🔲FINANCIAL SYSTEMS HAVE A LIFESPAN It's easy to assume that currency and economic systems are set in stone because we humans live on average ~70 yrs, i.e not enough time to pass through changes. Financial systems (post simple barter trade) can be assessed to have a lifespan of about 50-90 yrs. eg. the first coin standard c.700 BCE – c. 600 CE (think Romanian and Babylonian coins, no banks) The fun stuff, however, starts in the exploration and colonisation days. Think Spanish conquistadors. Place it around 15th-19th century. Here, the system was bimetallic metals. Gold and silver. And the first central bank emerged. More importantly, the fractional reserve banking was born. Goldsmiths and banks started issuing promissory notes beyond their physical gold reserves. 🧨This is important down the line to the start of the great fuckening (2/n)
