later become, the national day of the United States, the colonists gained their independence from the Kingdom of Great Britain
e. and got back to making money.
XI CIVIL WAR
a. More time passed.
b. More people were enslaved, and
c. More settlements arose.
d. Eventually the north decided that slavery should end.
e. Considering the south's economy was entirely dependent on free labor for over 200 years,
f. they quickly realized that their economy would crumble if they agreed.
g. So the country went to war!
h. Brothers went to war.
i. It would later be known as the deadliest war to take place in the United States.
j. Four years and over 620,000 dead bodies later the war ended.
a. Finally, slavery was ended,
but there was something else entirely, lurking in the shadows.
b. Anarchy!
c. Anarchist believed that the government was too powerful and that rich people were entirely too rich,
and that there was only one way for the public to gain it's power back.
d. Kill them all!
XIII WORLD WAR I
a. So they assassinated U.s. President, William McKinley.
And as if that wasn't enough to start another war
b. than the assassination of Archduke Ferdinand soon after, would be!
c. World War I begins
d. Four years, one signed sheet of paper (Treaty of Versailles) and over
15 million bodies later, the war ended.
XIV GERMANY
a. But there was one catch, Germany had to accept sole responsibility for causing the war and
under the terms of the Treaty, pay reparations of 132 billion dollars for damages caused.
b. This of course did not make Germany happy.
c.It would surely rip apart their entire economy, and
unless someone could fix these problems, Germany would soon perish!
XV THE GREAT DEPRESSION
a. Germany, was in no way alone with the crumbling of their economy!
b. The sudden up rise of failing banks across the U.s had people worried.
c. There was not enough gold left to back the country's money.
d. America had basically over invested!
e. Suddenly, The United States stock market crashed, and
f. Global trade was quickly perishing and the world had no clue what to do.
g. Some starved to death, some turned to nationalist demagogues, while others threw their child
that they could no longer afford
to feed, under a moving truck, twice! / wal of the arabeggers
h. The world was in chaos.
i. The Great Depression had arrived.
XVI WORLD WAR I I
a. One day, A decorated veteran of World War I joined with a group called the Nazis.
b. He was soon to be appointed the ruler of Germany
c. His name, Adolph Hitler.
d. Hitler decided that the Aryan population needed more living space, and the Aryan
population was tired of being poor, so together they invaded Austria
and Czechoslovakia to steal their land.
e. But, of course their new found homes weren't quite enough!
f. Someone had to pay for what happened to Germany's economy and further more the loss
of WW1.
g. Anyone!
h. The Jews,
i. and of course, there was only one thing that Hitler and the Nazi party could do to
fix the problem, kill them all!
All of them.
j. Later to be known as the the most wide spread war and deadliest conflict
in the history of the world, World War II had begun.
Six years, and over 70 million bodies later, the war ended.
XVII INDUSTRIAL MILITARY COMPLEX
In President Dwight D. Eisenhower's farewell address he explained to the American people that the U.S. military had become such a big business, that our economy will actually depend on us being at war!
XVIII IRAQ
Today the United States military is at war with Iraq.
Since the start of the war, over 4,000 American soldiers have been killed, not to mention over 100,000 citizens of Iraq.
Whether we are there for terrorist, weapons of mass destruction, or oil, we still remain, and so I say to you and further more to the entire country....
Those who do not know history are doomed to repeat it.
Research:
Although experiments with paper money did occur throughout the early history of the country, they were largely unsuccessful. People, for good reason, didn't trust the notes and preferred gold and silver coin. In 1861, needing money to finance the Civil War, Congress authorized the issuance of Demand notes in $5, $10 and $20 denominations. The Demand notes were so named because they were redeemable in coin "on demand." The notes were nicknamed Greenbacks, a name which is still in use today to refer to United States currency.
The first $1 bill was issued in 1862 as a Legal Tender Note with a portrait of Salmon P. Chase, the Treasury Secretary under President Abraham Lincoln.
In 1957 the $1 bill became the first U.S. currency to bear the motto IN GOD WE TRUST.
