Watch Queue Queue Use one of the services below to sign in to PBS: Granted to individuals with poor credit histories who can't qualify for conventional mortgagesTemporary economic decline during which trade and industrial activity are reduced, identified by a drop in GNP during 2 consecutive quartersUnofficial banking rule, describes how banks give 3% interest to depositors, lend at 6% interest, and play gold at 3 PMMarket where shares of public companies are issued and traded through exchanges (NYSE) or over-the-counter markets (Internet)Interest rate that banks charge their most credit- worthy customersHedge fund manager, made $2.4 billion in 2008, gives money to liberal/ democratic campaignsPowerful empire of South America, had no unit of money, labor was the unit of valueSpanish conquistador, defeated the Inca and searched for El DoradoCity of fabulous riches believed to exist in South America by 16th century explorersIdea that money is only worth what people will exchange for itJob is to buy and sell money; they make money buy converting one currency into another, and then convert back when the exchange rate has changedMoney, trust that what is inscribed actually has value"I believe" in Latin, the idea that you can buy something and pay it back laterMoney mountain, full of silver and found by Spanish, mined by NativesAn outcast, such as the Jews in Venice who landed money at interestIncrease in prices and a fall in the purchasing value of moneyUsed as a means of deferred payment in the ancient world, the first financial contractNumbers, insufficient for complex monetary transactionsFamous for sequence of numbers that mimic properties of natureWritten by Leonardo of Pisa, showed the superiority of Hindu-Arabic numerals to Roman numeralsThe money lending laboratory during the 14th century, setting of "The Merchant of Venice"Protagonist of Shakespeare's "The Merchant of Venice", he was a Jewish money lenderCharging interest on loans, banned the Church which impeded financial progressRoot of the Italian word for bank, money lenders would set up their tables and sit on these while doing businessSuperior to Roman numerals, made calculation easier for bookkeeping and interestBanking family of Florence, did their business table in a bench like the VenetiansLocated in Florence, home of the Medici's private art collectionLegal process where one is released from their debts because they are unable to pay themThe sum lent to someone, or the original investmentThe money owed to the lender over and above the sum lentPlace where the Jews of Venice were suppose to live, they were tolerated because they could charge interest, unlike ChristiansEuropean currency, first issued in Venice, and was "coin of the realm" (widely used)Founder of the bank, came up with the multiple currency transaction, expanded their bank and reduced the risk of moneylendingAllowed the Medici to charge interest by lending in one currency and collecting in anotherDeducted for the conversion of money from one currency to another ( basically a loophole to the Church ban against usury)Decentralization of bank through multiple partnerships which are independent of each other, prevented defaulting and allowed for huge profitsMoneylender who illegally charges extremely high interest ratesIncrease supply of money, making it easily available for public lending with lower interest rates, encouraging economic growth

to take out mortgages. had much to do with it. bonds are the first to lose value.Argentina’s and created Long Term Capital Management (LTCM). The Ascent of Money by Niall Ferguson is the story of how money developed throughout history- and how the world was shaped and reshaped by the many financial innovations that accompanied our dependence on money. Money is worth only what someone else is willing to give you for it. the basis of money.Paper notes It also aired on TVB Pearl in Hong Kong and ABC1 in Australia. Money is not metal. Demand for money was greater in the much more developed commercial centres of the Islamic Empire that dominated the southern Mediterranean and the Near East, so that precious metal tended to drain away from backward Europe. This allowed more and more commercial transactions to take place without the need for the sums involved to materialize in actual broken through. Subprime mortgage loans

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