1 00:00:01,200 --> 00:00:04,640 Speaker 1: Welcome to Stuff you Should Know from house Stuff Works 2 00:00:04,640 --> 00:00:12,959 Speaker 1: dot com. Hey, and welcome to the podcast. I'm Josh 3 00:00:13,000 --> 00:00:18,000 Speaker 1: Clark with Charles W. Chuck Bryant, and Jerry all Right, Yeah, 4 00:00:18,440 --> 00:00:21,320 Speaker 1: that makes the stuff you Should Know. Have you ever 5 00:00:21,360 --> 00:00:24,400 Speaker 1: had one of those? Uh? I don't know why I 6 00:00:24,440 --> 00:00:26,240 Speaker 1: wanted one, but when I was a kid, I wanted 7 00:00:26,239 --> 00:00:28,960 Speaker 1: one of those coined things you want your hip to 8 00:00:29,040 --> 00:00:33,200 Speaker 1: make change. I wanted one of those worse than anything. Yeah, 9 00:00:33,240 --> 00:00:35,440 Speaker 1: And I don't think like a peanut vendor. I don't 10 00:00:35,479 --> 00:00:37,680 Speaker 1: know when I said whatever was at six flags whatever 11 00:00:37,720 --> 00:00:39,839 Speaker 1: and I saw those things, I just thought it was boss. 12 00:00:40,360 --> 00:00:42,000 Speaker 1: That's really funny. And I don't think I knew that 13 00:00:42,040 --> 00:00:44,000 Speaker 1: you could buy them for like three bucks or else. 14 00:00:44,040 --> 00:00:46,840 Speaker 1: I would have bought a bunch of them. Yeah, because 15 00:00:46,880 --> 00:00:50,280 Speaker 1: there's not much to them. It's just like the thing's 16 00:00:50,320 --> 00:00:53,720 Speaker 1: not counting anything when you press it with your thumbs releases. 17 00:00:54,280 --> 00:00:57,160 Speaker 1: But each one, you know your quarters. They have different sizes, 18 00:00:57,360 --> 00:01:00,040 Speaker 1: so you know, you can just without even look and 19 00:01:00,320 --> 00:01:02,960 Speaker 1: you could go, here's three quarters, buddy. I know what 20 00:01:03,080 --> 00:01:05,560 Speaker 1: somebody's getting for Christmas this year. I just thought of 21 00:01:05,600 --> 00:01:07,280 Speaker 1: that out of nowhere. I haven't remember that since I 22 00:01:07,319 --> 00:01:08,680 Speaker 1: was a kid. I was obsessed with those things for 23 00:01:08,680 --> 00:01:11,440 Speaker 1: a little while. Well, you know what, you're technically obsessed 24 00:01:11,480 --> 00:01:18,399 Speaker 1: with a dispenser of currency. How's that seed that one up? Yeah? Yeah, 25 00:01:18,480 --> 00:01:20,679 Speaker 1: knocked it out of the part. I collected banks too, 26 00:01:20,720 --> 00:01:22,920 Speaker 1: which is a weird thing for a kid to do. 27 00:01:23,080 --> 00:01:25,600 Speaker 1: Banks like piggy banks. Yea even No, none of them 28 00:01:25,600 --> 00:01:28,760 Speaker 1: were piggybanks. What was your favorite one? Oh? Man, I 29 00:01:28,840 --> 00:01:31,480 Speaker 1: still have the collection. My mom's got them. Um wonder 30 00:01:31,520 --> 00:01:34,120 Speaker 1: if they're worth any money? And I doubt it. I 31 00:01:34,160 --> 00:01:36,880 Speaker 1: mean it was like a Garfield Bank and uh and 32 00:01:38,560 --> 00:01:43,679 Speaker 1: uh opus the penguin Eric Davis? Now was it Opus 33 00:01:45,319 --> 00:01:47,800 Speaker 1: from Bloom County? How am I blanking out on that? 34 00:01:47,800 --> 00:01:51,760 Speaker 1: That was my favorite comic. I don't know that sounds right, man, 35 00:01:52,960 --> 00:01:55,480 Speaker 1: I'm losing it, buddy. So the penguin from Bloom County, 36 00:01:55,480 --> 00:01:58,000 Speaker 1: we're going with that. I was obsessed with Bloom County 37 00:01:58,120 --> 00:02:02,760 Speaker 1: and then Change Counters and Biggiebanks. Cool. That was my childhood. 38 00:02:02,880 --> 00:02:07,320 Speaker 1: And Dale Murphy not Eric Davis? Now, who's that? Who's 39 00:02:07,400 --> 00:02:11,919 Speaker 1: for the Reds? Oh? The Reds player? Yeah? He was great, though, 40 00:02:11,919 --> 00:02:15,400 Speaker 1: I love it he as a non Reds fan, I 41 00:02:15,480 --> 00:02:18,400 Speaker 1: was an Eric Davis fan, I'm with you. Where are 42 00:02:18,440 --> 00:02:22,280 Speaker 1: you obsessed with? I like baseball, baseball cards? Did you 43 00:02:22,639 --> 00:02:25,680 Speaker 1: anything mad magazines? Yeah? Me too? Those are still I 44 00:02:25,720 --> 00:02:28,160 Speaker 1: think at my dad's house. They'd better be. You still 45 00:02:28,160 --> 00:02:32,120 Speaker 1: got him? Uh? What else did I collect? I saved 46 00:02:32,160 --> 00:02:35,239 Speaker 1: up my sports illustrated for years too. Um. And remember 47 00:02:35,280 --> 00:02:37,000 Speaker 1: the first one I ever got had Muhammad Ali on 48 00:02:37,040 --> 00:02:39,320 Speaker 1: the cover. That's how old I am. It was during 49 00:02:39,360 --> 00:02:41,760 Speaker 1: his comeback, and when he was like fat and mustachioed. 50 00:02:42,080 --> 00:02:45,200 Speaker 1: Don't call it come back. It was not not much 51 00:02:45,200 --> 00:02:49,480 Speaker 1: of one. That's not how that goes. Uh, how's that 52 00:02:49,520 --> 00:02:51,600 Speaker 1: first side track to get us going? I haven't even 53 00:02:51,600 --> 00:02:54,400 Speaker 1: done the intro. Let's hear it? So the intro is 54 00:02:54,440 --> 00:02:59,240 Speaker 1: as follows Chuck in two thousand thirteen New York Magazine, 55 00:02:59,360 --> 00:03:02,560 Speaker 1: not the New York Times, not New Yorker, New York Magazine, 56 00:03:02,639 --> 00:03:05,079 Speaker 1: which is an equally good publication in that time out 57 00:03:05,080 --> 00:03:09,440 Speaker 1: in New York, not the Village Voice, all right, Just 58 00:03:09,639 --> 00:03:13,239 Speaker 1: New York Magazine. Um, which is actually where the movie 59 00:03:13,280 --> 00:03:15,919 Speaker 1: Saturday Night Fever came from. It came from an article 60 00:03:16,040 --> 00:03:20,080 Speaker 1: that was later admitted to be completely fabricated by the author. Yeah, 61 00:03:20,160 --> 00:03:23,320 Speaker 1: in that magazine. Anyway, New York Magazine ran a really 62 00:03:23,400 --> 00:03:26,919 Speaker 1: interesting article in January called um Or January two team 63 00:03:26,919 --> 00:03:30,080 Speaker 1: called SuDS for Drugs, and it talked about how there's 64 00:03:30,080 --> 00:03:36,320 Speaker 1: a huge black market for tide laundry detergent, specifically liquid 65 00:03:36,360 --> 00:03:40,120 Speaker 1: tide in the United States. Yeah, they do not make 66 00:03:40,120 --> 00:03:43,480 Speaker 1: it anymore. No, they make plenty of it, but tons 67 00:03:43,520 --> 00:03:47,120 Speaker 1: of it gets stolen. And the reason why is tied 68 00:03:47,760 --> 00:03:52,360 Speaker 1: is such an agreed upon great laundry detergent that tied 69 00:03:52,880 --> 00:03:56,480 Speaker 1: and only tied. Like if you tried to use gain 70 00:03:56,640 --> 00:04:00,040 Speaker 1: or um all or anything like that, you would it 71 00:04:00,160 --> 00:04:03,520 Speaker 1: turned away. But if you have a jug of Tide 72 00:04:04,000 --> 00:04:07,280 Speaker 1: liquid laundry detergent, you can buy drugs in the United 73 00:04:07,280 --> 00:04:10,360 Speaker 1: States with it. It is agreed upon as a currency. 74 00:04:10,760 --> 00:04:12,800 Speaker 1: I had no idea even though you can just buy 75 00:04:12,800 --> 00:04:15,800 Speaker 1: it in the store. Yeah, that's that's the part I 76 00:04:15,840 --> 00:04:18,440 Speaker 1: don't get, because if you're a crackhead and you steal 77 00:04:18,440 --> 00:04:20,839 Speaker 1: a carton of them, then all of a sudden, you 78 00:04:20,839 --> 00:04:23,040 Speaker 1: didn't have to pay for this tide and you can 79 00:04:23,120 --> 00:04:26,400 Speaker 1: use it to buy drugs. Interesting, why don't use any 80 00:04:26,400 --> 00:04:27,800 Speaker 1: of that stuff? And I don't mean to pick on 81 00:04:27,960 --> 00:04:31,320 Speaker 1: just crackheads. If you're a junkie. Same thing. Sure, if 82 00:04:31,360 --> 00:04:35,440 Speaker 1: you have a gambling habit. Yeah, we've man, we got 83 00:04:36,600 --> 00:04:37,880 Speaker 1: we got a lot of crap from a couple of 84 00:04:37,880 --> 00:04:41,320 Speaker 1: people by using about using the word junkie. Yeah, it's 85 00:04:41,400 --> 00:04:43,599 Speaker 1: pretty derogatory if you think about it. I guess, well, 86 00:04:43,640 --> 00:04:46,760 Speaker 1: but it's a word with a definition which means something, 87 00:04:46,800 --> 00:04:48,560 Speaker 1: and that's what it means. I mean, it's not like 88 00:04:49,200 --> 00:04:51,920 Speaker 1: we were just like slagging people. Yeah, no, I get 89 00:04:51,960 --> 00:04:54,839 Speaker 1: what they're saying, though. You're saying like it's just such 90 00:04:54,880 --> 00:04:58,080 Speaker 1: a dismissive term of anyone who's addicted. It really kind 91 00:04:58,080 --> 00:05:01,039 Speaker 1: of flies in the face of the disease model of addiction. Yeah. Yeah, yeah, 92 00:05:02,160 --> 00:05:03,760 Speaker 1: I had to talk to the people who call us 93 00:05:03,760 --> 00:05:06,640 Speaker 1: out on that. I get it. But the point is 94 00:05:06,960 --> 00:05:10,960 Speaker 1: tiede is now a currency as like remember our prison 95 00:05:11,000 --> 00:05:14,240 Speaker 1: episode where we talked about how honey buns are currency. Yeah, 96 00:05:14,400 --> 00:05:20,360 Speaker 1: same thing, right, cigarettes currency, deer skins, Yeah, those were 97 00:05:20,400 --> 00:05:22,960 Speaker 1: currency once. That's where we get the word bucks from. 98 00:05:23,000 --> 00:05:25,080 Speaker 1: I think what you're getting at. Oh, I can't wait 99 00:05:25,120 --> 00:05:28,320 Speaker 1: to get to that stuff later. Okay, etymology, I love 100 00:05:28,360 --> 00:05:32,400 Speaker 1: that stuff. Um, I think what you're trying to say 101 00:05:32,760 --> 00:05:35,880 Speaker 1: is that or what you are saying is that currency 102 00:05:36,080 --> 00:05:40,160 Speaker 1: is nothing more than the medium