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Financial History: what are the greatest milestones and innovations?

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TorstenEndOfMoney

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Location: Oztralia

Hi All,

For our film @TheEndOfMoney we plan to have one section with the greatest milestones in financial history. Can you please share your thoughts on the list below and add your items. A short explanation, rough date, and maybe a link would be awesome, too. This is what we've got so far.

commodity money (100,000 yrs) interest (Middle East, 2000 BC) Accounting (Mesopotamia, 3000 BC) first gold/silver coins (Byzantine E, 500 BC) first recorded hyperinflation, credit crunch and bailout (Rome, tbc) first paper money (China, 1000 AD) bonds, commercial banks, private money, double-entry bookkeeping (Italy, Europe, 15th century) stocks, equity, mutual funds, stockmarket, first recorded bubble - tulips (Holland, 17th century) traded futures, derivatives (Japan, 18th century) central banking, 'modern gold standard', insurance, clearing house, overdraft, (England, 18th century) securitization (USA, 19th century) privatized central banking, index funds, hedgefunds, ETFs, online trading, high frequency trading, ATMs, digital cash (USA, 20th century)

thanks for your input.

Posted on August 8, 2014 at 10:49 AM

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• RockHoward

  

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  You missed the critical concept of property ownership. Being able to transfer property (especially land and dwellings) inter-generationally is usually the major missing ingredient to lift up third world economies.

  It also highlights why the mortgage mess, including both the confusion over who owns what caused by CBOs and by our antiquated property lein system, is a central concern for the ongoing health of the US economy. Sure debasing the money supply is terrible, but if property rights go away due to general mismanagement of records, then we are also hosed.

  Mises wrote a book about this topic but it was some articles and book extracts from Hernando de Soto Polar that really drove this point home for me.

  Posted on August 8, 2014 at 11:03 AM
  Last Edited: August 8, 2014 at 11:13 AM
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• page

  

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  Free banking

  https://en.wikipedia.org/wiki/Free_banking

  https://en.wikipedia.org/wiki/Lawrence_H._White

  Posted on August 8, 2014 at 11:43 AM
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• lainfinity

  

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  Hidden History of Money

  Posted on August 8, 2014 at 1:43 PM
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• bobjohnson12321

  

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  Not going to delve too deep into this, but the Federal Reserve was an important milestone in the future collapse of the USD.

  If you take a look at all past currencies, not money, then you will see none survive.

  Posted on August 8, 2014 at 4:11 PM
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• wildjo

  

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  I would note the dates of the rise and fall of each of the world reserve currencies over time.

  I would also note 1971, the year Nixon took USD off the gold standard.

  Posted on August 8, 2014 at 6:27 PM
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• TorstenEndOfMoney

  

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  @rockhoward yes I am aware of de Soto's work. highly fascinating, the entire informal economy. If you have the book at hand, let me know whether he mentions a specific date when ownership became codified. I think this will become an aspect I am exploring later on i.e. how Bitcoin can empower those who currently do not have access to financial services.

  Posted on August 8, 2014 at 11:59 PM
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• TorstenEndOfMoney

  

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  @lainfinity Hidden History of Money

  yes, thanks. am aware of his films. he is very good at this.

  Posted on August 9, 2014 at 12:00 AM
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• TorstenEndOfMoney

  

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  @wildjo I would note the dates of the rise and fall of each of the world reserve currencies over time.

  I would also note 1971, the year Nixon took USD off the gold standard.

  yes, the chart with reserve currencies over time is everywhere. will absolutely use it in some form

  Yes, 1971 is a milestone (as is 1933 and 1914)

  Posted on August 9, 2014 at 12:01 AM
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