Money
What is money?
Our time and energy in a abstracted form
OR
Something that is easily used to trade/buy goods and services
How much money can the US print?
As much as they want
What is the most important characteristic that money needs to have?
It needs to be scarce
What was the first "money" used for trade and barter?
Shells and beads
When did the US go off the gold standard?
1971
What is the key characteristic that the US dollar lacks?
Scarcity
When were money coins created?
700BC in Turkey
Who took the US off the gold standard?
President Nixon
What are 3 out of the 7 characteristics that make good money?
Scarce, portable, divisible, durable, fungible, acceptable, censorship resistant
Who pioneered the first fiat currency?
China
What is the largest bill the US has ever made?
The $100,000 Bill
How much has the dollar inflated since 1971?
95%
How many monetary systems are there in the world that the US recognizes?
(Come within 10)
180 Monetary systems that the US recognizes
How much money did the US print during the two years of the Covid pandemic
Approximately 5 Trillion dollars
What does hardness of money refer to?
Hard to make more or or scarce