of exchange in a 103 00:05:40,240 --> 00:05:43,560 Speaker 1: substitute for something, a good, or a service. It is 104 00:05:43,600 --> 00:05:46,640 Speaker 1: an agreed upon that's the key. Yeah, it's got to 105 00:05:46,680 --> 00:05:48,920 Speaker 1: be agreed upon. Yeah, you can't be like I'll give 106 00:05:48,960 --> 00:05:51,839 Speaker 1: you five Lincoln logs for a car. Well that's what 107 00:05:51,839 --> 00:05:54,200 Speaker 1: you do when you're a kid, right, and you go, 108 00:05:54,320 --> 00:05:56,200 Speaker 1: I don't think I want Linkol logs, and everybody goes, 109 00:05:56,279 --> 00:05:58,880 Speaker 1: oh you do, right. But if the other person says 110 00:05:59,680 --> 00:06:02,000 Speaker 1: those Lincoln I don't want Lincoln logs, then what you 111 00:06:02,040 --> 00:06:04,080 Speaker 1: have are Linkol logs, not a currency, because it has 112 00:06:04,120 --> 00:06:08,520 Speaker 1: to be mutually agreed upon, like you say, like dollar bills. Yeah. 113 00:06:09,400 --> 00:06:12,080 Speaker 1: I've gone off on this on our show about the 114 00:06:12,800 --> 00:06:16,560 Speaker 1: amazing fact that this paper we have all agreed is 115 00:06:16,600 --> 00:06:19,360 Speaker 1: worth something, and as the only reason it's worth something 116 00:06:19,440 --> 00:06:25,039 Speaker 1: that people dedicate their lives to pursuing paper is is 117 00:06:25,120 --> 00:06:33,720 Speaker 1: as ephemeral as a cloud. Almost. Ye, not the greatest 118 00:06:33,720 --> 00:06:36,040 Speaker 1: analogy you I've made, but it's still kind of works. 119 00:06:37,400 --> 00:06:40,320 Speaker 1: All right. So let's let's talk on olden days and 120 00:06:40,400 --> 00:06:44,400 Speaker 1: currency as a substitute for things. Um, what currency did 121 00:06:44,760 --> 00:06:47,120 Speaker 1: was solved the problem. It allowed you to give change 122 00:06:47,360 --> 00:06:49,440 Speaker 1: and make change. Yeah, that's a that's a big one 123 00:06:49,520 --> 00:06:52,560 Speaker 1: because back in the day, if you had a bushel 124 00:06:52,600 --> 00:06:56,280 Speaker 1: of corn and you wanted a chicken, you would go 125 00:06:56,320 --> 00:06:59,000 Speaker 1: to your neighbor. Well, you had to find somebody they 126 00:06:59,080 --> 00:07:01,000 Speaker 1: had a chicken that on a corn. So that's the 127 00:07:01,040 --> 00:07:03,880 Speaker 1: first problem. That's a problem. But what if you do 128 00:07:04,000 --> 00:07:06,359 Speaker 1: find someone, You're like, great, my neighbor's got a chicken 129 00:07:06,640 --> 00:07:08,840 Speaker 1: and I've got this corn. He wants this corn, he 130 00:07:08,880 --> 00:07:10,120 Speaker 1: wants the corn, but he says, you know what, this 131 00:07:10,200 --> 00:07:13,720 Speaker 1: chicken is worth a lot more than that corn. Somebody's 132 00:07:13,760 --> 00:07:16,679 Speaker 1: getting a bad deal until you can make change. Yeah, 133 00:07:16,720 --> 00:07:19,440 Speaker 1: because what if you could. That's not the best example 134 00:07:19,440 --> 00:07:21,520 Speaker 1: because you could take out some of the corn. Let's 135 00:07:21,520 --> 00:07:25,600 Speaker 1: say you can't chop a chicken. Yeah, well you got 136 00:07:25,600 --> 00:07:28,720 Speaker 1: a cow. Your neighbor has a chicken, and it's not 137 00:07:28,800 --> 00:07:32,640 Speaker 1: an even trade. But you just need one chicken and 138 00:07:32,680 --> 00:07:35,720 Speaker 1: your neighbor just needs one cow. You can't make change 139 00:07:35,760 --> 00:07:38,040 Speaker 1: like that. You can't make change. So that's one of 140 00:07:38,080 --> 00:07:43,119 Speaker 1: the first roles that currency it's fulfilled, was a way 141 00:07:43,160 --> 00:07:47,240 Speaker 1: to make change, to make trade more equal. Yeah, and 142 00:07:47,240 --> 00:07:48,720 Speaker 1: before that, I think there were a lot of bad 143 00:07:48,760 --> 00:07:52,480 Speaker 1: deals going down out of desperation. You know, like if 144 00:07:52,480 --> 00:07:55,880 Speaker 1: your family really needed that chicken for a reason, you 145 00:07:56,240 --> 00:07:58,680 Speaker 1: might end up taking a bad deal just because you 146 00:07:58,720 --> 00:08:01,480 Speaker 1: need that chicken. You give your cow away for that chicken. Yeah, 147 00:08:01,640 --> 00:08:05,360 Speaker 1: and then your family would berate you. That's right. Where's 148 00:08:05,360 --> 00:08:07,559 Speaker 1: the milk, honey? Yeah, this is like the magic beans 149 00:08:07,560 --> 00:08:10,000 Speaker 1: and sit in all over again. Can't milk a chicken, honey? 150 00:08:11,120 --> 00:08:15,920 Speaker 1: You get berated by your wife. Another reason that currency 151 00:08:16,200 --> 00:08:19,800 Speaker 1: uh became popular is because it allowed you for the 152 00:08:19,840 --> 00:08:25,200 Speaker 1: first time to really amass wealth. Because you can harvest 153 00:08:25,240 --> 00:08:27,960 Speaker 1: all the corn you want, but that corn is gonna 154 00:08:28,000 --> 00:08:29,880 Speaker 1: go bad unless you can find a way to trade 155 00:08:29,960 --> 00:08:32,680 Speaker 1: it in. A barn full of rotten corn does no 156 00:08:32,720 --> 00:08:34,720 Speaker 1: one any good. It doesn't make you any richer, like 157 00:08:34,880 --> 00:08:39,120 Speaker 1: in in practice. Practically speaking, you would be an extraordinarily 158 00:08:39,200 --> 00:08:43,240 Speaker 1: wealthy person if you had tons of corn in theory, 159 00:08:43,600 --> 00:08:46,600 Speaker 1: but like you said, it's gonna go bad, so you 160 00:08:46,640 --> 00:08:51,200 Speaker 1: could lose all all your wealth would literally rot away. 161 00:08:51,360 --> 00:08:54,640 Speaker 1: That's not the case with say a gold coin. Gold 162 00:08:54,640 --> 00:08:58,280 Speaker 1: coins aren't gonna go bad and deteriorate. So there that 163 00:08:58,480 --> 00:09:02,360 Speaker 1: stand in for those enormous stocks of corn. Because you 164 00:09:02,400 --> 00:09:05,080 Speaker 1: had all that corn and then you traded it for 165 00:09:05,160 --> 00:09:08,240 Speaker 1: gold coins. So what you did was you took your 166 00:09:08,280 --> 00:09:13,280 Speaker 1: wealth of corn and stored it into something of equal value, 167 00:09:13,400 --> 00:09:15,960 Speaker 1: in this case gold coins. Yeah, and that had a 168 00:09:16,120 --> 00:09:21,959 Speaker 1: huge impact on civilization because the most powerful people were 169 00:09:22,000 --> 00:09:25,959 Speaker 1: not just the ones who held the political and military influence. 170 00:09:26,000 --> 00:09:28,440 Speaker 1: All of a sudden, if you could accumulate wealth, then 171 00:09:28,480 --> 00:09:30,400 Speaker 1: you could buy that jump. Yeah. It gave rise to 172 00:09:30,440 --> 00:09:34,480 Speaker 1: the merchant class, and it democratized. Is that the word? 173 00:09:35,280 --> 00:09:38,400 Speaker 1: It democratized the world. It did because before it was 174 00:09:38,440 --> 00:09:41,520 Speaker 1: like you were born into a wealthy, noble family and 175 00:09:41,520 --> 00:09:44,840 Speaker 1: that's gain power. And if you weren't t yes, that 176 00:09:44,920 --> 00:09:47,520 Speaker 1: meant that you worked the land for this wealthy family. 177 00:09:47,880 --> 00:09:50,880 Speaker 1: But if you can sell something and get money in 178 00:09:50,960 --> 00:09:53,280 Speaker 1: exchange for it, instead of a cow for a chicken, 179 00:09:54,360 --> 00:09:56,000 Speaker 1: you say that junk up and you buy someone to 180 00:09:56,040 --> 00:10:01,560 Speaker 1: go kill that landowner, and then that's your land. Right. Democracy, 181 00:10:01,559 --> 00:10:07,280 Speaker 1: democracy or uh. They are generally considered to be four 182 00:10:07,520 --> 00:10:12,800 Speaker 1: categories of UM currency. You have commodity currency, coins, paper money, 183 00:10:13,000 --> 00:10:18,400 Speaker 1: and electronic currency these days, and in the commodity system 184 00:10:18,440 --> 00:10:22,440 Speaker 1: it is a placeholder, like we said, um for purchasing power, 185 00:10:22,520 --> 00:10:27,079 Speaker 1: but it is also has value as a thing because 186 00:10:27,160 --> 00:10:30,640 Speaker 1: corn is valuable. Um, it's not just a piece of paper, 187 00:10:31,400 --> 00:10:33,319 Speaker 1: where in the case of the Aztecs or little cacao 188 00:10:33,400 --> 00:10:36,320 Speaker 1: beans were valuable and so they use those this money. 189 00:10:36,840 --> 00:10:40,079 Speaker 1: But um, one of the problems with that is if 190 00:10:40,160 --> 00:10:42,880 Speaker 1: the person you're trading with doesn't find that valuable, then 191 00:10:42,960 --> 00:10:47,640 Speaker 1: it's worthless. Yeah. Usually within a society, everyone will find 192 00:10:47,679 --> 00:10:52,200 Speaker 1: that commodity currency valuable. Like the Aztecs with cacao. They 193 00:10:52,240 --> 00:10:54,320 Speaker 1: love this stuff. They made chocolate out of it. It 194 00:10:54,360 --> 00:10:57,160 Speaker 1: was the elixir of the gods, that kind of stuff. 195 00:10:57,160 --> 00:11:00,400 Speaker 1: They drank it right. Yeah. Mina Zuma drank like forty 196 00:11:00,440 --> 00:11:03,240 Speaker 1: cups of it today until he died from drinking too 197 00:11:03,320 --> 00:11:08,080 Speaker 1: much chocolate. Um. But the cankey sitters who came didn't 198 00:11:08,440 --> 00:11:12,400 Speaker 1: value cocow beans at all, so rather than trade, they 199 00:11:12,520 --> 00:11:17,600 Speaker 1: just took everything yeah and dumped the cacao beans because 200 00:11:17,600 --> 00:11:19,920 Speaker 1: it was worthless to them. Yeah, but that is a 201 00:11:19,920 --> 00:11:22,760 Speaker 1: good example of a commodity based currency, Like even if 202 00:11:23,280 --> 00:11:28,360 Speaker 1: even if everything else falls apart, that cocw beans still 203 00:11:28,360 --> 00:11:30,560 Speaker 1: has value and that you can make chocolate out of it. 204 00:11:31,280 --> 00:11:34,560 Speaker 1: In the society, chocolate is valued ergo they value the 205 00:11:34,600 --> 00:11:37,800 Speaker 1: cocw beans which use it as currency. Plus in this case, 206 00:11:38,120 --> 00:11:41,440 Speaker 1: cocow beans um are easy to carry, so they're portable, 207 00:11:42,000 --> 00:11:45,839 Speaker 1: and they're plentiful and small so you can make change 208 00:11:45,840 --> 00:11:48,400 Speaker 1: with them. Yeah, but not everything was the cacao bean. 209 00:11:48,559 --> 00:11:51,760 Speaker 1: In commodity currency, a lot of stuff is perishable more 210 00:11:51,800 --> 00:11:55,400 Speaker 1: perishable um, a lot of like cattle is super bulky. 