Kublai Khan's Paper Currency and the Birth of Hyperinflation

In this episode, Lucas and Luna explore Kublai Khan's revolutionary paper money system, the chao, and how it transformed the Yuan economy. They delve into the role of Ahmad Fanakati, the Persian vizier who implemented the system, and the use of ortogh merchant associations to enforce its use. The conversation covers the practical challenges of fiat currency in medieval Asia, the eventual collapse into hyperinflation during the late Yuan period, and the legacy of this early experiment in state-controlled money. Listeners will learn about the printing presses in Khanbaliq, the regulation of silk and silver reserves, and how Marco Polo's reports influenced European understanding of paper money. #KublaiKhan #YuanDynasty #PaperMoney #Chao #MonetaryHistory #Hyperinflation #AhmadFanakati #Ortogh #Khanbaliq #Dadu #SilkRoad #PaxMongolica #MarcoPolo #FiatCurrency #MedievalEconomy #History #FexingoHistory #EconomicHistory #MongolEmpire #SongDynasty Keep every episode free: buymeacoffee.com/fexingo