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Good Money Drives out Bad?
The Theory of the Breaking Point 7. Overvalued Money and the Institution of Legal Tender The Evidence of Hoards Macleod, writing infirst brought attention to the law that he named after Sir Thomas Gresham: No sooner had Queen Elizabeth ascended the throne, than she turned her attention to the state of the currency, being moved thereto by the illustrious Gresham, who has the great merit of being as far as we can discover, the first who discerned the great fundamental law of the currency, that good and bad money cannot circulate together.
The fact had been repeatedly observed The power of money essay, as we have seen, but no one, that we are aware, had discovered the necessary relation between the facts, before Sir Thomas Gresham.
This passage errs in two points: That Macleod was careless about his statement of the law he named after Gresham serves as a warning that the ideas involved are more subtle than at first appears.
Theognis has been described as "an eloquent and strongly biased witness of the struggle of the old aristocracy, for its traditional ideas and ideals which were partly adopted and partly destroyed by the rising lower classes. In The Frogs he wrote: It was hardly a novel idea at that time.
From BC onwards, the Spartans had occupied Decelea 6 north of Athens and cut off the supply of silver from the Laurium mines. In BC, confronted with a dire threat to the Athenian fleet and an empty treasury, the Athenians had recourse to melting the gold in some of the statues in the Acropolis to make emergency coins.
Eight statues of Nike, 7 the god of Victory, on the Acropolis had been clad with two talents of gold each, to be removed in case of emergency. The gold was thus struck into coin. In the next year, copper coins were issued on the credit of the state as replacement for silver coinage, and it "is a modern inference that the emergency coinage was of copper plated by silver.
A new use of small coins gave Aristophanes an occasion to raise a laugh: When he goes home with his jury pay under his tongue, his daughter lines manages to get it away from him in a welcoming kiss!
Uelpides The Birds, swallows an obol by mistake. Nicholas Oresme was the Norman Bishop of Lisieux who made contributions to theology, mathematics and astronomy besides his work on money.
His De Moneta laid stress on the rights of the public with respect to currency and the great evils associated with debasement and devaluation, a courageous performance in view of the fact that it was written during the reign of John the Good who devalued eighty-six 13 times!
There is sufficient proof, however, that the idea was fairly well-known in the 14th century; its essence appeared in petitions addressed to the parliaments of Edward III and Richard II. In the Renaissance, John Hales d. Everything will go where it is most esteemed, and therefore our treasure went over in heapes.
Thomas Gresham 15 was born in London in and lived through the reigns of four monarchs not counting Queen Jane until He was the second son of Richard Gresham, who already had an important business and banking house in Milk Street and had the distinction of being Lord Mayor of London in His initial task was to raise large sums of money for the king, and to maintain a rate of exchange favorable to English currency, keeping watch on the money market and pledging his own credit when it was necessary.
The information he provided to England about market conditions was invaluable and upon the ascension of the fiercely Catholic Mary he proved indispensable despite his Protestant convictions. In he was sent as ambassador to the Duchess of Parma, who was regent of the Netherlands and it was on that occasion that he was knighted.
Gresham had the wide interests fitting to "the greatest merchant in London. He also had several country houses besides his house in Bishopsgate which he built and bequeathed to London as Gresham College.
The principle in its broadest form may be stated as follows: People are motivated by the law of economy: If one type of money is "good" and the other "bad," pay with the bad and keep the good.
There is no end to illustrations of this aspect of the principle. Portfolio preferences--no pun intended--would determine which notes and coins you want to keep rather than spend. A key element in the law is that all payments must be acceptable to the seller as payment, either by force of law or convenience.
Coins, for example, might not be legal tender beyond a certain limit, but might nevertheless be acceptable to the buyer. On the other hand, a buyer might prefer to retain coins needed, say, for parking meters, telephones or laundromats.
Every thinking individual makes such choices all the time as a matter of course. The idea has virtually ubiquitous applications. In the economics of charity, a donor will choose the cheapest from among potential gifts that yield the same utility to the donee.
The theorem has a dual. It is that from among gifts costing the same, the donor will choose that which will produce the most utility to the donee.Fake History. How The Money Power Controls Our Future By Controlling Our Past.
By Jim Macgregor and Gerry Docherty. The ‘Fake History’ and ‘Fake News’ pejoratives (like ‘Conspiracy Theory’ before them) have only recently entered common parlance, but the falsification of history and news reporting is as old as history itself. Brown had neither the money nor the power to fight his arrest.
I was the wealthiest, most powerful person Brown knew, and I had $67 in my banking account, a living room set filled with furniture students threw out, and plenty of family, friends, and students doing time in federal prison for murder, racketeering, counterfeiting, and drug trafficking.
The goal of Sudoku is to fill in a 9×9 grid with digits so that each column, row, and 3×3 section contain the numbers between 1 to 9. At the beginning of the game, .
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Order online academic paper help for students. Professionally researched & quality custom written assignments. Much needed work place for writers! May Great cities attract ambitious people. You can sense it when you walk around one.
In a hundred subtle ways, the city sends you a message: you could do more; you should try harder. Steven Lukes' Power: A Radical View is a seminal work still widely used some 30 years after publication. The second edition includes the complete original text alongside two major new essays.
One assesses the main debates about how to conceptualize and study power, including the influential contributions of Michel Foucault.