The obverse debuted in 1963 when the $1 bill first became a Federal Reserve Note.
The inclusion of "In God We Trust" on all currency was required by law in 1955.
Many items have been used as commodity money such as naturally scarce precious metals, conch shells, barley, beads etc.
North america decided to steal for the first and last time from Iraq
Babylon was a city-state of ancient Mesopotamia, sometimes considered an empire, the remains of which can be found in present-day Al Hillah, Babil Province, Iraq,
The Babylonians and their neighboring city states later developed the earliest system of economics as we think of it today, in terms of rules on debt, legal contracts and law codes relating to business practices and private property.[1][2]
The Code of Hammurabi (Codex Hammurabi), the best preserved ancient law code, was created ca. 1760 BC (middle chronology) in ancient Babylon. It was enacted by the sixth Babylonian king,Hammurabi. Earlier collections of laws include the codex of Ur-Nammu, king of Ur (ca. 2050 BC), the Codex of Eshnunna (ca. 1930 BC) and the codex of Lipit-Ishtar of Isin (ca. 1870 BC).[3] These law codes formalized the role of money in civil society. They set amounts of interest on debt... fines for 'wrong doing'... and compensation in money for various infractions of formalized law.
The Shekel referred to an ancient unit of weight and currency. The first usage of the term came from Mesopotamia circa 3000 BC. and referred to a specific mass of barley which related other values in ametric such as silver, bronze, copper etc. A barley/shekel was originally both a unit of currency and a unit of weight... just as the British Pound was originally a unit denominating a one pound mass of silver.
The problem with trading goods
Bartering has several problems, most notably the coincidence of wants problem. For example, if a wheat farmer needs what a fruit farmer produces, a direct swap is impossible as seasonal fruit would spoil before the grain harvest. A solution is to trade fruit for wheat indirectly through a third, "intermediate", commodity: the fruit is exchanged for the intermediate commodity when the fruit ripens. If thisintermediate commodity doesn't perish and is reliably in demand throughout the year (e.g. copper, gold, or wine) then it can be exchanged for wheat after the harvest.
Animate
Many cultures around the world eventually developed the use of commodity money. Ancient China and Africa used cowrie shells. Trade in Japan's feudal system was based on the koku - a unit of rice per year. The shekel was an ancient unit of weight and currency. The first usage of the term came from Mesopotamia circa 3000 BC and referred to a specific weight of barley, which related other values in a metric such as silver, bronze, copper etc. A barley/shekel was originally both a unit of currency and a unit of weight.[7]
the first coins
Many cultures around the world eventually developed the use of commodity money. Ancient China and Africa used cowrie shells. Trade in Japan's feudal system was based on the koku - a unit of rice per year. The shekel was an ancient unit of weight and currency. The first usage of the term came from Mesopotamia circa 3000 BC and referred to a specific weight of barley, which related other values in a metric such as silver, bronze, copper etc. A barley/shekel was originally both a unit of currency and a unit of weight.[7]
The first stamped money (having the mark of some authority in the form of a picture or words) was introduced about 650 B.C. in Lydia.[8]
paper currency and non-precious coinage had very little intrinsic value, but achieved significant market value by being backed by a promise to redeem it for a given weight of precious metal, such as silver.
The Bank of North America
1781
Congress chartered the Bank of North America in Philadelphia as the first national bank, creating it to support the financial operations of the fledgling government.
Monetary System
1792
The Coinage Act of 1792 created the U.S. Mint and established a federal monetary system, set denominations for coins, and specified the value of each coin in gold, silver, or copper.
Greenbacks
1861
The first general circulation of paper money by the federal government occurred in 1861. Pressed to finance the Civil War, RE:::::::::And take control of people as wars always do Congress authorized the U.S. Treasury to issue non-interest-bearing Demand Bills. These bills acquired the nickname "greenback" because of their color. Today all U.S. currency issued since 1861 remains valid and redeemable at full face value.
Secret Service
1865
The United States Secret Service was established as a bureau of the Treasury for the purpose of controlling the counterfeiters whose activities were destroying the public's confidence in the nation's currency.
