Canada invented fiat currency
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Frank de Jong
Mar 14, 2018, 7:21:40 PM3/14/18
to Earthsharing Canada Google Group
https://www.biu.ac.il/soc/ec/wp/2009-06.pdf
The Inventions and Diffusion of Hyperinflatable
Currency Dror
Goldberg Department of Economics Bar Ilan University
Paper money, when discretionally issued by a government, can be a very
powerful political and economic tool. Who invented it and who caused
its global diffusion? Scholars are quick to claim the precedence of
their home countries without justifying their claims or contesting
competing claims. I comprehensively examine the monetary and public
nature of the candidate currencies and the transmission of information
about paper currency inventions between countries and across time. I
conclude that it was invented independently a few times and its global
diffusion began in Canada in 1685.
.... In the seventeenth century Canada was French. Its real autocrat
was the intendant, a bureaucrat educated in law, who was in charge of
all local civil affairs, including treasury, legislation, and police.
He chaired a Sovereign Council which included the governor general
(who was in charge of military and diplomacy), a bishop, and a few
locals.
The Council’s roles included registration of ordinances. They resided
in Quebec City and reported to the French Secretary of Marine and
Colony. French ships arrived in the summer with goods, royal orders,
new settlers, soldiers and specie. The specie was delivered to an
agent of the Treasurer-General of Marine and Colony, who paid on the
intendant’s orders. In the fall the ships returned to France with
beaver furs and official reports. Due to the long winter freezing of
the St. Lawrence River, there was no more communication with France
until the following summer.
Very few facts about the card currency are undisputed. One summer, an
intendant, Jacques de Meulles, ran out of specie. He had to pay troops
but the French ships were late. He turned playing cards into “money”
by writing on them and paid them to the troops He promised redemption
in specie after the arrival of the ships....
The Inventions and Diffusion of Hyperinflatable
Currency Dror
Goldberg Department of Economics Bar Ilan University
Paper money, when discretionally issued by a government, can be a very
powerful political and economic tool. Who invented it and who caused
its global diffusion? Scholars are quick to claim the precedence of
their home countries without justifying their claims or contesting
competing claims. I comprehensively examine the monetary and public
nature of the candidate currencies and the transmission of information
about paper currency inventions between countries and across time. I
conclude that it was invented independently a few times and its global
diffusion began in Canada in 1685.
.... In the seventeenth century Canada was French. Its real autocrat
was the intendant, a bureaucrat educated in law, who was in charge of
all local civil affairs, including treasury, legislation, and police.
He chaired a Sovereign Council which included the governor general
(who was in charge of military and diplomacy), a bishop, and a few
locals.
The Council’s roles included registration of ordinances. They resided
in Quebec City and reported to the French Secretary of Marine and
Colony. French ships arrived in the summer with goods, royal orders,
new settlers, soldiers and specie. The specie was delivered to an
agent of the Treasurer-General of Marine and Colony, who paid on the
intendant’s orders. In the fall the ships returned to France with
beaver furs and official reports. Due to the long winter freezing of
the St. Lawrence River, there was no more communication with France
until the following summer.
Very few facts about the card currency are undisputed. One summer, an
intendant, Jacques de Meulles, ran out of specie. He had to pay troops
but the French ships were late. He turned playing cards into “money”
by writing on them and paid them to the troops He promised redemption
in specie after the arrival of the ships....
Jassal Devpreet
Mar 14, 2018, 9:32:16 PM3/14/18
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British goldsmiths used to issue currency like notes as a receipt for the gold deposit in there vaults. Which were exchanged as currency due to ease and safety.
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rud...@sasktel.net
Mar 14, 2018, 10:02:37 PM3/14/18
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Who is Currency Dror and why is the Goldberg Department of Economics at the bar at Ilan University? xo
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