Summary:
When I conducted my own private research into the history of money and how money is
controlled I realized how it was actually possible for a small minority of people to virtually
control the wealth of entire world. It is so critical if after the recession, channge is going to
master this thing called money that we know more about it than what most people are taught
at school and university or by our local media. The concept of fractional reserve banking began in
medieval England around 1024AD by the money chngers. They were not considered bankers
as such but were generally goldsmiths. They started storing other people's gold for them in their
vaults. On receipt of this gold, goldsmiths issued gold deposit receipts to the owners. This was
the advent of paper money. The paper money became popular because it was more convenient
and safer to carry than gold. People then no longer needed to visit the goldsmith regularly to
collect their gold to purchase something.
To simplify the process, the receipts were eventually made out to the bearer making them
easily transferable, without the need for an endorsing signature. This broke the tie to any
identiferable, deposit of gold. (To be continued).
Thanks,
James
http://ibwebservices.com/EZWPSales/?e=Africanwizard
jmakoetla@hotmail.com
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