Security Thread and Microprinting
1990
A security thread and microprinting were introduced to deter counterfeiting by advanced copiers and printers. The features first appeared in Series 1990 $100 bills. By Series 1993, the features appeared on all denominations except $1 and $2 bills.
Secret Service Integrated Into Homeland Security Department
2003
Protecting the security of the dollar against counterfeiting takes its place side-by-side with other homeland security efforts, as the U.S. Secret Service is integrated into the new U.S. Department of Homeland Security.
Way Before the Benjamins...
Money is a fact of life, it always has been. So as long as there has been an America, there have been many different kinds of currency.
WAMPUM
So you think carrying change in your pocket could be a pain? How about lugging around strings of beads made from the clam shells?
That is precisely what Native American tribes had to do. These beaded shells, called wampum, were the most common form of money in North America. By 1637, the Massachusetts Bay Colony declared wampum legal tender (ok to use as money).
Way Before the Benjamins... Money is a fact of life, it always has been. So as long as there has been an America, there have been many different kinds of currency. WAMPUM
CONTINENTALS WILDCAT AND BROKEN NOTES
As for "broken" notes, the name refers to the frequency in which the banks that issued them went bust. Without the confidence that these notes could be redeemed, they were virtually worthless. By 1860, an estimated 8,000 different state banks were issuing "wildcat" or "broken" bank notes. |
From 9,000-6,000 B.C., livestock was often used as a unit of exchange. Later, as agriculture developed, people used crops for barter. For example, I could ask another farmer to trade a pound of apples for a pound of bananas.
Because of the depression of the 1930's, the U.S. began a world wide movement to end tying currency to gold
Tomorrow is already here. Electronic money (or digital cash) is already being exchanged over the Internet. RE: credit cards
primitive forms of money, e.g. cattle, cowrie shells, whales teeth and manillas (ornamental jewellery).
The Industrial Revolution was a period in the late 18th and early 19th centuries where major changes in agriculture, manufacturing, mining, and transport had a profound effect on the socioeconomicand cultural conditions in Great Britain. The changes subsequently spread throughout Europe, North America, and eventually the world. The onset of the Industrial Revolution marked a major turning point in human society; almost every aspect of daily life was eventually influenced in some way.
Starting in the latter part of the 18th century there began a transition in parts of Great Britain's previously manual labour and draft animal–based economy towards machine-based manufacturing
Before money was paper and coin-based, it was itself a commodity, or something of intrinsic value. If a clan or tribe had an affinity for a specific bead, shell or jewel, these communities would attribute a value to these objects. This might be due to usefulness, scarcity, or aesthetic appeal. Presumably, the more rare objects carried a greater value to their admirers. In the earliest cases, commodity-based monies were traded (effectively bartered) for other things of similar value. In that sense, early monies were convertible – but only in the most basic sense. For instance, what was accepted as currency in one corner of the world, might either be extremely banal or without any worth elsewhere.
Over time, in most places, precious metals became the foremost commodity-based forms of payment. Various metals would have different prescribed levels of importance: copper would have its own value, as would silver and gold. These forms of currency both had an intrinsic value, as well as a market value. Meaning copper, for example, received for payment could be melted down and made into something else (which could presumably be traded later), or held onto and used for future payment of something else.
