I just want to look a little bit at money to try to understand the F the first type of of transaction that humans did was was bartering what the Arabs call M and this is basically where you bring Goods to the market and other people have goods and you want their goods and they want your goods and you basically uh exchange well that that can be very cumbersome and then it's difficult if you have a cow and all you want is a bushel of wheat uh it's very difficult to make those type of exchanges and so early forms of money which is where we get our word salary from uh in English uh was used one of the most common uh forms of money was actually shells um cowry shells in particular which are quite they're they're they're relatively rare and they and there's specific ones in fact they've sold for over $50,000 today that that's how rare some of them are the Arab traders actually used calary shells uh in East Africa and then also spice was used um particularly pepper people liked pepper but we have that term shell out you know he he you need to Shell out some funds um and then wam also was the beads that were used by the Native Americans and it's famous that uh minuette bought New York uh the Manhattan Island for a pile of beads Believe It or Not tobacco was once legal tender in colonial Virginia so these are all forms of money but but ESS the the the the most important form of money that has emerged in our species no pun intended because it's called species um the is gold and silver and in fact in our tradition says that Adam was the first one that minted gold and silver and it is mentioned in Genesis that he was near a river that had gold in it uh when he was came down to earth um generally the Muslims always understood money what's what's called or to be gold and silver and uh I'll I'll talk a little bit about that later but in the 10th Century in China uh because precious metals uh were uh rare uh they actually started using paper so the F and this is uh Christian era so the first paper money is from China now one of the interesting things around the uh 16th century you actually had the rise of international banking so here in the in the Jew of Malta because a lot of the je Jewish uh uh money lenders uh they were permitted to loan money according to the Bible to uh non-jews to strangers which are traditionally interpreted as enemies so uh in the in the Jew of Malta by Christopher Marlo was around 1590 uh he has the character Barabas who's the Jewish money lender say in Florence Venice antp London civil Frankfurt Lubec Moscow and where not I have debts owing and in most of these great sums of money lying in Albano in the bank all of this I'll give to some religious house he he was basically forced to convert to Christianity but the point is is that Marlo was pointing out that there was already in the 16th century an international banking system which is very interesting now the types of money uh that uh that we have our fiary money and and I beg to differ with hosam when he said that money doesn't have intrinsic value modern money does not traditional money was considered to have intrinsic value um the Judiciary money is is ba is based on having a an intrinsic value so it's a commodity-based money and so for instance if you look at this note here it says that this is that this is redeemable in gold coin $20 worth of gold and so this was uh in the United States before the Federal Reserve then you got what's called Fiat money and this is basically money that does is not backed it's it's backed by two things the productive capacity of the the actual society that is printing it and then the guarantee of the government to protect it so those are the two things and this is why American uh dollars are so valuable because they become the reserve currency after Bretton Woods in 1944 so Fiat is let it be and it's actually in Genesis in the in the Vulgate translation Fiat looks let there be light and so essentially Fiat money is created EX nio and the only one that can really create ex Niello is God so Jefferson because in the early period of the founding of this country Jefferson actually warned about this because they were they had these uh Continental notes which were paper money but he said that he considered banking to be more dangerous than standing armies and and spending money what they do is spend money to be paid by posterity because they create money and so under the name of funding they're actually swindling the Futurity on a large scale he also said that you know that it will lead to bankruptcy and at the mercy of those self-created money lenders and are prostrated by the floods of nominal money in in other words money that has no real intrinsic worth with which their avarest delus us so in 1913 there were several Financial crises in the United States so you had one in 1819 you had one in 1837 1857 uh 18 uh 73 1904 1906 and then you had a huge one in 1907 where the nickach Trust Company in New York went bankrupt and it created a huge crisis well this very powerful Banker Paul warberg got his cronies together and and basically bailed out the bank so then you had basically this man Senator Aldrich who who with the bankers they went to a place called Jackal Island and uh and and and it was very secretive it was very interesting event and they created this system of the Federal Reserve to be the be the lender of Last Resort in other words they they would basically bail out banks that got into trouble if they were big enough if they weren't big enough they let them fail so this was signed in uh in in 1913 in December and this became uh the the Bank of America and there's a very interesting about central banks um recently there were only about four countries that didn't have central banks Libya Syria Iraq and North Korea I wonder if they have anything in common um so here's how they create money basically you know you you deposit $100 ,000 from that even this doesn't even mean anything anymore because they don't even have to have uh reserves uh until it gets to a certain amount and it's between 5 and 10% some of the venture capital Banks actually were leveraged much higher than this but this is basically how it's done and so it just this is the multiplier effect of banks they create money out of nothing and this is actually Usery this is this is Usery is not what a lot of people understand Usery is to make money out of nothing that's what it is and so this is what they're doing and so you have the central bank they sell these um they sell these treasury uh bonds and then from that they print so the government actually is using the central bank which the Federal Reserve is it's it's a hybrid of a uh a a government entity but a private entity which has 12 branches the reason they're all over the country is because they didn't have the electronics when they started it so it was all done by paper so they had to have these 12 different banks and they're actually private banks that work with the commercial Banks they give them money uh and then the commercial banks in turn loan it out to the general public and this is the money supply