Click Here Early uses of money were for trading, and marketing of different material goods, and people would use anything valuable to them as an exchange. EX.-At about 1200 B.C. in China, cowry shells became the first medium of exchange, or money.
1st Jan, 1500
New World Money
1500's Spain gathered gold from Mexico and the new world, becoming the richest nation in the world. Instead of developing their own economy they sent gold to trade partners
Paper Money John Law convinced France to use paper money and declared all taxes must be paid with it to gain acceptance. The idea snowballed and paper money became more desired than coin.
Gov. Issue Money
Abraham Lincoln passed the Legal Tender Act allowing the Government to issue paper money, backed by nothing but government promises. The Federal Reserve System was then put in place in 1913.
Click HereThe first banks were probably the religious temples of the ancient world, and were probably established sometime during the third millennium B.C. Banks probably predated the invention of money. Deposits initially consisted of grain and later other goods including cattle, agricultural implements, and eventually precious metals such as gold, in the form of easy-to-carry compressed plates.
WWI MoneyAfter WWI, The Weimar Government in Germany had no other choice than to print money in mass quantities.
Gold-Money The Bretton Woods Agreement was made to treat the dollar as a substitute for gold, since a dollar was defined as 1/35th of an ounce of gold, which was pegged at $35 per ounce. Now open worldwide!
No More GoldPresident Nixon closed the gold window, ending convertibility of dollars to gold. This came about because the US was printing too many dollars and living beyond its means. Foreign government were not pleased.
Operation Polar Cap.
Money Laundering The indictments were the first phase of Operation Polar Cap, the most sweeping criminal investigation of drug-money laundering in history. Tuesday's announcement of O'Kelley's order marked a new phase of the probe that has uncovered more than $1.2 billion in illegal laundering.
$100 Additional security features are added to a newly redesigned $100 Federal Reserve note. The note incorporates both familiar and new features, while remaining recognizably American.
$50 The new $50 bill is introduced. The second note to be redesigned to include new security features, the reverse side also includes an enlarged number 50 in the lower right-hand corner to aid the low-vision community.
WAR MONEY The War in iraq has cost the U.S. billions and billions of dollars towards taypayer money, government money, and donations. We are throwing money at a dispute that is hurting human beigns
Stock Market Crash!
Dow Jones F500 Panic struck Wall Street as many are fearing a complete meltdown of the nation’s banking system. The media has done a fabulous job, aided by President Bush’s plea to the American people to strike fear across this nation. DOW JONES lost thousands of points.
The Dow has now rebounded off of consumer goods being sold. We are back to normal after having sales, and deals left and right after "going out of business sales."