In parts 1, 2, and 3 of this series we covered how, if a society is left to its own devices, a commodity of some sort will emerge as a form of money. Whether it be seeds, butter, seashells, gold, or silver, these naturally derived (as opposed to fiat) forms of money required real work[…]
The Old Farmer I recently visited with an old farmer in a nursing home. At ninety-five, his body was beaten up from years of hard work, but his mind was still sharp as a tack. I took a look at his gnarled old hands and noticed both thumbs were missing. Thinking it might be a[…]
In Part 1, we covered how the Dollar originated, and learned that a Dollar was originally a measurement of a specific quantity of gold or silver. Specifically, one dollar meant a coin consisting of 375.64 grains of silver, or 15.238 grains of gold (going forward, we will switch to the more familiar troy oz). As[…]
One of the most overlooked subjects in public education is the history of money. How it’s made, what it is, who is in charge of it, and where it comes from. Most of us hardly give it a second thought, except to check whether we have enough, and to scheme on ways to get more.[…]
Interest rates are rising. Will they continue? In our first In-Depth series on the subject, we discussed how falling rates fleeced the elderly of their retirement. On a long-term chart, there is no doubt that rates have been steadily falling. But since 2016, rates have been creeping upward. The great unknown is if this rate creep[…]
Economics is a funny thing—you can fill a room with economists and ask a seemingly elementary question like, “Define inflation for me,” and you’ll find there is no clear answer. One may talk in terms of rising prices, while another may argue that rising prices are simply a symptom of inflation, much like a fever[…]