American Puritans and the Invention of Modern Currency

Send us Fan MailThis week, we discuss the fascinating chronicles of monetary evolution with Dr. Dror Goldberg, an economics scholar from the Open University of Israel. From the captivating myth of Yap stone money and its striking similarities to Bitcoin. We dive deep into the economic journey of the Massachusetts colonies in the 17th century.The 17th century Massachusetts, a bustling trade center marked by Puritan settlers and their innovative financial ideas, sets the stage for our discussion. We dissect its unique economic landscape, its connections with the Caribbean, and the unfolding of a monumental economic innovation - the advent of paper money. The intricacies of its inception and the critical role played by the Puritans.Fast-forward to the modern era, we unearth the origins of the Federal Open Market Committee, tying its genesis to the intricate checks and balances of the American Puritan system. We also probe the complex relationship between legal tender laws and the utilization of money. As we round off our conversation, we delve into the evolution of money from primitive seashells to modern digital payments. We touch upon Israel's financial independence journey in 1948 and explore Massachusetts' paper money reliance on being legal tender for taxes. Check out Dr. Goldberg's WebsiteOn X (Twitter): @DrorGoldberg