2x1 - The Ascent of Money

Spain mined so much silver from South America (the Incan Empire) that silver started to lose value; “Money isn’t metal — it is trust inscribed.” Fibonacci’s “Liber Abaci” helped pave the way for Europe to convert from Roman numerals to Arabic numerals, especially because of business calculations and bookkeeping. The idea of interest came about in Venice from Jewish bankers. The Medici’s were able to by-pass laws against interest by charging commission on converting different currencies. War bonds became popular in Florence and other Italian cities. Dutch merchants became rich by purchasing spices in the East Indies and trading them in Europe.