Verisoph story dossier
The system that turns savings, credit, banks, and currency into power: coinage, paper money, central banks, finance hubs, the IMF, the BIS, and quantitative easing.
The system that turns savings, credit, banks, and currency into power: coinage, paper money, central banks, finance hubs, the IMF, the BIS, and quantitative easing.
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also in The history of money
Before money, people swapped goods and services directly, but barter required a double coincidence of wants where each side had to want what the other offered. This friction pushed communities toward widely accepted goods that could stand in for value.
also in The history of money
Herding societies used cattle and other livestock as a measure of wealth and a means of payment. The Latin word for money, pecunia, derives from pecus, meaning cattle.
also in The history of money
Early Mesopotamian temples and palaces tracked stores of grain, livestock, and labor on clay tablets, one of the first uses of writing. These ledgers recorded credit and debt long before coins existed.
also in The history of money
Sumerian temple and palace economies measured debts, wages, and rents in fixed quantities of barley. Grain served as a standard of value alongside weighed silver.
also in The history of money
The shekel began as a unit of weight, roughly eight grams of barley or silver, and became a standard for pricing goods and settling debts. Payments were made in weighed silver rather than in stamped coins.
also in The history of money
Traders cut silver objects and ingots into pieces and weighed them out to make payments. This use of bullion by weight bridged commodity money and later stamped coinage.
also in The history of money
Hammurabi's law code fixed wages, fees, and penalties in weighed silver and grain. It shows a society using standardized value measures to regulate trade and debt.
also in The history of money
Cowrie shells circulated as money across parts of Asia, Africa, and the Pacific for millennia because they were durable, hard to counterfeit, and easy to count. Shang dynasty China used them widely, and the shells remained in use in some regions into the twentieth century.
also in The history of money
The kingdom of Lydia struck the first known coins from electrum, a natural alloy of gold and silver, stamped to certify their weight. Standardized coinage made trade faster by removing the need to weigh metal for each transaction.
also in The history of money
The Lydian king Croesus replaced electrum with separate pure gold and pure silver coins at a fixed ratio. This bimetallic system set a model for later coin economies.
also in The history of money
The island of Aegina struck silver staters marked with a turtle, among the earliest coins in the Greek world. Aeginetan coins circulated widely across the Aegean.
also in The history of money
Darius I introduced the gold daric and silver siglos as an imperial coinage for the Achaemenid Empire. The daric became a trusted gold coin across the ancient Near East.
also in The history of money
Athens minted silver tetradrachms stamped with the owl of Athena, backed by the rich silver mines at Laurion. The drachma became a leading trade currency across the Mediterranean.
also in The history of money
After unifying China, the Qin standardized currency on the round bronze coin with a square central hole, the ban liang. This shape defined Chinese cash coins for the next two thousand years.
also in The history of money
Rome created the silver denarius during the Second Punic War, and it became the backbone of Roman money for centuries. The coin's name survives in later currencies and in the abbreviation d for the penny.
also in The history of money
Emperor Wu of Han standardized the bronze wu zhu coin, which stayed in production in various forms for over seven hundred years. It gave China a stable and long-lived unit of small change.
also in The history of money
Salt was valued for preserving food and was traded across long distances as a form of payment. Its economic importance survives in words and phrases tied to wages and value.
also in The history of money
Maya and later Aztec societies used cacao beans as a common medium of exchange for goods in the marketplace. The beans could buy food and other everyday items and were counted out for small transactions.
also in The history of money
To fund wars and spending, Roman emperors repeatedly cut the silver content of the denarius until it held almost no precious metal. The falling quality of coins fed rising prices and eroded trust in the currency.
also in The history of money
Facing severe inflation, the emperor Diocletian set legal ceilings on the prices of goods and wages across the empire. The edict was widely ignored and did little to halt rising prices.
also in The history of money
Constantine introduced the gold solidus, which held its weight and purity for centuries and became a trusted currency across the medieval Mediterranean. Its stability earned it a reputation as the dollar of the Middle Ages.
also in The history of money
The Tang dynasty issued the kaiyuan tongbao bronze coin, which set the standard for East Asian cash for centuries. Its weight became a basic unit in the Chinese system of measures.
