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  1. Where Does Money Come From?
  2. Charlie's Angels S04 E22 - Three For The Money - video dailymotion
  3. Three Kinds of Money
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Three For the Money, WFSU TV 1985

In June of this year, Facebook unveiled Libra, global currency that draws on the architecture of Bitcoin. How safe is it? The present moment in financial invention therefore has some similarities with the period when money in the form we currently understand it—a paper currency backed by state guarantees—was first created. The hero of that origin story is the nation-state. In all good stories, the hero wants something but faces an obstacle. In the case of the nation-state, what it wants to do is wage war, and the obstacle it faces is how to pay for it.

The modern system for dealing with this problem arose in England during the reign of King William, the Protestant Dutch royal who had been imported to the throne of England in , to replace the unacceptably Catholic King James II. This war presented the usual problem: how could the nations afford it? In , the English government borrowed 1. In return, the lenders were allowed to incorporate themselves as a new company, the Bank of England. These new deposits were then lent to the King. The banknotes, being guaranteed by the deposits, were as good as gold money, and rapidly became a generally accepted new currency.

This system is still with us, and not just in England. The more general adoption of the scheme, however, was not a story of uninterrupted success. He moved to London in , where he observed the wondrous new scheme of government paid for by long-term debt and paper money. One of the most significant effects of the paper money was the way it stimulated borrowing and lending—and trading.

Law had an instinctive understanding of finance and a love of risk, and it is tempting to wonder what would have happened if he had lent his services to the English government. Instead, on April 9, , a different fate was set in motion. He killed a man in a duel, or brawl—the distinction, as Buchan explains, was not all that clear. He used his connections to get out, as prisoners of means did, and fled abroad as an outlaw. In , he arrived in France, which was beset by a problem he was well suited to tackle.

The usual costs of warfare were added to a huge bill for annuities—lifelong interest payments made in settlement of old loans. By , the King had a hundred and sixty-five million livres in revenue from taxes and customs. The government of France was broke.

Edited Transcript

The Duke was quite something. Those ideas—more or less orthodox policy today—were wildly original by the standards of the eighteenth century. That is, money is the means by which you swap one set of stuff for another set of stuff.

Where Does Money Come From?

The crucial thing, Law thought, was to get money moving around the economy and to use it to stimulate trade and business. Such an idea, orthodox and even tedious for the past fifty years, was thought in the seventeenth century to be diabolical. That is conservative by modern banking standards. The new paper money had an attractive feature: it was guaranteed to trade for a specific weight of silver, and, unlike coins, could not be melted down or devalued.

Before long, the banknotes were trading at more than their value in silver, and Law was made Controller General of Finances, in charge of the entire French economy. He also persuaded the government to grant him a monopoly of trade with the French settlements in North America, in the form of the Mississippi Company. He funded the company the same way he had funded the bank, with deposits from the public swapped for shares. He then used the value of those shares, which rocketed from five hundred livres to ten thousand livres, to buy up the debts of the French King.

At its peak, the company was priced at twice the entire productive capacity of France. As Buchan points out, that is the highest valuation any company has ever achieved anywhere in the world. It ended in disaster. Gold and silver were reinstated as money, the company was dissolved, and Law was fired, after a hundred and forty-five days in office. In , he fled the country, ruined.

He moved from Brussels to Copenhagen to Venice to London and back to Venice, where he died, broke, in The ships that went abroad on behalf of his great company began to turn a profit. Every state in the developed world has a central bank that issues paper money, manipulates the supply of credit in the interest of commerce, uses fractional-reserve banking, and features joint-stock companies that pay dividends.

All of these were brought to France, pretty much simultaneously, by John Law. His great and probably unavoidable mistake was to underestimate the volatility that his inventions introduced, especially the risks created by runaway credit. His period of brilliant success in France left only two monuments. One was created by the Duke of Bourbon, who cashed out his shares in the company and used the windfall to build the Great Stables at Chantilly.

How did these once wild ideas become part of the very fabric of modern finance and government? Trial and error.


Charlie's Angels S04 E22 - Three For The Money - video dailymotion

It was not the case that smart people figured everything out at once and implemented it simultaneously, as Law tried to do. The modern economic system evolved, and evolution involves innovations, repetitions, failures, and dead ends. After going to university and trying his hand at being a lawyer, he turned to journalism and to banking, the latter career paying for the former.

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He married the daughter of James Wilson, who had founded The Economist , in —Bagehot became its third editor—and lived a life that was, from the outside, fairly uneventful. I want to have the ability to go ahead and exit out and go somewhere else if I need to do that. So I want to make sure I have a clear backup plan exit strategy if you will.

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  6. Number three I want to know how they make their money now. It seems like you became a little nosy like is it any of your business how they make their money. In other words you use Facebook. But you really are the product.

    Three Kinds of Money

    Because advertisers are spending money on the platform to market to you and Facebook is using you as a marketing tool to get advertisers money in. Facebook Instagram a lot of these free companies. So I want to know how are they making their money. Is it based off of that that Facebook model which is basically what I would do is the eyeball model which is working get a lot of eyeballs here at this Web site and because we got a lot of eyeballs. Guess what. Which is what happens in that free model.

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    I want to figure out how are they making their money. People are paying for people are signing up. I really need to know how wise is free. How does this work. You know in some ways that they can work against to your advantage and work to your disadvantage.

    3Money Fees

    I just know down the road how they make money we based on the ads you know based on put them putting ads inside of podcasts or just be aware that if I sign up for that tool. So I want to keep in mind how they make their money. So to recap real quick three things. What happens when they shut down. And number three how do they make their money. Or are you willing to pay a little bit more to global privacy and security. Additional menu. Give it to me! Join our mailing list to receive the latest news and updates from our team.