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The History of Paper Money – Barebones Economy – Extra History – #3

In the last episode, we got to the ad hoc, unofficial beginnings of paper money.This week, we’ll look at some of the rogues’ gallery that really created the intellectual argument for adopting paper money in some more official way.When we last left off in England in 1640, the first unofficial banknotes were starting to circulateBut…

The History of Paper Money – Lay Down the Law – Extra History – #4

Last we left off, paper money doctrine was just starting to be established,with people like Nicholas Barbon beginning to explore the radical idea thatgold and silver didn’t have any inherent valueonly the value we gave them.Which leads inevitably to the argument thatin using gold and silver, we tie ourselves to a system that has all…

England: South Sea Bubble – Buying Out Britain – Extra History – #3

Alright! Last time we left off John Blunt had just found a new wayfor the South Sea company to make money.And since the company still wasn’t making a single cent in the South Sea,it was time for him to roll the diceon perhaps one of the most ambitious financial schemes in history.He was going to…

England: South Sea Bubble – The Sharp Mind of John Blunt – Extra History – #1

[opening jingle]Welcome to the fourth installment of Extra History.This time it’s gonna be a daring taleof high seas adventure and romance.Nah, I’m just kidding.This is gonna be all aboutfinance and economics.First off, I just want to say, I think it’s amazing that we get to do this episode.Each month, the Patreon subscribers voteon what the…

England: South Sea Bubble – The Bubble Pops – Extra History – #4

Last we left off, South Sea shares were at an all time high.But under the surface, things were amiss.The company had burnt through much of the money it madeselling stock by giving people ridiculous terms on sharesand offering loans to anyone wanting to buy into South Sea;legislating its rivals out of businesshad caused bankrupt business…

England: South Sea Bubble – Too Big to Fail – Extra History – #2

[Music]When we last left offHarley, the chancellor of the [exchequer],and Blunt, one of the principal operatives of the Hollow Sword Blade CompanyWere looking for something bigger and better than a simple lottery to keep the government afloat.The scheme they came up withwas the South Sea Company.It’s South Sea Company by the way,not South Seas Company.I…

MMO Economies – Hyperinflation, Reserve Currencies & You! – Extra Credits

MMOs suffer from a strange problem,at least in a real world economic sense.Everybody is printing money all the time.For years, every massive multiplayer gamehas struggled with this.And as any old school MMO player will tell you,the results were as devastating as theyoften were hilarious. But of late, gameshave stolen a very real world economic solution.We’ve…

The History of Paper Money – Origins of Exchange – Extra History – #1

How did humanity come to accept rectangular pieces of pulped trees as something to spend eight to ten hours a day working for?It’s a pretty insane story.This change from hard currency like gold or silveris a really huge deal.Without it, we couldn’t possibly have the massive industrialand post-industrial economies we know today.This change revolutionized how…