How did travelers (e.g., aristocrats on their continental tours) access funds before the invention of credit cards and global banks? There were no ATMs and presumably carrying enough cash to last the whole trip would’ve been too dangerous.

Credit Lines. In the olden days, if you were traveling outside your banking circle so to speak, you took with you credit notes that were honored in various other cities. Sometimes these notes were coded, sometimes they were carried by external couriers in advance and sometimes you carried it yourself. That is the whole premise […]

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How did large money transfers happen before banks and coinage?

Before banks per se, there weren’t any large transfers. Wealth or value was transferred either through property title deeds or goods being bartered. There wasn’t much of a need to do transfers of money (in those days money was gold, silver, and other precious metals, plus prized commodities). Unless of course one was looting everything […]

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Why do we all have blind faith in fiat currency?

We’ve been taught this way. The majority of the world that is. If I had to fathom a guess, I would say 99.9% of the world population doesn’t know what fiat it, or how it is created, etc. All they know, that all their adult lives, they will live and work for something called money. It […]

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What’s the most interesting thing you’ve learned about money?

That there are TWO kinds of money, one that… Creates Jobs, improves the GDP, increases manufacturing, or provides a service (like elderly care or gardening or mechanic, etc.) The real money goes here. It builds businesses. Land, factory, plant, and machinery, etc. This is what the 99.9% of the people work for.  This is the real world.  This is the world’s […]

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Is gold important for country to print paper currency?

No. Used to be, not so important anymore. Today’s fiat currencies are not backed by gold reserves. In fact, the only thing they are backed up with is a promise. The full faith and credit of the government. Nothing more and nothing less. Countries today invest in gold reserves because they fear at some point […]

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How did large money transfers happen before banks and coinage?

Before banks per se, there weren’t any large transfers. Wealth or value was transferred either through property title deeds or goods being bartered.  There wasn’t much of a need to do transfers of money (in those days money was gold, silver, and other precious metals, plus prized commodities). Unless of course one was looting everything […]

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