The Evolution Of Money: Barter To IOU To Gold Standard Part 1/10 | History Of US Dollar


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Welcome to our Money series. We will explore how money was created, its evolution, apparent regression, and how systems, regulations, and our own government have completely screwed up… I mean, made things way more complicated.

First, let’s discuss how the barter system evolved into an IOU.
In the beginning, there was bartering.

According to a paper published by the University of California, Berkeley, written by Garry George Lowder, there is evidence of the exchange of obsidian and flint during the Stone Age. Trade in obsidian is believed to have taken place in New Guinea from 17,000 BC.
Bartering is a product for product trade. I’ve got potatoes and I want your chicken. We trade.

The problem is when you don’t want my potatoes We need to find someone else who has something else and also wants potatoes.

Eventually, it became inefficient. It was inefficient. What if we can’t find a third person? Worse, what if you think your chicken is way more valuable than my potatoes?
That’s why we came up with a certificate, an IOU. The IOU contains a promise that I own things that have the same value as the thing I want.

Let’s continue the chicken and potatoes example. What if you think 1 chicken is equivalent to 2 sacks of potatoes. Even if I am willing to give you that, I won’t be able to harvest another until a month from now and I really need your chicken because I have dinner guests coming.
Since you trust me, we agreed that I will write on a piece of paper committing to give you a sack of potatoes in a month. Problem solved.

Until you realize you need a new shirt which your neighbor has. You go to him and offer a sack of potatoes. You can’t give him the one you already have because you will eat it. So, you offer him the piece of paper I gave you that contains my commitment to give a sack of potatoes in a month.
He may not trust me but he trusts you so he agreed.

And that is the first form of money. That’s also how the trade economy was created.

That’s what we mean by money being nothing more than IOUs. It is a score keeper written down on a piece of paper. It has no value other than the value of the goods we want to trade and services we want to get. The economy is simply a bunch of IOUs trading around that people can redeem for things of equal value.
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