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Here’s more detail on the Khan’s innovations in fiat currency and legal tender law: https://fee.org/articles/marco-polo-on-money/ https://fee.org/articles/marc
by intalentive 2y ago
Here’s more detail on the Khan’s innovations in fiat currency and legal tender law:
https://fee.org/articles/marco-polo-on-money/ https://fee.org/articles/marco-polo-on-money/
Marco Polo concludes:
> in this way, nearly all the valuables in the country come into the Khan’s possession.
Weird how the Fed didn’t mention that part.
Marco Polo’s account of the Khanate helped me to understand better how our own money system works. Not too different in its essentials from a giant Chuck E Cheese or Disneyland where you buy special tokens on entry.
- Terr_ 2y ago> Weird how the Fed didn’t mention that part. TFA does mention the restrictions for "gold or silver or gems or pearls" However today we don't think of gems and gold as the primary "valuables" the same way monarchs and merchants of Marco Polo's era did, so it doesn't need the same emphasis. That idea--that people were focusing on the wrong metrics--is the very reason Adam Smith chose "The Wealth of Nations" as a title.
- FooBarBizBazz 2y agoYeah, why do you think Sam Altman wants to make WorldCoin?