also in The history of money
The Umayyad caliph Abd al-Malik issued a purely Islamic coinage, the gold dinar and silver dirham, bearing inscriptions rather than images. These coins circulated widely across the Islamic world and beyond.
also in The history of money
Charlemagne standardized coinage on the silver denier and set the accounting system of pounds, shillings, and pence. This framework shaped European money for a thousand years.
also in The history of money
Merchants in Tang China used paper certificates called feiqian, or flying cash, to transfer value over distance without carrying heavy strings of coins. These credit notes were a forerunner of true paper money.
also in The history of money
Islanders on Yap used large carved limestone disks called rai as a store of value and for major transactions. Ownership could change without moving a stone, since the community tracked who held each one.
also in The history of money
Private merchants in Sichuan issued paper notes called jiaozi, and the Song government took over their issue in the early eleventh century. This was the world's first government-backed paper currency.
also in The bankers
The Knights Templar, a military order founded to protect pilgrims, builds Europe's first international banking network. Pilgrims deposit funds at one Templar house and withdraw them at another using letters of credit, an early form of long-distance banking.
also in The history of money
Florence struck the gold florin, which held a consistent standard and became a leading currency for European trade and banking. Its reliability made it a benchmark for merchants across the continent.
also in The history of money
Under Kublai Khan the Yuan dynasty made paper money the main currency across its empire and required its acceptance. The traveler Marco Polo described the system with astonishment in his account of China.
also in The history of money
Venice introduced the gold ducat, which kept its weight and purity for over five centuries. It became one of the most widely accepted trade coins in the Mediterranean and the Levant.
also in Freemasonry: the craft and its history, Secret societies and influential orders, The bankers
Pope Clement V dissolves the Templar order under pressure from King Philip IV of France, who owed the order large sums and had arrested its members in 1307. The suppression destroys medieval Europe's leading financial institution.
also in The bankers
Hans Fugger, a weaver, settles in Augsburg in 1367 and builds a textile trading firm. Under Jakob Fugger the Rich it becomes Europe's dominant banking house, financing Habsburg emperors and controlling copper and silver mining.
also in The history of money
The Ming dynasty issued the Great Ming Treasure Note as a single national paper currency. Overissue without adequate backing led to steep loss of value over time.
also in The bankers, The wandering center of money
Giovanni di Bicci de' Medici moves his bank's headquarters to Florence, founding the Medici Bank. It becomes the largest and most respected bank in fifteenth-century Europe and bankrolls the family's rise to power.
also in The bankers
Genoa creates the Banco di San Giorgio to consolidate the republic's public debt, issuing tradable shares to its creditors. It is often called the world's first modern public bank and operated until 1805.
also in The bankers
Siena founds a monte di pieta, a charitable lender meant to offer credit to the poor as an alternative to moneylenders. Reorganized in 1624, it survives as Banca Monte dei Paschi di Siena, the world's oldest bank still in operation.
also in The history of money
Indigenous peoples of the northeastern woodlands strung beads made from shells, called wampum, and used them for exchange and record keeping. European colonists later adopted wampum as legal tender in several colonies.
also in The British Empire, The bankers, The wandering center of money
The city of Amsterdam establishes the Wisselbank to give merchants a stable unit of account amid a chaos of coinages. Its book-transfer payments make it a forerunner of modern central banking.
also in The bankers
Johan Palmstruch founds Stockholms Banco, which in 1661 issues the first banknotes in Europe. Overissue of notes ruins the bank by 1664 and its failure leads directly to the creation of the Riksbank.
also in The history of money
Stockholms Banco, led by Johan Palmstruch, issued the first banknotes in Europe as receipts that could circulate in place of heavy copper coins. The bank later collapsed after printing too many notes.
also in The bankers
The Swedish parliament establishes Riksens Standers Bank from the wreckage of the failed Stockholms Banco. Renamed Sveriges Riksbank, it is the world's oldest surviving central bank.
also in The bankers
Quaker goldsmith bankers John Freame and Thomas Gould begin trading on Lombard Street in London. The firm takes the Barclay name in the 18th century and grows into one of the world's largest banks.
also in The British Empire, The bankers, The central bankers and the road to war, The wandering center of money
In 1694 a consortium of English bankers loaned 1,200,000 pounds to the king. In return they gained a royal monopoly on issuing banknotes, monetizing the royal debt.
