•Money is only worth what people are willing to pay for it
•Money is trust, doesn’t matter what it is put on, as long as the recipient believes it
•Idea that you could rely on people to borrow money from you and pay it back at
some future date. That’s why the root of credit is ‘credo’, I believe
•Without the invention of credit, the entire economic history of our world would
have been impossible
•Early money lenders Parayas
•Arabic numerals made calculations easier. Fibonacci showed how new methods of
calculation could be applied to commercial book keeping, currency conversations,
and computation of interest
•This was to be the application of mathematics to making money
•Shylock lender in Italy. Guy wants to lend man to Shylock, “credit worthy”. I think
I might take his bond… Demands a pound of flesh if he can’t fulfill his obligations
•Jews could charge interest on their loans. Special place in hell for moneylenders.
Jews could lend to Christians, not other Jews, thus isolating themselves from
society
•Loan shark is modern day version of Shylocks business model. Created banks
•Medigee family created banks. Created a new level of financial power
•Trader could make money on trades using multiple currencies. If money was
advanced to a trader for a length of time, commission was larger. Depositors would