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This is part 1 of the series but each video can be viewed on its own. Part 2: https://youtu.be/2sd3tRTioBY Where did paper money come from? Despite it seeming like a modern invention, its origins go back to Ancient China. And, despite it now being hard to think of a world without paper money, in 1968, Americans could still redeem their U.S. bills for silver, and international residents could convert their U.S. dollar bills into gold up until 1971. What led to the invention of paper money and the fiat standard where money has value because government says so? These videos will examine how paper money developed in ancient times. We have a 5 part series with a video to be released each week: this current video will go through the evolution of paper money in Ancient China. The Chinese were more advanced than Europe at the year 0 AD, and the Chinese invented paper by 100 BC, but they would still use a copper currency for a while. However, the powerful Chinese rulers had an issue: the country was very large and copper coins were numerous and heavy. Eventually, the inconvenience of transferring paper money led China to issue paper receipts, leading to paper money. Some speculate that the Chinese had a more advanced view of money and were able to abstract the concept of money. However, this is not proven. Once the genie was out of the bottle, Chinese rulers struggled to not over-issue paper money. Unfortunately, each over issuance led to the collapse of currency after currency. However, China did not have the same type of currency collapse after the Ming Dynasty banned the usage of paper money in 1450. However, the Chinese economy was “frozen in time” for many years. In addition, it was described that even beggars in 19th century China carried around scissors and a scale to measure silver—this is not an efficient way to do business. The Chinese traded the growth of the economy under paper money for the stability of silver. Patreon: https://patreon.com/themarketisopen Twitter: https://twitter.com/themarketisopen E ln(musk) T-Shirt: https://www.amazon.com/gp/product/B07PSNS91X/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B07PSNS91X&linkCode=as2&tag=themarisope-20&linkId=31dced0dd36e128830ea8cc552c685bf The Best Stock Market Website on the Internet: https://themarketisopen.com Rise & Fall Videos: Shopify: https://www.youtube.com/watch?v=nEB8hvN47CI KraftHeinz https://www.youtube.com/watch?v=uou_GmcXFG4 Disney https://www.youtube.com/watch?v=_wut8calH_o General Electric https://www.youtube.com/watch?v=F5NumiX-yfI Stamps https://www.youtube.com/watch?v=WCliVErScQQ Disclaimer: We are not financial advisers, and nothing on this channel is meant to be financial advice. The ideas expressed on this channel are purely opinions and should not be regarded as objective information. Nothing on this channel is a recommendation to buy or sell securities. Do not assume that facts and numbers in any video are accurate. Always do your own due diligence. 1) Desert Caravan , Aaron Kenny Cinematic | Dramatic You're free to use this song and monetize your video. 2) The Voyage Audionautix Cinematic | Dramatic You're free to use this song and monetize your video, but you must include the following in your video description: The Voyage by Audionautix is licensed under a Creative Commons Attribution license 3) Ishikari Lore Kevin MacLeod Classical | BrightYou're free to use this song and monetize your video, but you must include the following in your video description: Ishikari Lore by Kevin MacLeod is licensed under a Creative Commons Attribution license https://creativecommons.org/licenses/by/4.0/) Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1100192Artist: http://incompetech.com/

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