Banking 6: Bank Notes and Checks
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The history of checks and banking can be very interesting. I am just glad that checks are still around nowadays.
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I have one question! since in this concept with gold backed currency, you have monetary base expanding through two processes. One is bank note, and other is checking account. My question is, is it not then truth to say that in non gold backed currency you would have less money expanding cause there wouldn't be this additional bank note creation from gold deposit, since there is no gold. You would have only checking account and bank notes?
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Awesome lecture Professor Saul!
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Can someone please tell me how to download specific videos from Khan Academy
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By virtue of saying "I don't want just ANYONE to print out these notes to come and get my gold pieces," you're adding value to gold. In your previous videos you've mentioned that gold is inherently worthless. So where do we draw the line here?
Paper money? Digital money? Any kind of placeholder? What's the deal?
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Why not create a system where everyone's value is stored on a secure networked computer system, no more need for cash or gold. If someone wants to exchange money, they can of course write a check but for the most part, all transactions can be made simply by the use of a fingerprint scanner. This would make a person's money very difficult to steal and it would be easily tracked and it might be useful in dealing with crime, such as the sell of illegal drugs, tax evasion, and the like.
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I'll share your channel with friend's. I seldom leave the music community, but saw this on CNN. This is for EVERYONE! You are doing a GREAT service!
Thanks!
Bill
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Actually bank notes first emerged in china and the earliest forms of cheque were i believe used in rome.
luke2468013579 3 years ago 7
"I don't know what he does with the one dollar bills"
...hehehehe. :)
altaltalt123 7 months ago 6