211 00:11:55,400 --> 00:11:59,320 Speaker 1: You can't carry on a bunch of cows, goats, goats um. 212 00:11:59,360 --> 00:12:02,040 Speaker 1: But never less, that is a form of commodity currency. 213 00:12:02,080 --> 00:12:06,040 Speaker 1: It's just had its downside. Like the goat has has 214 00:12:06,160 --> 00:12:11,080 Speaker 1: value in and of itself. Yeah, cute, cute milk, meat 215 00:12:11,520 --> 00:12:15,800 Speaker 1: and cute hair and cute and very cute. I'm gonna 216 00:12:15,800 --> 00:12:17,400 Speaker 1: get one of those pigmy goats one of these days. 217 00:12:18,520 --> 00:12:20,280 Speaker 1: It's gonna happen. You're gonna come over to my house 218 00:12:20,280 --> 00:12:22,320 Speaker 1: and the little goat is gonna bounce in the room. 219 00:12:22,720 --> 00:12:25,400 Speaker 1: Clip clop, You're gonna go. What the Have you ever 220 00:12:25,400 --> 00:12:29,880 Speaker 1: seen the lamb? I showed you that, right, dude, that's 221 00:12:29,920 --> 00:12:34,080 Speaker 1: probably my top five things ever. If you don't know, 222 00:12:34,240 --> 00:12:39,800 Speaker 1: be the lamb into YouTube right now. What was it 223 00:12:39,880 --> 00:12:42,280 Speaker 1: a lamb? I think so? I thought it's a pigmy goat. 224 00:12:43,240 --> 00:12:46,880 Speaker 1: I think it's a lamb. Jerrys this is lamb. Alright, 225 00:12:46,920 --> 00:12:55,000 Speaker 1: I win. Alright, here's some cocow beans. Nice. Alright, so well, 226 00:12:55,040 --> 00:12:57,760 Speaker 1: hold on, hold on. I feel like we've got a 227 00:12:57,800 --> 00:13:07,040 Speaker 1: really good flow going. Okay, so let's interrupted with these messages. Okay, 228 00:13:07,080 --> 00:13:08,760 Speaker 1: we're back. Let's see if we can get the mojo 229 00:13:08,880 --> 00:13:11,240 Speaker 1: back again. All right, the mojo is still flowing because 230 00:13:11,240 --> 00:13:14,200 Speaker 1: our message break in reality was only two seconds long. 231 00:13:14,640 --> 00:13:18,200 Speaker 1: That's our dirty secret. Coins is our next form of currency. 232 00:13:18,280 --> 00:13:22,200 Speaker 1: And they were first minute a minute in Lydia, which 233 00:13:22,240 --> 00:13:26,559 Speaker 1: is modern Turkey, and they're king uh Croasis or crosis. 234 00:13:27,200 --> 00:13:29,200 Speaker 1: So you know, I'm gonna make these little small metal ingots. 235 00:13:29,200 --> 00:13:31,439 Speaker 1: I'm gonna stamp them with our emblem. And it's six 236 00:13:31,520 --> 00:13:34,320 Speaker 1: for d BC and this is called coins and it's 237 00:13:34,320 --> 00:13:37,599 Speaker 1: worth something. And the Greek said this is great, and 238 00:13:37,640 --> 00:13:40,280 Speaker 1: the Romans said this is great, and they're we're gonna 239 00:13:40,320 --> 00:13:42,679 Speaker 1: make ours out of silver and gold. So it's actually 240 00:13:42,720 --> 00:13:46,280 Speaker 1: worth something. Although when you think about it, that's just 241 00:13:47,000 --> 00:13:50,720 Speaker 1: you know, worth something because someone says it's worth something. Gold, sure, 242 00:13:50,760 --> 00:13:52,920 Speaker 1: all of it. Yeah. I read this Forbes article that 243 00:13:53,000 --> 00:13:57,800 Speaker 1: basically said all currencies a fiat currency. Fiat currency means 244 00:13:57,840 --> 00:14:01,200 Speaker 1: that it has valued by fiat, like the fiat of 245 00:14:01,240 --> 00:14:06,280 Speaker 1: the king a decree um and it says the government 246 00:14:06,360 --> 00:14:09,199 Speaker 1: or the king says this has value. It's it's nine 247 00:14:09,360 --> 00:14:14,560 Speaker 1: seven gold. It's valuable, so go traded as such by fiat. Right. Yeah, 248 00:14:14,559 --> 00:14:16,200 Speaker 1: if you think about the only things that really have 249 00:14:16,320 --> 00:14:19,160 Speaker 1: real value or like food and water pretty much, you know, 250 00:14:19,440 --> 00:14:21,960 Speaker 1: like you can make the case that a commodity based 251 00:14:21,960 --> 00:14:26,720 Speaker 1: currency like cocao beans isn't necessarily a fiat currency because 252 00:14:26,720 --> 00:14:29,240 Speaker 1: it does have inherent value that anybody can use. But 253 00:14:29,400 --> 00:14:34,080 Speaker 1: gold is it's not really that valuable. It's not really 254 00:14:34,080 --> 00:14:38,080 Speaker 1: that useful, especially in like a pre industrial society. I 255 00:14:38,080 --> 00:14:40,880 Speaker 1: wonder if gold first became valuable because it was shiny 256 00:14:40,960 --> 00:14:45,960 Speaker 1: and literally, yes, they could make pretty things with it, honestly, yes, interesting, 257 00:14:46,000 --> 00:14:48,920 Speaker 1: I think that's exactly why. Because it's so malleable you 258 00:14:48,920 --> 00:14:52,440 Speaker 1: can't make tools out of it. Even today, it's not 259 00:14:52,520 --> 00:14:54,640 Speaker 1: that useful. I mean, they use it in some solid 260 00:14:54,640 --> 00:14:58,680 Speaker 1: state electronics and things, but it's not it's more valuable 261 00:14:58,840 --> 00:15:03,480 Speaker 1: simply because it's go old. Yeah, So even if it's 262 00:15:03,520 --> 00:15:07,520 Speaker 1: backed with gold, it is technically still a fiat currency, 263 00:15:07,680 --> 00:15:10,560 Speaker 1: I've never heard that term f I A T. So 264 00:15:10,600 --> 00:15:12,840 Speaker 1: what does the Fiat car all about? That mean? It's 265 00:15:12,880 --> 00:15:18,200 Speaker 1: just special because they say it is all right? Um 266 00:15:18,320 --> 00:15:20,960 Speaker 1: in China, I thought the Chinese made the first coins, 267 00:15:21,080 --> 00:15:26,040 Speaker 1: but um, yeah, Grabster says that it happened about the 268 00:15:26,080 --> 00:15:28,640 Speaker 1: same time it did in the West fifth century BC. 269 00:15:28,880 --> 00:15:34,440 Speaker 1: They started out oddly with tools like knives, shapes as 270 00:15:34,480 --> 00:15:37,000 Speaker 1: currency with little holes drilled in them so they could 271 00:15:37,040 --> 00:15:39,200 Speaker 1: keep it on a string, and they just shrank over 272 00:15:39,240 --> 00:15:41,800 Speaker 1: the ears until it was about the size of a coin, right, 273 00:15:41,880 --> 00:15:43,560 Speaker 1: so I thought was odd, But they kept a hole 274 00:15:43,640 --> 00:15:47,000 Speaker 1: in there. So even until like the mid nineteenth century, 275 00:15:47,480 --> 00:15:51,000 Speaker 1: the Chinese coins still where this, these little round coins 276 00:15:51,000 --> 00:15:52,800 Speaker 1: with a hole in the middle so you could string 277 00:15:52,840 --> 00:15:55,480 Speaker 1: them on a string. Yeah, that's because they didn't have 278 00:15:55,560 --> 00:15:58,360 Speaker 1: the little coin dispenser on the hip they would have 279 00:15:58,400 --> 00:16:02,720 Speaker 1: thought of that, which surprising because the Chinese invented practically everything, 280 00:16:03,760 --> 00:16:07,960 Speaker 1: the coin dispenser, the hip mounting coin dispenser. Did they 281 00:16:07,960 --> 00:16:10,640 Speaker 1: even still make those? Sure they do. I'll bet alright, 282 00:16:10,760 --> 00:16:14,600 Speaker 1: I'm gonna buy one. Um. If not, Archie McPhee probably 283 00:16:14,600 --> 00:16:18,160 Speaker 1: makes it in an ironic version. So who's that they make? Um? 284 00:16:18,200 --> 00:16:22,080 Speaker 1: You've seen all their stuff. They make like funny like 285 00:16:22,600 --> 00:16:27,200 Speaker 1: they were the original, probably like bacon air, freshener, car fresh, 286 00:16:27,720 --> 00:16:31,120 Speaker 1: they make stuff like that. They make horsehead, gotcha, they 287 00:16:31,160 --> 00:16:35,120 Speaker 1: outfit um, they all their stuffs in urban outfitters, probably 288 00:16:35,120 --> 00:16:38,400 Speaker 1: in the chakey section. Yes, all right, I hate them. Then. 289 00:16:40,640 --> 00:16:43,200 Speaker 1: Uh So, one of the big impacts of coins was 290 00:16:43,320 --> 00:16:48,400 Speaker 1: now the government actually controlled the money supply and could 291 00:16:48,440 --> 00:16:51,760 Speaker 1: manipulate it and say what it's worth. And Roman emperors 292 00:16:51,800 --> 00:16:54,880 Speaker 1: were dumb and said, you know what, We're just gonna 293 00:16:55,000 --> 00:16:57,360 Speaker 1: reduce your amount of precious metal and some of these 294 00:16:58,280 --> 00:17:01,600 Speaker 1: because that makes us richer. But that devalued things such 295 00:17:01,680 --> 00:17:03,640 Speaker 1: that it ended up being one of the factors in 296 00:17:03,680 --> 00:17:06,679 Speaker 1: their downfall. Yeah, they didn't quite understand how it worked, 297 00:17:07,000 --> 00:17:10,399 Speaker 1: and it took thousands of years for anybody to figure 298 00:17:10,440 --> 00:17:13,040 Speaker 1: out really how it worked. But basically, if you still 299 00:17:13,040 --> 00:17:14,960 Speaker 1: know how it works, kind of, you know, I think 300 00:17:14,960 --> 00:17:17,800 Speaker 1: we have a better grasp than the early Roman emperors 301 00:17:18,160 --> 00:17:20,640 Speaker 1: