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> people value money that is not controlled by their government. And that's how banknotes came into being Reserve banks are banks, not their respective countr
by mohanmcgeek 5y ago
> people value money that is not controlled by their government.
And that's how banknotes came into being
Reserve banks are banks, not their respective countries governments
- wnkrshm 5y agoThat's not how a quick read of the wikipedia page on the history of bank notes reads. It reads like bank notes were the result of the shortcomings of coins, i.e. that you had to have actual precious metal to mint them. And the first bank notes as currency were used within the national governments' jurisdictions and juristically established as currency. [0] [0] https://en.wikipedia.org/wiki/Banknote#History https://en.wikipedia.org/wiki/Banknote#History
- mohanmcgeek 5y agoThe current currency system that we have doesn't go back to Yuan China. It goes to 17th century Europe. The currency that we have today in major economies _not_ controlled by the government. If the government created money, there would be no need for them to tax people/issue bonds