How Currency Gets into Circulation and What Happens to it
Below we explain how currency gets into circulation via the Treasury, Federal Reserve, and banks, and the role Congress, banks, businesses, and you play in the process.
Society
Society refers to groups of people the cultures they form.
Liberty is to Faction what Air is to Fire, an Aliment Without Which it Instantly Expires
As James Madison said when discussing special interest factions and liberty in the Federalist #10, “Liberty is to faction what air is to fire, an aliment without which it instantly expires”.
Marie Antoinette Said, “Let them Eat Cake.”
Marie Antoinette never said “let them eat cake”. The idea of royalty suggesting peasants eat cake is an old myth that can be traced to Rousseau’s Confessions, a Spanish Princess, and even a Chinese emperor.
Separation of Powers Metaphor
The four “elements” (or “powers”) that form the foundation of government can roughly be expressed as: citizens, executive, legislative, and judicial.
Collectives are Comprised of Individuals, and Individuals Comprise Collectives
All collectives are comprised of individuals, and all individuals comprise collectives; thus we can never fully consider collectives without considering individuals, or vice versa.
Where Does the State of Nature Argument Come From?
We often attribute the origin of the state of nature argument to Hobbes, but it can be traced to thinkers like Plato, Aristotle, and the Sophists in the 300s BC, and is then mused on by other early philosophers.
The Word “Bank” Comes From the Italian Word For Bench
The word bank is commonly thought to come from the Italian word for Bench “banco”, as the first banks were benches in Italian trading centers.
Protestantism is like Classical Liberalism and Catholicism like Social Liberalism
Historically, Protestantism is like classical liberalism (individual liberties and rights) and Catholicism is like social liberalism (state enforced social justice).
The Birth of Modern Banking
Modern banking originated in Italy around 1150 as Jews fleeing persecution brought new practices, including “discounting”, to the merchant banks of the Italian piazzas.
The 2007 – 2009 Financial Crisis Explained
We explain the Financial Crisis / Great Recession of 2007 – 2009 that began with the 2006 housing bubble, led to a recession in the U.S. by December 2007, and became a global crisis by 2009.