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Jul
25
Banking 5: Introduction to Bank Notes
Filed Under Finance
khanacademy asked:
Introduction to bank notes (which you are more familiar with than you realize).
High Efficiency Gas Furnace
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excellent point. perfect ivanleo. these are people who have problems in thinking in systems.
People who constantly point out the Fed is privately owned also constantly fail to notice the profits of the Fed must, by law, be paid to the US treasury.
Then please send me all your worthless banknotes, I’m sure I can find some use for them
To be honest I didn’t give a shit about any of this, I just wanted to learn something new.
Afterwards, I feel a lot more educated. I love your videos. I wish all teachers worked like you. I don’t think I would be lost without your help since I’ve always done fine without it, but with it I’ve been able to move a lot fast.
Thanks a million.
sorry,
what happens to the cash when it is used to pay back loans?? does the bank keep that cash for itself??
@cv45fg56hg83sd91
As long as the currency is not backed by anything the government can always adjust its value. If they wanted to increase the value of the dollar they could, but it might have worse consequences economically than letting it shrink (for example, the Chinese government deliberately keeps their currency less valuable than the dollar to keep their exports cheap.)
On the gold standard, the value of the dollar is tied to the availability of gold, which is harder to control.
@cv45fg56hg83sd91
No, if you owe someone money or buy something from them you can pay off the debt using gold - if they agree to accept gold. If you offer them cash to settle the debt, though, they have to accept it, as it is “legal tender”. It’s up to them whether they accept payment in gold, or chickens, or any other form.
you need to clone yourself so you can spread your common sense better, this world needs it!
so is there an actual vault full of gold in the us?
Didn’t USA drop the gold standard? So does it mean owning gold is illegal and transactions based on gold metal are not allowed within US of A? Really, why don’t the US go back to a gold standard in order to save the shrinking & sinking dollar?
I bought some nice banknotes for my collection on a Banknotes website, but since I had to pay (they were not free to me unfortunately) so I will not advertise their website on here, but the currency I bought are so nice. And I’m not sure if bank note collectors need something to deposit or store them in?
This is actually more in depth
And a lot less biased towards an OH SHI- conclusion.
It’s not true that only 1 bank per country issues banknotes. In the United Kingdom banknotes are issued by the Bank of England, the Bank of Scotland, the Royal Bank of Scotland, Cydesdale Bank, Ulster Bank, Northern Bank, the Bank of Ireland and First Trust Bank.
hey u can also try money as debt video on youtube…….its more fun as they have made animations to explain the same thing sal has tried………
although i dont live in united states of america (nor have been there as of yet)…….still now i seem to know more than most of americans…..lol
For those saying banknotes no longer represent anything because of the gold standard, the gold was never actually worth anything much either.
Bank notes (money) is worth the goods and services it will buy. Golds primary value is how much MONEY people will pay for it because they THINK it’s worth money.
So please watch more (or read a book) or be quite. Spreading disinformation makes it easier for banks to get people to pressure congress into helping them fuck up our economy further.
Except bank notes no longer represent ANYTHING. The only thing they’re guaranteed to be good for is to pay taxes…
Today’s bank notes aren’t worth the paper they’re printed on. They represent NOTHING.
you should do it
??? why u reply me for dude? wtf?
notes were taken off gold in 1970 by nixon.
generally everything works good. It’s how the economy has grown for the last couple of hundred years. Of course there are hiccups here and there..
Therein lies the greatness of the Fed… there is aparently something backing it.
Let’s just call it elixir
keep them up!!!!
lol this is a example that he assume everything went good and the wealth is created, assuming no bad accidents happened, yea if the wealth was fake the multiplier would not be working but yea… just a positive example
bank of george bush…lol.