because they would say, hey, man, I've got a ton 302 00:17:20,720 --> 00:17:26,119 Speaker 1: of gold, and my predecessors would make ten thousand gold 303 00:17:26,160 --> 00:17:29,320 Speaker 1: coins out of a ton. But I, being as clever 304 00:17:29,400 --> 00:17:32,679 Speaker 1: as I am, I'm going to make twenty thousand gold 305 00:17:32,680 --> 00:17:36,040 Speaker 1: coins out of this ton and double my money. But 306 00:17:36,240 --> 00:17:39,399 Speaker 1: rather than double the money, it devalued the currency and 307 00:17:39,480 --> 00:17:42,760 Speaker 1: led to the decline of the Roman Empire. That's right, 308 00:17:43,040 --> 00:17:47,360 Speaker 1: like you said, but that's how yeah, And after that, um, 309 00:17:47,400 --> 00:17:50,159 Speaker 1: it took a while for coins to come back in fashion, 310 00:17:50,200 --> 00:17:52,359 Speaker 1: all the way to the Renaissance because in the dark Ages, 311 00:17:53,080 --> 00:17:56,120 Speaker 1: because of a lot of that uh stuff, people didn't 312 00:17:56,119 --> 00:17:59,679 Speaker 1: trust coins, right, and for good reason, because there was 313 00:17:59,800 --> 00:18:03,560 Speaker 1: a someone behind it who could decree the percentage of 314 00:18:03,680 --> 00:18:07,119 Speaker 1: gold in that coin. The thing is is um and 315 00:18:07,119 --> 00:18:11,760 Speaker 1: we'll get to this later. The powers that be can 316 00:18:11,840 --> 00:18:15,560 Speaker 1: decree value, but ultimately it's up to the general public, 317 00:18:15,560 --> 00:18:18,440 Speaker 1: the people who are trading in these things, to determine 318 00:18:18,800 --> 00:18:22,280 Speaker 1: really how valuable they are. There's something called perception of 319 00:18:22,400 --> 00:18:25,720 Speaker 1: value that has to do with just how valuable a 320 00:18:25,800 --> 00:18:27,720 Speaker 1: currency is are not we'll talk about in a minute, 321 00:18:27,720 --> 00:18:31,240 Speaker 1: but that's what happened in Rome. Uh. Next up, we 322 00:18:31,320 --> 00:18:34,720 Speaker 1: have paper money, or is they call it folding money 323 00:18:35,320 --> 00:18:40,640 Speaker 1: here in the South, and they paper money was first 324 00:18:40,680 --> 00:18:43,360 Speaker 1: developed by the Chinese as well, and they used um, 325 00:18:43,359 --> 00:18:48,560 Speaker 1: like you said, buckskin sometimes bark, parchment, and it was 326 00:18:48,680 --> 00:18:51,720 Speaker 1: a bill of payment and leather was also used in 327 00:18:51,760 --> 00:18:55,080 Speaker 1: Europe around eleven d which didn't really catch on then. 328 00:18:55,400 --> 00:18:57,200 Speaker 1: Now I think leather money be kind of cool though, 329 00:18:57,600 --> 00:19:02,280 Speaker 1: leather moniture. If you know, if you hate animal, what 330 00:19:02,440 --> 00:19:04,159 Speaker 1: better way to kill more of them? I wonder how 331 00:19:04,280 --> 00:19:07,280 Speaker 1: much a cow would have been worth then, yeah, because 332 00:19:07,359 --> 00:19:10,800 Speaker 1: you while they were using the skin for other stuff anyway, 333 00:19:11,680 --> 00:19:16,080 Speaker 1: good point though. Uh. In Sweden in sixteen sixty one 334 00:19:16,119 --> 00:19:19,920 Speaker 1: they issued paper money, but they didn't quite understand it 335 00:19:19,960 --> 00:19:22,239 Speaker 1: either and flooded the market with it, which made it 336 00:19:22,520 --> 00:19:27,119 Speaker 1: almost worthless as well. Still still had to figure it out. Um. 337 00:19:27,160 --> 00:19:32,080 Speaker 1: I get the the uh, I get the desire though, like, oh, 338 00:19:32,119 --> 00:19:34,520 Speaker 1: everyone says this stuff's worth something, let's just print a 339 00:19:34,520 --> 00:19:38,480 Speaker 1: ton of it exactly. Yeah. Um. So it didn't catch 340 00:19:38,520 --> 00:19:41,159 Speaker 1: on after the Swedish experiment of the seventeenth century, but 341 00:19:41,200 --> 00:19:43,679 Speaker 1: it didn't take too much longer. It was the eighteenth 342 00:19:43,760 --> 00:19:47,119 Speaker 1: century when paper money finally did catch on, and it 343 00:19:47,240 --> 00:19:50,720 Speaker 1: was based on the practice of goldsmiths at the time, 344 00:19:51,160 --> 00:19:53,280 Speaker 1: where if you gave them some gold, they give you 345 00:19:53,320 --> 00:19:56,600 Speaker 1: basically an iou say they were making something out of 346 00:19:56,640 --> 00:19:58,800 Speaker 1: the gold, or they were hanging onto the gold before 347 00:19:58,840 --> 00:20:02,760 Speaker 1: you you had what what It amounts to a promissory 348 00:20:02,840 --> 00:20:05,919 Speaker 1: note saying you bring this I O U back to me, 349 00:20:06,160 --> 00:20:08,439 Speaker 1: and I'll give you this amount of gold and return. 350 00:20:09,040 --> 00:20:12,560 Speaker 1: It was basically the first what what's called gold backed 351 00:20:12,960 --> 00:20:16,439 Speaker 1: paper currency. And once banks figured out just how that 352 00:20:16,480 --> 00:20:20,240 Speaker 1: could work in theory and in practice, anybody could start 353 00:20:20,240 --> 00:20:23,600 Speaker 1: issuing currency. Yeah, and um money was backed by gold, 354 00:20:23,960 --> 00:20:25,800 Speaker 1: even right here in the US all the way up 355 00:20:25,880 --> 00:20:32,720 Speaker 1: until nine UM every dollar had and not theory, every 356 00:20:32,760 --> 00:20:36,640 Speaker 1: dollar had gold somewhere, not just dollars. Pretty much any 357 00:20:36,640 --> 00:20:39,080 Speaker 1: paper currency in the world at the time was backed 358 00:20:39,119 --> 00:20:42,199 Speaker 1: by gold, silver, some sort of precious metal that we 359 00:20:42,240 --> 00:20:45,720 Speaker 1: all agreed was valuable because it's shiny. But there was 360 00:20:45,760 --> 00:20:48,520 Speaker 1: a stock somewhere in the world that you could trade 361 00:20:48,920 --> 00:20:54,159 Speaker 1: your paper money for that value in gold. Yeah, you 362 00:20:54,200 --> 00:20:58,280 Speaker 1: could go somewhere to the gold tradery say here, I 363 00:20:58,359 --> 00:21:00,800 Speaker 1: want all this money in gold. Did you know That's 364 00:21:00,840 --> 00:21:04,320 Speaker 1: what the the Wizard of Oz is about. It's an 365 00:21:04,359 --> 00:21:08,960 Speaker 1: allegory for the gold standard. Oh man, it's depending on 366 00:21:08,960 --> 00:21:11,800 Speaker 1: who you ask, it's about ten different things. It's an allegory, 367 00:21:11,920 --> 00:21:14,600 Speaker 1: populist allegory for the gold standards. I just posted an 368 00:21:14,680 --> 00:21:17,840 Speaker 1: article about like ten different theories on what Wizard of 369 00:21:17,840 --> 00:21:22,080 Speaker 1: Odds means on our Facebook page, and yours is right 370 00:21:22,119 --> 00:21:24,919 Speaker 1: and then everyone else is wrong. Thank you. That's all 371 00:21:24,960 --> 00:21:28,399 Speaker 1: I ever want to hear from you. I UM. So, 372 00:21:28,440 --> 00:21:31,840 Speaker 1: now we're on to E money, which is uh, it 373 00:21:31,880 --> 00:21:35,119 Speaker 1: seems like something super new, but it actually came about 374 00:21:35,240 --> 00:21:39,479 Speaker 1: after World War Two when UM banks started recording their 375 00:21:39,520 --> 00:21:44,159 Speaker 1: information of the day onto magnetic reels and taking it 376 00:21:44,200 --> 00:21:47,639 Speaker 1: to the Federal Reserve Bank, and all of a sudden 377 00:21:47,640 --> 00:21:49,520 Speaker 1: they said, you know, we don't need these silly ten 378 00:21:49,920 --> 00:21:53,320 Speaker 1: dollar bills because we can just record this all electronically. 379 00:21:54,040 --> 00:21:56,520 Speaker 1: And all it took then was a wire connection and 380 00:21:57,480 --> 00:22:01,439 Speaker 1: trust for people to trust that this really is money, 381 00:22:01,520 --> 00:22:05,520 Speaker 1: even though I'm not seeing any money right right then. 382 00:22:05,560 --> 00:22:07,640 Speaker 1: That is the real distinction of it, because with an 383 00:22:07,760 --> 00:22:13,520 Speaker 1: electronic transfer, originally you're transferring information about money, like I 384 00:22:13,600 --> 00:22:17,080 Speaker 1: will I have a hundred thousand dollars over here that 385 00:22:17,160 --> 00:22:20,760 Speaker 1: I officially give to you, and so that that electronic 386 00:22:20,840 --> 00:22:25,120 Speaker 1: transfer becomes a promissory note in and of itself. UM 387 00:22:25,160 --> 00:22:27,520 Speaker 1: and they figured out that they can do this after 388 00:22:27,560 --> 00:22:30,880 Speaker 1: they realize that money in and of itself isn't valuable, 389 00:22:30,920 --> 00:22:33,959 Speaker 1: so we can just do this whole thing electronically. And 390 00:22:34,000 --> 00:22:36,680 Speaker 1: like you said, they did have hundred thousand dollar notes 391 00:22:36,720 --> 00:22:40,320 Speaker 1: and apparently there's some in circulation still. There's a couple 392 00:22:40,440 --> 00:22:44,280 Speaker 1: hundred of them in circulation. They had five hundred, one thousand, 393 00:22:44,400 --> 00:22:47,240 Speaker 1: ten thousand, and hundred thousand dollar bills. There's a really 394 00:22:47,280 --> 00:22:50,520 Speaker 1: neat mental floss article that you can read called a 395 00:22:50,600 --> 00:22:54,800 Speaker 1: hundred thousand dollar Bill, The Story behind Large denomination Currency, 396 00:22:55,119 --> 00:22:58,440 Speaker 1: and it talks all about that. But it was prior 397 00:22:58,560 --> 00:23:02,199 Speaker 1: to the magnetic tapes that were passed from bank to 398 00:23:02,280 --> 00:23:05,399 Speaker 1: bank or that recorded this information, and this is how 399 00:23:05,440 --> 00:23:10,080 Speaker 1: banks would settle up transfers through ten thousand, hundred thousand 400 00:23:10,080 --> 00:23:13,280 Speaker 1: dollar bills. Yeah, and the hundred thousand UM has Woodrow 401 00:23:13,320 --> 00:23:15,119 Speaker 1: Wilson on it and they only made those for about 402 00:23:15,160 --> 00:23:18,760 Speaker 1: three weeks. But um, that was never like in the public. 