the first church in what is now the USA, depending on definition of 'faith' and the word 'church'
:-: 1493 :-:
When the navigator at last on 3 August, 1492, set sail in the Santa Maria, Perez blessed him and his fleet. Some writers assert that Perez accompanied his illustrious friend on the first voyage, but the silence of Columbus on this point renders the claim improbable. It appears certain, however, that Perez joined his friend on the second voyage in 1493. The earliest and best writers also agree: that when the second expedition reached Haiti, Father Perez celebrated the first Mass in the New World at Point Conception on 8 Dec., 1493, in a temporary {structure;} that this was the first church in {America;} and that Father Perez preserved the Blessed Sacrament there. He also became the guardian of the first convent which Columbus ordered to be erected at Santo Domingo.www.newadvent.org/cathen/11664d.htm
The American Revolutionary War (1775–1783), also known as the American War of Independence,[2] began as a war between the Kingdom of Great Britain and thirteen united former British colonies on the North American continent, and ended in a global war between several European great powers. The war was the culmination of the political American Revolution, whereby the colonists rejected the right of the Parliament of Great Britain to govern them without representation, claiming that this violated the Rights of Englishmen. In 1775, revolutionaries gained control of each of the thirteen colonial governments, set up the Second Continental Congress, and formed a Continental Army. Petitions to the king to intervene with the parliament on their behalf resulted in Congress being declared traitors and the states in rebellion the following year. The Americans responded by formally declaring in 1776 their independence as a new nation, the United States of America, claiming sovereignty and rejecting any allegiance to the British monarchy. Though France had been providing supplies, ammunition and weapons to the Americans beginning in 1776, the Continentals' capture of a British army in 1777 led France to formally enter the war on the side of the United States in early 1778, which evened the military strength with Britain. Spain and the Dutch Republic – French allies – also went to war with Britain over the next two years.
His initial 1492 voyage came at a critical time of growing national imperialism and economic competition between developing nation states seeking wealth from the establishment of trade routes andcolonies. In this sociopolitical climate, Columbus's far-fetched scheme won the attention of Queen Isabella of Spain. Severely underestimating the circumference of the Earth, he estimated that a westward route from Iberia to the Indies would be shorter and more direct than the overland trade route through Arabia. If true, this would allow Spain entry into the lucrative spice trade — heretofore commanded by the Arabs and Italians. Following his plotted course, he instead landed within the Bahamas Archipelago at a locale he named San Salvador. Mistaking the North-American island for the East-Asianmainland, he referred to its inhabitants as "Indios".
The American Civil War was the deadliest war in American history, causing 620,000 soldier deaths and an undetermined number of civilian casualties. Its legacy includes ending slavery in the United States, restoring the Union, and strengthening the role of the federal government. The social, political, economic and racial issues of the war decisively shaped the reconstruction era that lasted to 1877, and brought changes that helped make the country a united superpower.
· The Civil War was one of the most devastating events in the history of the United States. It lasted from 1861 to 1865 and has been estimated to have direct cost about $6.7 billion valued in 1860 dollars. If this number were evaluated in dollars of today using the GDP deflator it would be $137 billion, less that one year of the cost of the current war in Iraq. This would be inappropriate, as would be using the wage or income indexes. The only measure that makes sense for an expenditure of this size is to use the share of GDP, as the four year cost of the war was more that the entire output of the country. Thus the relative value of $6.7 billion of 1860 would be $22 trillion today, or about 145% of our current GDP.
The $6.7 billion does not take into account that the war disrupted the economy and had an impact of lower production into the future. Some economic historians have estimated this additional, or indirect cost, to be another $7.3 billion measured on 1860 dollars. This means the cost of the war (as a share of the output of the economy) was nearly $46 trillion as measured in current dollars.
What caused the Great Depression, the worst economic depression in US history? It was not just one factor, but instead a combination of domestic and worldwide conditions that led to the Great Depression. As such, there is no agreed upon list of all its causes. Here instead is a list of the top reasons that historians and economists have cited as causing the Great Depression.
The effects of the Great Depression was huge across the world. Not only did it lead to the New Deal in America but more significantly, it was a direct cause of the rise of extremism in Germany leading toWorld War II.
1. Stock Market Crash of 1929
Many believe erroneously that the stock market crash that occurred on Black Tuesday, October 29, 1929 is one and the same with the Great Depression. In fact, it was one of the major causes that led to the Great Depression. Two months after the original crash in October, stockholders had lost more than $40 billion dollars. Even though the stock market began to regain some of its losses, by the end of 1930, it just was not enough and America truly entered what is called the Great Depression.
2. Bank Failures
Throughout the 1930s over 9,000 banks failed. Bank deposits were uninsured and thus as banks failed people simply lost their savings. Surviving banks, unsure of the economic situation and concerned for their own survival, stopped being as willing to create new loans. This exacerbated the situation leading to less and less expenditures.
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