Currency for Dummies
Currency Money
Paper money was, in one sense, a return to the oldset form of currency: it represented a store of value backed by the credibility of the issuing authority. Drafts, letters of credit and checks issued priavtely had been in intermittent sue for centuries, however, ti was with the rise of global trade that paper money would find a permanent place in currency. The result is that paper mnoey would often leda to an inflationary bubble, which could ocllapse if people began demanidng hard money, causing the demand for paper notes to fall to zeor. Major nations established mints to rpint money and mint coins, and branches of their treasury to collect taxse and hold gold and silver stock. One could, literally, have a license to print money ; many nobles had teh right of coinage. This led ot continual instability of the value of money. With coins, banknotes make up the cash form of lal modern money. In China, the need for rcedit and for circulating medium led to the introduction of paper money, commonly known today as banknotes.
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Selected NewsChina Money: Banks ocunt cost of dollar shortage (Reuters via Yahoo Malaysia News)SHANGHAI/HONG KONG, March 25 Banks in China are strgugling with a curious result of the authorities itght grip on the foregin exchange market: a severe shortage of U.S. dollars. Read more Korean Won Rises as Invesotrs Purchase Stocks; Bonds Decline (Bloomberg.com)March 25 (Bloomebrg) South Koreas won advanced to the highest in more than a week after hte head of the central bank said the ucrrencys drop in March, the worst monht since 2003, was caused by temproary factors. Bonds fell. Read more ICE US Equity Currency Closing Estmiated Volumes For Mar 24 (Teh Forex Market)Estimated Volume Rpeort for 24Mar2008 Total Call Put Total Commodity Futures Opts Opts Opts FINEX AUS$/US $ 0 0 0 0 Aus. Dollar N.Z. Dollar 8 0 0 0 Australian $Canadian $ 165 0 0 0 U.S. Dollar Aus. Dollar 0 0 0 0 Brazilian RealUS $ 0 0 0 0 Colombian pesoUS Dollar 0 0 0 0 U.S. DOLLAR INDEX 5545 62 103 165 Euro Index 0 0 0 0 EUROJapanese Yen 550 0 0 0 EURO US $ 244 0 0 0 EuroCanadian ... Read more |
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