403 00:23:18,840 --> 00:23:21,640 Speaker 1: That was just between banks. Like no, it was never 404 00:23:21,640 --> 00:23:24,199 Speaker 1: in circulation, and it's still there's still around from what 405 00:23:24,240 --> 00:23:27,920 Speaker 1: I understand though. Yeah, there was UM in nineteen I'm sorry, 406 00:23:27,920 --> 00:23:30,879 Speaker 1: in two thousand nine there were less than four hundred 407 00:23:30,880 --> 00:23:36,520 Speaker 1: five bills, thousand dollar bills, five thousand dollar bills, and 408 00:23:36,600 --> 00:23:40,119 Speaker 1: ten thousand dollar bills um, all between like three and 409 00:23:40,160 --> 00:23:43,959 Speaker 1: four hundred still in circulation, which I thought was pretty interesting. 410 00:23:45,320 --> 00:23:47,720 Speaker 1: And they're usually worth frame now, you know, but there 411 00:23:47,760 --> 00:23:51,000 Speaker 1: were way more than their face value. Um. This mental 412 00:23:51,040 --> 00:23:54,160 Speaker 1: Plus article points out that if you have a pristine 413 00:23:54,480 --> 00:23:59,399 Speaker 1: ten thousand dollar bill, it's worth at least ten times that. Wow. 414 00:23:59,440 --> 00:24:02,000 Speaker 1: And so they all had different presidents throughout the years. 415 00:24:02,000 --> 00:24:05,200 Speaker 1: It wasn't like a single version of it. Uh, there 416 00:24:05,240 --> 00:24:07,000 Speaker 1: was a bunch of different versions of all those except 417 00:24:07,000 --> 00:24:09,680 Speaker 1: for the hundred thousand. Yeah, it was always Wilson, right, Yeah, 418 00:24:09,720 --> 00:24:13,360 Speaker 1: because he just printed it for three weeks, would would he? Um? 419 00:24:13,520 --> 00:24:15,879 Speaker 1: I wonder why he got that on her Yeah, I 420 00:24:15,880 --> 00:24:20,720 Speaker 1: don't know, because he was money. He didn't even know it. 421 00:24:21,320 --> 00:24:25,200 Speaker 1: So uh with electronic money. Another few things really helps 422 00:24:25,200 --> 00:24:28,320 Speaker 1: submit that as a as a viable thing. One was 423 00:24:28,359 --> 00:24:31,680 Speaker 1: the first credit card in n Diners Club said you 424 00:24:31,720 --> 00:24:35,119 Speaker 1: know what, rich businessman, here's a piece of plastic, so 425 00:24:35,200 --> 00:24:38,639 Speaker 1: you can impress your friends by not even carrying cash, 426 00:24:38,760 --> 00:24:41,320 Speaker 1: and uh, pay for whatever you want with this thing, 427 00:24:41,840 --> 00:24:44,040 Speaker 1: and then we'll charge you some interest and then you'll 428 00:24:44,080 --> 00:24:46,520 Speaker 1: pay us back. And we got even further from the 429 00:24:46,520 --> 00:24:51,560 Speaker 1: commodity by saying, now you're not even using cash, we're 430 00:24:51,640 --> 00:24:57,040 Speaker 1: using electronic promissory notes by charging this that's the promissory note. 431 00:24:57,200 --> 00:24:59,520 Speaker 1: And then they realized, hey, this shouldn't be just for 432 00:24:59,640 --> 00:25:03,560 Speaker 1: rich dudes, because we can financially cripple everybody exactly. This 433 00:25:03,680 --> 00:25:07,040 Speaker 1: interesting is really neat. So everyone should have a credit card. 434 00:25:07,440 --> 00:25:11,080 Speaker 1: And today there's over two hundred million visas, which started 435 00:25:11,119 --> 00:25:16,159 Speaker 1: in ninety Then the Social Security Administration started doing e 436 00:25:16,359 --> 00:25:20,879 Speaker 1: deposits all the way back in and people kind of 437 00:25:20,920 --> 00:25:23,480 Speaker 1: got used to the idea that all right, I see 438 00:25:23,480 --> 00:25:27,360 Speaker 1: it's in my bank account now, so I trust it. Yeah, 439 00:25:27,440 --> 00:25:29,440 Speaker 1: which is a big step forward. Yeah, it took a 440 00:25:29,480 --> 00:25:31,360 Speaker 1: little while to catch on. But then now it's, like 441 00:25:32,720 --> 00:25:36,400 Speaker 1: the grabster points out, people started paying bills, transferring money 442 00:25:36,440 --> 00:25:41,680 Speaker 1: between accounts, and sending money electronically without ever even touching it. Yeah, 443 00:25:41,720 --> 00:25:43,760 Speaker 1: which is true. Like I hadn't thought about that. But 444 00:25:43,800 --> 00:25:47,399 Speaker 1: there's plenty of money that that I earned and spend. 445 00:25:47,440 --> 00:25:51,520 Speaker 1: That's just like it's never physical ever, that's all my money. Yeah, 446 00:25:51,560 --> 00:25:54,399 Speaker 1: I almost never have or use cash. Like I get 447 00:25:54,440 --> 00:25:57,399 Speaker 1: paid electronically. It goes to a bank in number, and 448 00:25:57,400 --> 00:26:00,560 Speaker 1: then I have a American Express that I pay for 449 00:26:00,600 --> 00:26:05,320 Speaker 1: things with, and then I pay for that electronically and 450 00:26:05,359 --> 00:26:08,119 Speaker 1: I'm just trusting that this is. As long as the 451 00:26:08,480 --> 00:26:10,840 Speaker 1: lights are on, I guess everything's working out right. Exactly 452 00:26:10,960 --> 00:26:13,440 Speaker 1: basic and basically it's like the future, like what everybody 453 00:26:13,480 --> 00:26:15,360 Speaker 1: talks about in the future, We're not gonna have money, 454 00:26:15,359 --> 00:26:18,600 Speaker 1: We're gonna have credits. Well, the future is here. Apparently 455 00:26:18,760 --> 00:26:23,400 Speaker 1: eight percent of the world's currency is in hard like currency. 456 00:26:23,960 --> 00:26:26,000 Speaker 1: This all sounds so dangerous when you start talking about 457 00:26:26,040 --> 00:26:29,080 Speaker 1: it like that, Like all it takes this one big 458 00:26:29,200 --> 00:26:33,600 Speaker 1: crash of electronic crash, and what if they were like 459 00:26:33,760 --> 00:26:35,760 Speaker 1: all that money that you thought you had, it is 460 00:26:35,800 --> 00:26:38,600 Speaker 1: not here. Now we don't know what happened to it. 461 00:26:38,600 --> 00:26:41,800 Speaker 1: It's entirely possible. Remember they have the fd I s 462 00:26:42,000 --> 00:26:45,040 Speaker 1: though yet United States at least remember the early days 463 00:26:45,080 --> 00:26:50,520 Speaker 1: of internet purchases, how distrustful we all were, Yeah, I'm 464 00:26:50,560 --> 00:26:52,760 Speaker 1: not putting my credit card, I'm not taking that thing in. 465 00:26:53,840 --> 00:26:55,240 Speaker 1: And it never occurred to us that we hand it 466 00:26:55,280 --> 00:26:57,600 Speaker 1: to like a waiter or you know, whoever that can 467 00:26:57,640 --> 00:26:59,800 Speaker 1: do anything with it. And then it finally just became 468 00:27:00,040 --> 00:27:03,280 Speaker 1: that's important, just because so many people were doing it 469 00:27:03,320 --> 00:27:07,040 Speaker 1: that the chances of your credit card being stolen um 470 00:27:07,160 --> 00:27:10,960 Speaker 1: were lower coupled with the fact that it became evident 471 00:27:11,040 --> 00:27:13,840 Speaker 1: that credit card companies were willing to just like white 472 00:27:13,880 --> 00:27:18,159 Speaker 1: clean deaths a crude like that illegally made people a 473 00:27:18,160 --> 00:27:21,360 Speaker 1: lot a lot more trusting of it. I guess. Yeah. 474 00:27:21,400 --> 00:27:23,199 Speaker 1: I had a lady in front of me this grocery 475 00:27:23,200 --> 00:27:25,159 Speaker 1: store the day that wrote a check, and I was 476 00:27:25,240 --> 00:27:27,920 Speaker 1: just like, oh, were you Just like I know, I 477 00:27:29,880 --> 00:27:32,280 Speaker 1: longer minute, but I did want to say, like, you know, 478 00:27:32,400 --> 00:27:35,920 Speaker 1: there's a better way of doing that now checks And 479 00:27:36,080 --> 00:27:38,520 Speaker 1: I can't remember the last check I wrote. It's been 480 00:27:38,640 --> 00:27:40,640 Speaker 1: years and years and years since I've written a check 481 00:27:40,720 --> 00:27:43,600 Speaker 1: for me. It's usually like like a government thing like 482 00:27:43,680 --> 00:27:47,760 Speaker 1: a tag or something, tag tax or something. Yeah, I 483 00:27:47,840 --> 00:27:50,600 Speaker 1: do all that with my card too. Uh. And then, 484 00:27:50,600 --> 00:27:53,560 Speaker 1: of course, if you want to talk about the bleeding 485 00:27:53,760 --> 00:27:58,399 Speaker 1: edge of electronic money, um e g. Bitcoin and that 486 00:27:58,520 --> 00:28:01,320 Speaker 1: kind of thing, should go listen to our bitcoin episode, 487 00:28:01,760 --> 00:28:06,720 Speaker 1: which we're told was pretty good. Yeah. I think even 488 00:28:06,760 --> 00:28:09,400 Speaker 1: the guys from pot on pod Our show and they 489 00:28:10,480 --> 00:28:12,840 Speaker 1: eisode and said we did a good job of explaining it. 490 00:28:13,560 --> 00:28:17,040 Speaker 1: So we'll talk more about money because that's the topic 491 00:28:17,119 --> 00:28:30,600 Speaker 1: of this episode right after these messages. So Chuck, we're 492 00:28:30,600 --> 00:28:32,879 Speaker 1: talking about the gold standard and how that's what the 493 00:28:32,880 --> 00:28:36,520 Speaker 1: Wizard of Oz is about. And um, prior to that, 494 00:28:37,040 --> 00:28:40,200 Speaker 1: with the gold standard, it was I mean, inflation happened. 