The Ascent of Money-Dreams of Avarice

The documentary is in relation to the innate desire for money that has characterized the human existence in all the human history along with the availability of the money to the smearing of the same in the mechanics of the economy. The common attribute that is evident in the movie is the fact that barter is not adequate. It is additionally evident that the no money less society has turned out to be a sustainable element both in the communism as well as the assertion that the Incas depended on the brutal centralist absolution as well as the utilization of the human labor as a form of currency. The same case is evident in the hunters and gatherers who would not engage in trade but consequently, would battle for resources.

The documentary asserts that coins were used in the modern day Turkey as far back as 600 BCC. The Greeks, Romans and later the Chinese in 221 BC managed to standardize the coins to encompass a form of account. The unceasing lack of silver in the old world was solved by the new world’s conquest that encompasses the rich silver mines in Lima as well as Potosi. The overflow of the silver resulted in major inflation in Europe. There was the failure to comprehend the fact that money did not just have to be a precious metal but the item that another person would be willing to give for the money as grain, salt, sheets, clay among others that could be used as promissory notes and were transacted in place of the good they represented. 

The contemporary attribute is that money is becoming exceedingly intangible as all the cash in the American hands represents just 11% of the US total. The rest occupies a virtual attribute, from the salaries that are regularly transferred to the bank accounts to the credit cards that spend the money. The only attribute according to the documentary that is worse than having a money based society has no money at all. The 13th century had Christians prohibited from lending money with interest, but the Jew shylocks fought and negotiated their positions from the ghetto. Although they were constantly persecuted in the Christian world and regarded as loan sharks, they provided credit that no one else was providing. In the event that banks were not in existence, it would lead to a situation whereby loan sharks would emerge an attribute that will hold back the economic development.

In the context of the banking attribute, the Medicis were the first group to survive several generations and additionally emerge from a clan that was made of gangsters to become influential bankers who had great connections on the European scale. They were among the first group that applied proper bookkeeping, diversification of portfolio as well as setting up branches under the agency agreements. Their system was later on copied and additionally developed by the Brits, Swede, and Dutch in the 1600s. Their banks consequently maintained a 100% gold reserve against the deposits thus was able to limit the creation of credit.

The consequent wave of financial innovation from England propelled the industrialization in Europe and beyond. The Bank of England became the lender of last resort with the objective of addressing the issues of a liquidity crisis. In the 1990s, industrial investment banks emerged in addition to the savings banks. The remainder of the world followed suit in their creation of central banks that operated the gold standard. It is only the US that was averse to the idea of having a central bank but later on suffered the great depression with the small, undercapitalized banks and was forced to catch up. The additional peculiarity relating to the US banking system is the easy legal framework that makes it possible bankrupt banks to resume their operations. The quality has supported entrepreneurship although it currently accommodates people who do not have money or the indication that they are going to possess any.

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Sherry Roberts is the author of this paper. A senior editor at Melda Research in nursing writing services if you need a similar paper you can place your order for already written essay.