People say that money is the root of all evil and it is the cause of many people to fall in life when actually people take the tool and abuse it to accommodate a feeling of pleasure that they may be lacking. Money is a tool that was brought into play to show who is more important and who has more power. Basically money was use to separate the people who believed they were better then the next person and that’s our problem today, I’ll get to that. Money was originally created to serve as a substitute store of value to bypass problems with the barter system. If you had an apple tree but needed eggs, you needed to find someone with a chicken coop who wanted apples. Currency allows you to perform barter by proxy. You sell your apples for currency, and then you can buy anything you like from traders who accept that currency.
Currency also serves as a store of wealth. In the early days of civilization, a wealthy man might have massive herds or large parcels of land. The care of these would require considerable effort. Selling goods for currency allows a person to increase their wealth in an easily portable format. Instead of needing to take several cows to market to trade for other goods, a wealthy man might simply take a purse of coins instead.
Let’s talk about how money came about, in 1620 a form of our currency was born, called colonial notes it was issued by Massachusetts bay colony to fund military expedition and then all other colonies followed suit. Really I feel that the basic bartering system was fine and but hey that is my own personal opinion. Anyway, this was happening for sometime and then in 1739 Benjamin Franklin started making counterfeit versions of the colonial notes with a printing machine that Philadelphia print firm had. So, this copying money was happening well before I thought, anything for the pursuit of happiness.
Skip forward to the 1900’s the Federal Reserve act was established in 1913.This act created the Federal Reserve, which is national banking system that is more responsive to the fluctuating financial needs of the country. The Federal Reserve Board issues new currency called Federal Reserve notes. A year later the first $10 was created and they went on creating large bills like $500, $1000 and greater. Bad idea. They get the size down add the quote “In God We trust” to the bill in 1955 which is still standard on our currency today. In 1969 they reserve ends the printing of large denomination bills due to lack of use and actually they stop printing them in 1945 because they noticed this lack of circulation.
Okay jumping all the way to 1966, there was a currency redesign to incorporate a series of new counterfeit deterrents. Issuance of the new banknotes begins with the $100 note in 1996, followed by the $50 note in 1997, the $20 note in 1998, and the $10 and $5 notes in 2000. Okay done with the history.
How money went from being a tool to keep confusion down too causing people to go to great links to obtain it, I have no idea but I can guess greed set into people’s hearts and that’s how crime is at an all time high. Let’s not talk about how the rich got richer and the poor got poorer. There is no middle class in my opinion and the lack of financial education has kept the bridge to wealth blocked for the poor.
To be continued….