495 00:28:40,200 --> 00:28:43,160 Speaker 1: The price of gold fluctuated, so therefore the price of 496 00:28:43,200 --> 00:28:46,880 Speaker 1: anything pegged to it, like the dollar, would fluctuate too. 497 00:28:47,520 --> 00:28:50,959 Speaker 1: With when we abandoned the gold standard officially in nine 498 00:28:51,880 --> 00:28:53,600 Speaker 1: but prior to that, I think in the thirties is 499 00:28:53,640 --> 00:28:56,960 Speaker 1: when it really started. Um, we really took a huge 500 00:28:57,000 --> 00:29:00,200 Speaker 1: leap of faith because there's nothing backing it anymore, Like 501 00:29:00,320 --> 00:29:02,920 Speaker 1: there's a huge it's a myth that you can take 502 00:29:02,960 --> 00:29:05,640 Speaker 1: your dollar bill and turn it in for gold. They will, 503 00:29:06,000 --> 00:29:08,160 Speaker 1: some guys in white coats will come and lock you 504 00:29:08,280 --> 00:29:10,320 Speaker 1: up in a padded room for a little while. They said, 505 00:29:10,360 --> 00:29:13,360 Speaker 1: you can come and buy this gold ring with your cat. 506 00:29:13,600 --> 00:29:16,240 Speaker 1: Pretty much you can buy gold bullion with it, but 507 00:29:16,320 --> 00:29:19,400 Speaker 1: you cant yeah, exactly, and we're going to charge you 508 00:29:19,440 --> 00:29:22,880 Speaker 1: some fees for that too. Um. So once we abandoned 509 00:29:22,920 --> 00:29:25,080 Speaker 1: the gold standard, it was a big leap of faith 510 00:29:25,120 --> 00:29:29,160 Speaker 1: because um, as Milton Freedman put it, quote, the pieces 511 00:29:29,160 --> 00:29:31,800 Speaker 1: of green paper have value because everybody thinks they have 512 00:29:31,920 --> 00:29:35,200 Speaker 1: value as long as we all think together and believe 513 00:29:35,320 --> 00:29:39,800 Speaker 1: together they will stay valuable. But there are certain times, 514 00:29:39,800 --> 00:29:43,360 Speaker 1: there's certain occasions and events when we all believe that 515 00:29:43,440 --> 00:29:46,960 Speaker 1: things become a little less valuable, that currency is a 516 00:29:46,960 --> 00:29:50,800 Speaker 1: little less valuable than at other times. So this perception 517 00:29:50,840 --> 00:29:55,120 Speaker 1: of value can have an impact on the value of currency. 518 00:29:55,200 --> 00:29:57,840 Speaker 1: And the Grabster gives a pretty good example. It's when 519 00:29:57,920 --> 00:30:03,000 Speaker 1: we deflate or deva value currency relative to other currencies, 520 00:30:03,360 --> 00:30:06,760 Speaker 1: which will do sometimes because we want to attract that 521 00:30:06,880 --> 00:30:10,920 Speaker 1: currency's native investors over here in the US. So like 522 00:30:10,960 --> 00:30:14,480 Speaker 1: if right now you can buy five francs to the dollar, 523 00:30:14,800 --> 00:30:19,200 Speaker 1: euros five euros to the dollar, um, and we say, what, 524 00:30:19,320 --> 00:30:22,120 Speaker 1: we want to encourage more investment in Europe. So we're 525 00:30:22,120 --> 00:30:27,400 Speaker 1: gonna let the dollar devalue um and we're gonna make 526 00:30:27,400 --> 00:30:29,760 Speaker 1: it so it's equal to three euros and then we'll 527 00:30:29,760 --> 00:30:33,680 Speaker 1: stabilize it. Well, that will encourage more people in Europe 528 00:30:33,680 --> 00:30:36,160 Speaker 1: to invest in the United States because the euro now 529 00:30:36,200 --> 00:30:39,320 Speaker 1: has more buying power relative to the dollar. But everyone 530 00:30:39,360 --> 00:30:42,800 Speaker 1: in the in the United States because wtf, we got 531 00:30:42,800 --> 00:30:46,640 Speaker 1: all these dollars and now it's worthless because you just 532 00:30:46,720 --> 00:30:49,440 Speaker 1: told us that you're going to make it worth less 533 00:30:49,720 --> 00:30:52,800 Speaker 1: relative to the euro. Nothing really happened to the dollar 534 00:30:53,120 --> 00:30:56,640 Speaker 1: that everybody agreed literally overnight that the dollar is less 535 00:30:56,720 --> 00:31:01,080 Speaker 1: valuable now because it was devalued. That's one way that 536 00:31:01,080 --> 00:31:05,000 Speaker 1: that currency can fluctuate these days. Yeah, I wish I 537 00:31:05,000 --> 00:31:09,240 Speaker 1: had a better understanding of the when people say what 538 00:31:09,280 --> 00:31:12,520 Speaker 1: the dollar is worth sometimes that just makes my head spin. 539 00:31:12,640 --> 00:31:15,600 Speaker 1: I have one for you. You're gonna love this, man. 540 00:31:16,400 --> 00:31:21,120 Speaker 1: Let's hear it. The Big Mac Index. It's it's exactly 541 00:31:21,160 --> 00:31:23,200 Speaker 1: what you just said. If you want an understanding of it. 542 00:31:23,520 --> 00:31:27,440 Speaker 1: There is a guy in six who wrote in The 543 00:31:27,480 --> 00:31:31,320 Speaker 1: Economist basically the Big Mac Index, and and it says 544 00:31:31,720 --> 00:31:36,000 Speaker 1: we cover this in uh one of them. We may 545 00:31:36,040 --> 00:31:38,680 Speaker 1: have done it in their stuff super stuff out to 546 00:31:38,680 --> 00:31:41,440 Speaker 1: the economy. Then that was eighty years ago, though it was. 547 00:31:42,080 --> 00:31:44,120 Speaker 1: But what so we'll go over it again. The Big 548 00:31:44,120 --> 00:31:46,320 Speaker 1: Mac Index says the price of an end of a 549 00:31:46,360 --> 00:31:48,920 Speaker 1: big Mac relative to the price of a big Mac 550 00:31:49,040 --> 00:31:54,200 Speaker 1: in another country. Right, So it's basically saying you can, 551 00:31:54,280 --> 00:31:56,480 Speaker 1: and it's tongue in cheek, but it actually does kind 552 00:31:56,480 --> 00:32:00,560 Speaker 1: of work. You can you can show the eying power, 553 00:32:00,640 --> 00:32:05,040 Speaker 1: the purchasing power of one um currency relative to another 554 00:32:05,280 --> 00:32:08,200 Speaker 1: based on how much a big Mat costs in each country. 555 00:32:09,360 --> 00:32:11,360 Speaker 1: And once you once you see it and and and 556 00:32:11,400 --> 00:32:13,160 Speaker 1: look at it like that, you go to the economists 557 00:32:13,160 --> 00:32:15,000 Speaker 1: and type in the big macindext and it will bring 558 00:32:15,040 --> 00:32:18,960 Speaker 1: this up. And it's an interactive scale um, which makes 559 00:32:18,960 --> 00:32:24,600 Speaker 1: it awesome, and you understand relative purchasing power. Well, I 560 00:32:24,600 --> 00:32:26,640 Speaker 1: should spend some time on that side, thank you. It 561 00:32:26,680 --> 00:32:29,560 Speaker 1: will make me hungry. So then the other way that 562 00:32:29,720 --> 00:32:34,280 Speaker 1: things can devalue is with supply, and that is just 563 00:32:34,360 --> 00:32:37,880 Speaker 1: basically supplying demand. Like when there's a lot more money available, 564 00:32:38,080 --> 00:32:42,280 Speaker 1: it by nature becomes less valuable. Yeah, demand is high, 565 00:32:42,320 --> 00:32:45,960 Speaker 1: prices go up. Demand supplies high prices go down, right, 566 00:32:46,000 --> 00:32:50,960 Speaker 1: So that's inflation and deflation that goes up, that goes down. Okay, 567 00:32:51,000 --> 00:32:52,959 Speaker 1: I guess we should answer this. Are you watching the 568 00:32:53,320 --> 00:32:57,800 Speaker 1: Simpsons every episode marathon? I've tuned in some here and there, 569 00:32:58,000 --> 00:33:00,480 Speaker 1: But what I've really enjoyed is that in flux of 570 00:33:01,640 --> 00:33:05,480 Speaker 1: articles about like the best seasons, the best episodes, it's 571 00:33:05,520 --> 00:33:07,840 Speaker 1: really like a tripped out memory lane. I do not 572 00:33:07,960 --> 00:33:11,440 Speaker 1: have f x X and so therefore I'm bereft. Yeah, 573 00:33:11,480 --> 00:33:13,440 Speaker 1: but you've seen them all anyway. Yeah, it would be 574 00:33:13,480 --> 00:33:15,320 Speaker 1: so nice to see him again like this you know. Yeah, 575 00:33:15,360 --> 00:33:17,120 Speaker 1: I mean they're running the NonStop, like you wake up 576 00:33:17,160 --> 00:33:19,760 Speaker 1: at three am. It's I know, I don't think I 577 00:33:19,800 --> 00:33:22,440 Speaker 1: wake up at three am and realize that I'm missing 578 00:33:22,480 --> 00:33:24,920 Speaker 1: at Simpsons right then, Well you caught Bed goes up, 579 00:33:24,920 --> 00:33:29,400 Speaker 1: Bed Goes down. That's because I love the Simpson exactly. So. Uh. 580 00:33:29,480 --> 00:33:32,560 Speaker 1: We talked about inflation and deflation. But um, if you 581 00:33:32,600 --> 00:33:34,560 Speaker 1: want to know more about that, you should check out 582 00:33:35,640 --> 00:33:37,760 Speaker 1: how much money is there in the world? Are super 583 00:33:37,800 --> 00:33:40,959 Speaker 1: stuff guided to the economy? Stag inflation? Those are all 584 00:33:41,000 --> 00:33:44,120 Speaker 1: some good episodes we've done on that kind of thing. Yeah. Um, 585 00:33:44,240 --> 00:33:46,720 Speaker 1: and we mentioned earlier, you know, I talked about I 586 00:33:46,760 --> 00:33:48,920 Speaker 1: can see how you might be incentivized to just print 587 00:33:48,960 --> 00:33:51,440 Speaker 1: loads of money if you want more of it. Um, 588 00:33:51,480 --> 00:33:54,200 Speaker 1: And we've covered and other shows why that's a bad idea. 589 00:33:54,680 --> 00:33:58,160 Speaker 1: But never has it been more evident than in post 590 00:33:58,200 --> 00:34:01,200 Speaker 1: World War One Germany they had I mean, this is 591 00:34:01,240 --> 00:34:04,800 Speaker 1: amazing stuff. I think Zimbabwe beat them eventually, didn't they. 592 00:34:05,120 --> 00:34:09,040 Speaker 1: I couldn't remember. It's hungry, Well, no, I think it 593 00:34:09,040 --> 00:34:12,680 Speaker 1: was Zimbabwe. Um, I don't know. Maybe it was hungry, 594 00:34:12,960 --> 00:34:15,480 Speaker 1: remember hungry. He had a revolution in the forties that 595 00:34:15,600 --> 00:34:18,680 Speaker 1: was just staggering numbers of hyperinflation. Yeah, but this is 596 00:34:18,719 --> 00:34:21,600 Speaker 1: a pretty good example of hyperinflation. Well, after World War One, 597 00:34:21,600 --> 00:34:25,520 Speaker 1: Germany um owed in war reparations about thirty three billion 598 00:34:25,560 --> 00:34:29,360 Speaker 1: dollars in like nineteen nineteen dollars, and they didn't have 599 00:34:29,440 --> 00:34:31,560 Speaker 1: that kind of money, so they said, well, let's just 600 00:34:31,600 --> 00:34:34,960 Speaker 1: print a bunch of it. Uh, and see what happened. Um. 601 00:34:34,960 --> 00:34:38,320 Speaker 1: It's not gonna be backed by any kind of commodity. Um. 602 00:34:38,400 --> 00:34:42,000 Speaker 1: And it resulted in hyper inflation to the extent where 603 00:34:42,120 --> 00:34:45,800 Speaker 1: in nineteen twenty three it was called the hyper inflation 604 00:34:45,840 --> 00:34:49,520 Speaker 1: of the Weimer Republic from June ninety one to January nine. 605 00:34:50,920 --> 00:34:53,560 Speaker 1: It's because they funded the war through borrowing. Only they 606 00:34:53,560 --> 00:34:55,759 Speaker 1: didn't like raise taxes to pay for the war. They 607 00:34:55,800 --> 00:34:58,279 Speaker 1: literally borrowed money to pay for World War One, and 608 00:34:58,320 --> 00:35:02,360 Speaker 1: it resulted in eventually forty two billion billion with a 609 00:35:02,440 --> 00:35:07,920 Speaker 1: b German marks was equal to one penny of US money. 