Egypt’s monetary system began with barter. It was primarily based on agriculture – grain. This evolved into official Graineries and a farmer would then take his crop to the Grainery and receive a receipt. With time, the monetary system evolved where people would then accept these receipts (paper money) in payment.The receipt would have been a credit slip representing the liability of the granary.
Armstrong Economics
The First Representative Form of Money
Martin Armstrong
4 comments:
I suppose negative interest was imposed by the grainery on the farmers for the risk-free storage of their grain - unlike the situation in the US where we PAY (Interest on Reserves) the banks for the risk-free storage of their fiat.
Ah yes, Interest on Reserves (IOR) is to keep the overnight interest rate on US fiat from falling to zero.
I guess it never occurred to the geniuses who thought it (IOR) up that the demand for US fiat is ARTIFICIALLY LOW in that US citizens may not even use US fiat except for grubby, unsafe, completely inadequate for modern commerce PHYSICAL fiat, a.k.a. "cash".
Uh oh AA, careful here one of your butt boys from the OT (Joseph) might have had a hand in setting this up and as part of it payed some form of interest/royalty to Pharoh's Treasury agents...
Uh oh!!!
That Martin Armstrong seems to pose himself as an egypt history expert. Is he an historian, anthropologist or something like that?
For the things he said, it seems that he is not an expert at all...
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