The Mongol Empire's Paper Money Revolution

In this episode, Lucas and Luna explore how the Mongol Empire, particularly under Khubilai Khan, pioneered the first large-scale paper money system, reshaping global economics. They discuss the Chinese roots of paper currency, the Yuan dynasty's use of fiat money backed by silk and silver reserves, and the role of the ortogh merchant associations. The conversation covers the collapse of the system due to overprinting during the reign of Khubilai's successors, the impact on trade along the Silk Road under the Pax Mongolica, and the echoes of Mongol monetary policy in later European and American experiments with paper currency. Specific figures mentioned include Khubilai Khan, Kublai's finance minister Ahmad Fanakati, and the Venetian merchant Marco Polo, who famously described the system. The episode also touches on the failure of paper money in Ilkhanate Persia under Gaykhatu and the broader lessons for modern central banking. #MongolEmpire #PaperMoney #KhubilaiKhan #YuanDynasty #EconomicHistory #SilkRoad #PaxMongolica #Ortogh #AhmadFanakati #MarcoPolo #Gaykhatu #Ilkhanate #ChineseHistory #HistoryOfMoney #FiatCurrency #CurrencyReform #GlobalTrade #FexingoHistory #GenghisKhan #KublaiKhan Keep every episode free: buymeacoffee.com/fexingo