610 00:35:08,080 --> 00:35:11,839 Speaker 1: And I didn't think that could be right, but it's right, yeah, um. 611 00:35:11,880 --> 00:35:15,839 Speaker 1: And it was so bad that they there was something 612 00:35:15,920 --> 00:35:19,800 Speaker 1: called a mental condition called zero stroke that it caused, 613 00:35:19,920 --> 00:35:22,719 Speaker 1: which is when you're compelled to write endless rows of 614 00:35:22,800 --> 00:35:25,360 Speaker 1: zeros because when you see some of these numbers, it 615 00:35:25,480 --> 00:35:27,920 Speaker 1: just you're like, is that even a number when you're 616 00:35:27,920 --> 00:35:30,800 Speaker 1: trying to do these calculations, and it it. There was 617 00:35:30,840 --> 00:35:33,040 Speaker 1: an influx of zero stroke in Germany at the time, 618 00:35:33,960 --> 00:35:36,520 Speaker 1: and so I was wondering, like, how did Germany ever recover? 619 00:35:36,920 --> 00:35:41,400 Speaker 1: They basically started over again and said this isn't money anymore. 620 00:35:42,280 --> 00:35:44,879 Speaker 1: We're gonna start over and we're gonna have a new 621 00:35:44,920 --> 00:35:51,160 Speaker 1: bank issues something called uh des now the UM rent 622 00:35:51,800 --> 00:35:54,480 Speaker 1: rent a mark, and this is our new money. Not 623 00:35:54,600 --> 00:35:57,680 Speaker 1: all that money is no good to start but this 624 00:35:57,760 --> 00:36:00,279 Speaker 1: is actually back. There was a bank, the Deutschen rent 625 00:36:00,280 --> 00:36:03,200 Speaker 1: a bank mortgaged land and industrial goods to the tune 626 00:36:03,200 --> 00:36:06,680 Speaker 1: of about three point two billion dollars like hard assets 627 00:36:06,680 --> 00:36:10,000 Speaker 1: that were backing this money. And it worked and it 628 00:36:10,000 --> 00:36:12,080 Speaker 1: turned around almost overnight to the point where a US 629 00:36:12,160 --> 00:36:17,279 Speaker 1: dollar was worth four point to rent a marks four 630 00:36:18,960 --> 00:36:22,560 Speaker 1: And I guess everyone just got on board. It's all right. 631 00:36:22,680 --> 00:36:26,560 Speaker 1: That old money is no good. Wall paper your walls 632 00:36:26,600 --> 00:36:29,040 Speaker 1: with it, and now we have new money, you know. UM. 633 00:36:29,080 --> 00:36:33,719 Speaker 1: A lot of historians credit that really difficult period that 634 00:36:33,800 --> 00:36:37,440 Speaker 1: Germany was put through um or put itself through, depending 635 00:36:37,480 --> 00:36:39,680 Speaker 1: on who you ask. After World War One is the 636 00:36:39,719 --> 00:36:42,520 Speaker 1: reason why fascism was allowed to take hold there, I 637 00:36:42,560 --> 00:36:44,359 Speaker 1: believe it, and the lead up to World War two, 638 00:36:44,560 --> 00:36:48,560 Speaker 1: because I mean when I say it's stabilized, its stabilized 639 00:36:49,840 --> 00:36:53,279 Speaker 1: the money overnight, but it still wasn't like they were 640 00:36:53,320 --> 00:36:56,120 Speaker 1: still in bad shape. You know, it took a while 641 00:36:56,160 --> 00:36:58,520 Speaker 1: to dig dig out of that. Did you see that 642 00:36:58,600 --> 00:37:03,760 Speaker 1: thing I sent you on um Cowery shells, Oh yeah, 643 00:37:03,840 --> 00:37:07,920 Speaker 1: it's a little bit. Cali shells are sea snail shells. 644 00:37:07,920 --> 00:37:12,280 Speaker 1: They're little, tiny white shells that look porcelain, and literally 645 00:37:12,400 --> 00:37:17,520 Speaker 1: for about two thousand years UM they were used as 646 00:37:17,560 --> 00:37:21,520 Speaker 1: currency throughout the world, and they came almost exclusively from 647 00:37:21,520 --> 00:37:25,160 Speaker 1: the Maldives UM. And they would like, if you were 648 00:37:25,160 --> 00:37:27,600 Speaker 1: an Arab trader, you would go down to the Maldives, 649 00:37:27,840 --> 00:37:31,960 Speaker 1: you would buy about a million uh Coweri shells for 650 00:37:32,120 --> 00:37:37,200 Speaker 1: one gold dinar. Then you go back to India or 651 00:37:37,200 --> 00:37:40,040 Speaker 1: go to India and you would sell ten thousand of 652 00:37:40,080 --> 00:37:42,640 Speaker 1: them for a gold dinar. So you could just make 653 00:37:42,680 --> 00:37:44,799 Speaker 1: a ton of money overnight. And then the further and 654 00:37:44,840 --> 00:37:47,160 Speaker 1: further away they got from the Maldives and the closer 655 00:37:47,160 --> 00:37:49,120 Speaker 1: and closer to China they got, which is a country 656 00:37:49,160 --> 00:37:52,799 Speaker 1: that used these things like crazy, they were worth more 657 00:37:52,800 --> 00:37:55,719 Speaker 1: and more. Yeah, and the Maldives, it's just like you 658 00:37:55,880 --> 00:37:59,279 Speaker 1: just scoop up baskets full of them, and they were 659 00:37:59,360 --> 00:38:02,000 Speaker 1: not nearly is valuable, but as you got away from 660 00:38:02,000 --> 00:38:04,359 Speaker 1: them Maldives, they grew more and more valuable, and they 661 00:38:04,360 --> 00:38:08,480 Speaker 1: were used His currency literally until the mid nineteenth century. 662 00:38:08,480 --> 00:38:11,360 Speaker 1: I mean they started and we have the earliest reference 663 00:38:11,880 --> 00:38:15,560 Speaker 1: in about three fifty b C. And in the eighteen 664 00:38:15,640 --> 00:38:19,920 Speaker 1: fifties is when the the currency finally collapsed, just because 665 00:38:19,920 --> 00:38:22,400 Speaker 1: there were so many of them on the market that 666 00:38:22,480 --> 00:38:25,280 Speaker 1: people would you know, they would pay using five hundred 667 00:38:25,280 --> 00:38:28,560 Speaker 1: thousand cowry shells and you'd have to count out five 668 00:38:28,640 --> 00:38:31,399 Speaker 1: hundred thousand cowery shells. And didn't they use them because 669 00:38:31,400 --> 00:38:33,360 Speaker 1: they were like pretty, and they were hardy and like 670 00:38:33,440 --> 00:38:38,120 Speaker 1: didn't break really easy, and they're portable, plentiful small, so 671 00:38:38,200 --> 00:38:41,520 Speaker 1: you can make change with them. Yeah, and people like them. 672 00:38:41,560 --> 00:38:44,360 Speaker 1: So therefore they became currency. But they lasted His currency 673 00:38:44,400 --> 00:38:46,640 Speaker 1: for like two thousand years. Again, all you have to 674 00:38:46,640 --> 00:38:49,560 Speaker 1: do is agree that's something, although that's a weird thing, 675 00:38:49,560 --> 00:38:51,320 Speaker 1: because that's something you can just go out and find 676 00:38:52,960 --> 00:38:54,120 Speaker 1: if you're in the right part of the world if 677 00:38:54,160 --> 00:38:56,239 Speaker 1: you're in the right exactly. That's why they were less 678 00:38:56,320 --> 00:39:00,440 Speaker 1: valuable in the Maldives, more valuable like in China. So, uh, 679 00:39:00,680 --> 00:39:03,239 Speaker 1: you want to talk etymology? Yeah, you said, what was 680 00:39:03,280 --> 00:39:05,839 Speaker 1: the first one? He said? The buck comes from from 681 00:39:06,200 --> 00:39:09,440 Speaker 1: buckskin and the sawbuck. I don't know where the sawbuck 682 00:39:09,480 --> 00:39:13,000 Speaker 1: is a tenner, right, I believe so the word fee 683 00:39:13,120 --> 00:39:17,040 Speaker 1: comes from the German word for cattle U v v 684 00:39:17,320 --> 00:39:22,839 Speaker 1: e h. Interesting, right, yeah, speaking of shells, you know, 685 00:39:23,239 --> 00:39:27,680 Speaker 1: I believe Pacific Northwest tribes used whop them whamp them, 686 00:39:28,160 --> 00:39:32,640 Speaker 1: which were white shells um, and the phrase shell out 687 00:39:33,080 --> 00:39:35,920 Speaker 1: comes from that. When you pay somebody in shells, you 688 00:39:35,960 --> 00:39:38,680 Speaker 1: were shelling out. I wonder if that's where clams comes from. 689 00:39:38,719 --> 00:39:47,200 Speaker 1: Probably what's your funny word for money? Beans, bones, simoleans, samoleans. 690 00:39:47,280 --> 00:39:49,800 Speaker 1: I tried to look up simolean because I think everyone 691 00:39:49,920 --> 00:39:53,000 Speaker 1: knows that's the cartoon currency, but I couldn't find anything. 692 00:39:53,280 --> 00:39:57,160 Speaker 1: It kept defaulting and saying, do you mean Somali money? 693 00:39:57,360 --> 00:40:00,000 Speaker 1: It was like, no, I mean Samolean. I think it's um. 694 00:40:00,080 --> 00:40:02,440 Speaker 1: I even put cartoons and I couldn't find much of 695 00:40:02,440 --> 00:40:05,719 Speaker 1: anything except like I couldn't find an origin, like who 696 00:40:05,760 --> 00:40:10,880 Speaker 1: made that up. Let's say Napoleon since it rhymes maybe 697 00:40:10,920 --> 00:40:14,880 Speaker 1: Chuck Jones. It's possible. Could ask our friend Jessica. She 698 00:40:14,960 --> 00:40:19,160 Speaker 1: might know you saw Charles Schultz's granddaughter email this. Huh No, 699 00:40:19,280 --> 00:40:22,280 Speaker 1: I didn't see that. Yes, and now Chuck Jones's granddaughter 700 00:40:22,280 --> 00:40:24,880 Speaker 1: and Charles Schultz's granddaughter are both stuff you should know fans, 701 00:40:25,520 --> 00:40:29,240 Speaker 1: which is uh pretty awesome. Waiting for a returne emails 702 00:40:29,280 --> 00:40:32,480 Speaker 1: like you gotta give me some inside story here please 703 00:40:33,080 --> 00:40:37,400 Speaker 1: about Grandpa? Um? Do you want to know the animology 704 00:40:37,440 --> 00:40:40,960 Speaker 1: of Semolean? Do you have it? Yeah? Man? How did 705 00:40:41,000 --> 00:40:44,840 Speaker 1: my Google uh skills not paying out? I am proud 706 00:40:44,880 --> 00:40:48,440 Speaker 1: of you, Chuck yeah for not saying yeah. Uh So. 707 00:40:48,600 --> 00:40:52,319 Speaker 1: Semolean is spelled s I M O L e O n. 708 00:40:52,680 --> 00:40:55,640 Speaker 1: It's an English word, all right, That's where I cut sidetracked. 709 00:40:55,760 --> 00:40:59,000 Speaker 1: They think that it is a late nineteenth century blend 710 00:40:59,120 --> 00:41:03,080 Speaker 1: of simone, which is apparently a French word for dollar. Okay, 711 00:41:03,719 --> 00:41:09,840 Speaker 1: and Napoleon really yeah? And why was it exclusive the cartoons? 712 00:41:10,239 --> 00:41:12,200 Speaker 1: I don't know, but they think it came from New 713 00:41:12,360 --> 00:41:17,080 Speaker 1: Orleans in the late nineteenth century. Simone um was either 714 00:41:17,200 --> 00:41:21,680 Speaker 1: dollar or sixpence coin. It was a British slang and Napoleon, 715 00:41:22,400 --> 00:41:25,200 Speaker 1: So I guess that's where Smolean came from. Would you 716 00:41:25,200 --> 00:41:28,560 Speaker 1: get that with the website words? Since dot eu? All right, 717 00:41:28,840 --> 00:41:31,040 Speaker 1: I believe that dot eu that says at all. They 718 00:41:31,040 --> 00:41:33,560 Speaker 1: have a clean look to their website, which makes me 719 00:41:33,760 --> 00:41:36,080 Speaker 1: believe that they know what they're talking about. Yeah, when 720 00:41:36,120 --> 00:41:37,680 Speaker 1: you look at a website, you can get a lot 721 00:41:37,719 --> 00:41:40,360 Speaker 1: of information about its accuracy, just if it looks like 722 00:41:40,360 --> 00:41:45,920 Speaker 1: a MySpace page from um, I hope my space is 723 00:41:45,920 --> 00:41:50,920 Speaker 1: around in nineteen because the penance will right in. Yeah, 724 00:41:51,200 --> 00:41:55,160 Speaker 1: it wasn't my space. Then my Space came about, and 725 00:41:55,239 --> 00:41:58,880 Speaker 1: the word dollar itself, um account in Czechoslovakia and a 726 00:41:58,920 --> 00:42:01,840 Speaker 1: town called well, it doesn't matter where it was. He 727 00:42:01,880 --> 00:42:05,680 Speaker 1: started minting silver coins in fifteen nineteen Yakimov and they 728 00:42:05,680 --> 00:42:10,160 Speaker 1: were called uh Taller Grossian, which was shortened to Taller's 729 00:42:11,200 --> 00:42:16,160 Speaker 1: and taller eventually became dollar in the United States. And 730 00:42:16,360 --> 00:42:18,160 Speaker 1: we talked in the Salt episode about how the word 731 00:42:18,200 --> 00:42:21,600 Speaker 1: salary came from assault. So I looked again because I 732 00:42:21,640 --> 00:42:24,760 Speaker 1: think he said that that wasn't true, that that's a myth, 733 00:42:25,600 --> 00:42:29,120 Speaker 1: and it's not necessarily true that it's a myth. From 734 00:42:29,200 --> 00:42:33,040 Speaker 1: what I can tell. It's just unproven. So in the 735 00:42:33,080 --> 00:42:38,640 Speaker 1: first century, Pliny the Elder, the Roman historian, says a 736 00:42:38,680 --> 00:42:42,239 Speaker 1: good beer too, that that's what the word salt came from. 737 00:42:42,320 --> 00:42:45,840 Speaker 1: Was they used to pay soldiers in antiquity in salt. 738 00:42:46,120 --> 00:42:49,759 Speaker 1: But he doesn't back it up and they can't verify it. 739 00:42:50,480 --> 00:42:52,880 Speaker 1: That's a good story. Yeah, at the very least is 740 00:42:52,920 --> 00:42:56,319 Speaker 1: about a two thousand year old story. So let's go 741 00:42:56,400 --> 00:42:58,480 Speaker 1: with you. It's true. Yeah. I had a history teacher 742 00:42:58,480 --> 00:43:01,719 Speaker 1: in college, my best history teacher ever, that said, never 743 00:43:01,840 --> 00:43:04,000 Speaker 1: let facts get in the way of a good story. Yeah. 744 00:43:04,000 --> 00:43:06,640 Speaker 1: I've heard that. He was a good guy. I can't 745 00:43:06,640 --> 00:43:10,160 Speaker 1: remember his name. He might have had him. He was man. 746 00:43:10,200 --> 00:43:12,800 Speaker 1: He was great, one of my first big inspirational teachers 747 00:43:15,000 --> 00:43:17,480 Speaker 1: in college. That is, I got you so much so 748 00:43:17,640 --> 00:43:21,480 Speaker 1: that I don't remember his name. That one guy. Uh. 749 00:43:21,520 --> 00:43:23,680 Speaker 1: If you want to learn more about currency, you should 750 00:43:23,719 --> 00:43:27,360 Speaker 1: listen to any number of our episodes on currency, including 751 00:43:27,400 --> 00:43:30,360 Speaker 1: this one again. Or you can type currency into the 752 00:43:30,360 --> 00:43:32,359 Speaker 1: search part how stuff works dot com. It will bring 753 00:43:32,400 --> 00:43:34,920 Speaker 1: up this article. And since I said search parts, time 754 00:43:34,920 --> 00:43:39,080 Speaker 1: for a listener mail. I'm gonna call this rare shout out. 755 00:43:39,160 --> 00:43:41,680 Speaker 1: We don't do this a lot um, but I'm gonna 756 00:43:41,719 --> 00:43:43,640 Speaker 1: do it today because I like the cut of this 757 00:43:43,719 --> 00:43:50,479 Speaker 1: dude's jib. My name is Jared Bagnal exclamation point. I'm 758 00:43:50,480 --> 00:43:52,279 Speaker 1: writing to see if you could do a tribute to 759 00:43:52,280 --> 00:43:54,920 Speaker 1: my wife, A Bree Bagnal and you're listener mail. I'm 760 00:43:54,920 --> 00:43:57,160 Speaker 1: a huge fan of you guys, but my wife is 761 00:43:57,200 --> 00:43:59,920 Speaker 1: most definitely your number one fan. Can safely say that 762 00:44:00,000 --> 00:44:02,480 Speaker 1: a few hundred of your listeners could be attributed to 763 00:44:02,520 --> 00:44:05,440 Speaker 1: her alone. She has dozens of people hooked on s 764 00:44:05,760 --> 00:44:09,520 Speaker 1: Y s K and from them a dozen each. She's 765 00:44:09,560 --> 00:44:11,799 Speaker 1: so excited every Tuesday and Thursday that your podcast comes out. 766 00:44:11,840 --> 00:44:14,520 Speaker 1: She tells everyone about them. She's the nicest person in 767 00:44:14,560 --> 00:44:18,080 Speaker 1: the world, caring, sweet, shy, and deserve some recognition for 768 00:44:18,120 --> 00:44:20,920 Speaker 1: being so awesome. Our one year anniversary is coming up. 769 00:44:21,280 --> 00:44:25,040 Speaker 1: Got married in Jamaica, and though it was an amazing experience, 770 00:44:25,040 --> 00:44:28,319 Speaker 1: she's still bummed that we couldn't go with our family. UM, 771 00:44:28,360 --> 00:44:30,399 Speaker 1: I would like to see I would like to see 772 00:44:30,440 --> 00:44:34,200 Speaker 1: if you could dedicate your listener portion to her into 773 00:44:34,280 --> 00:44:37,200 Speaker 1: our anniversary so everyone can know that she's great. But 774 00:44:37,239 --> 00:44:40,359 Speaker 1: it's pretty nice. Thanks Josh Chuck and Jerry Um. Did 775 00:44:40,360 --> 00:44:42,640 Speaker 1: I spell that right? No, you did not. How did 776 00:44:42,640 --> 00:44:44,799 Speaker 1: you spell it? J E r R Y. Let's just 777 00:44:44,880 --> 00:44:47,319 Speaker 1: get it on the record if we haven't before, j 778 00:44:47,440 --> 00:44:50,719 Speaker 1: E R I. That's right. Um. For the five percent 779 00:44:50,760 --> 00:44:54,719 Speaker 1: of people who listen to listener mail, hey, uh, this 780 00:44:54,760 --> 00:44:57,200 Speaker 1: would be a great surprise for her while running into 781 00:44:57,239 --> 00:45:00,879 Speaker 1: your podcast to hear this tribute. So Jared number two 782 00:45:00,920 --> 00:45:03,920 Speaker 1: fans writing on behalf of Bree number one fan at 783 00:45:03,960 --> 00:45:06,440 Speaker 1: the anniversary, Way to go, way to make it to 784 00:45:06,480 --> 00:45:10,080 Speaker 1: the one year mark. I wish you many many more 785 00:45:10,120 --> 00:45:12,680 Speaker 1: years of happiness to come. We both do. Yes, I'm 786 00:45:12,719 --> 00:45:15,400 Speaker 1: speaking for Josh, although thanks man. Do you wish them? 787 00:45:15,520 --> 00:45:19,520 Speaker 1: Of course I do. You're like, I'm glad for them. Uh. 788 00:45:19,560 --> 00:45:22,640 Speaker 1: If you want to take your chances to see if 789 00:45:22,719 --> 00:45:25,400 Speaker 1: Chuck will give you or your loved going to shout 790 00:45:25,400 --> 00:45:29,200 Speaker 1: out on the episode you know the podcast, that's what 791 00:45:29,239 --> 00:45:33,560 Speaker 1: I meant, good luck, uh exactly. You can try tweeting 792 00:45:33,560 --> 00:45:35,920 Speaker 1: it to us at s y s K podcast. You 793 00:45:36,000 --> 00:45:39,160 Speaker 1: can join us on Facebook dot com, slash stuff you 794 00:45:39,200 --> 00:45:42,960 Speaker 1: Should Know. You can send us an email to Stuff 795 00:45:43,080 --> 00:45:47,600 Speaker 1: Podcast at how Stuff Works dot com, and as always, 796 00:45:47,680 --> 00:45:49,759 Speaker 1: join us out our home on the web. Stuff you 797 00:45:49,800 --> 00:45:57,440 Speaker 1: Should Know dot com for more on this and thousands 798 00:45:57,440 --> 00:46:07,160 Speaker 1: of other topics. Is it how Stuff Works dot com