In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes.Debt: The First 5,000 Years
also in The history of money
The Bank of England was founded to lend money to the government and began issuing notes payable in gold. Its notes became a trusted paper currency and a model for later central banks.
also in The bankers
The Scottish Parliament charters the Bank of Scotland one year after the Bank of England. Unlike its southern neighbor it is founded to support business rather than government, and it is among the first European banks to issue paper currency successfully.
also in The history of money
As master of the Royal Mint, Isaac Newton set the mint price of gold in a way that overvalued it against silver. This pushed Britain toward a de facto gold standard well before it was made official.
also in The history of money
The Scottish financier John Law set up a French national bank that issued paper money tied to the Mississippi Company. The scheme ended in a speculative bubble and a crash that soured France on paper money for decades.
also in The bankers
Button maker John Taylor and iron dealer Sampson Lloyd found Taylors and Lloyds, a private bank serving Birmingham's growing industry. It becomes Lloyds Bank, one of Britain's big clearing banks.
also in The history of money
The Continental Congress printed paper money to fund the American Revolution. Rapid overissue caused the notes to lose almost all value, giving rise to the phrase not worth a Continental.
also in The bankers
Chartered by the Continental Congress at Robert Morris's urging, the Bank of North America opens in Philadelphia as the first bank in the United States. It helps finance the final stage of the Revolutionary War.
also in The history of money
Revolutionary France issued paper notes called assignats, backed by confiscated church land. Heavy overprinting drove severe inflation until the notes became nearly worthless.
also in The bankers
Congress charters Alexander Hamilton's national bank to manage federal finances and establish American credit, over fierce objections from Jefferson and Madison. Its 20-year charter is not renewed in 1811, failing by a single vote in each chamber.
also in The bankers, The central bankers and the road to war
Created with Napoleon Bonaparte's blessing to bring order to France's chaotic currency, the Banque de France opened on 18 January 1800. Napoleon himself bought thirty of its shares.
The Banque opened its doors on January 18, 1800, or according to the calendar of the Revolution then in force, on the 28th day of Nivose, the month of snow, in the year VIII.Lords of Finance
also in The bankers
The City Bank of New York is chartered days before the War of 1812 begins, serving New York merchants. It grows into Citibank, for much of the 20th century the largest bank in the United States and a pioneer of global banking.
also in The bankers
President Madison signs the charter of a second national bank to stabilize currency chaos after the War of 1812. Under Nicholas Biddle it becomes the young republic's most powerful financial institution and the focus of a bitter political fight.
In 1816, the postwar boom was full onThe Creature from Jekyll Island: A Second Look at the Federal Reserve , p. 360-364
also in The history of money
Britain formally tied the pound to a fixed quantity of gold and made banknotes redeemable in gold coin. This anchored the currency and set the pattern other nations would follow.
also in The bankers
German immigrant brothers Henry, Emanuel, and Mayer Lehman turn their Alabama dry goods store into a cotton trading firm named Lehman Brothers. It moves to New York and evolves into one of Wall Street's major investment banks.
also in The bankers
Henry Wells and William Fargo found a banking and express company in New York to serve gold rush California, opening for business in San Francisco that summer. It becomes one of the largest banks in the United States.
also in The bankers
Politician and businessman Alfred Escher founds Schweizerische Kreditanstalt to finance Switzerland's railway network. It grows into Credit Suisse, one of the world's major banks and a pillar of Swiss finance for 167 years.
also in The bankers
A royal decree authorizes a bank in the port city of Santander to finance trade with Latin America. Through 20th-century expansion and acquisitions it becomes the largest bank in the eurozone by market value.
also in The bankers
The Standard Bank of British South Africa is chartered in London in 1862 and opens its first branch in Port Elizabeth in 1863, financing the Eastern Cape wool trade. It grows into Africa's largest banking group by assets.
also in The bankers
The Bank in Winterthur is founded to serve Swiss trade and industry, the earliest root of the Union Bank of Switzerland. The 1998 merger of Union Bank of Switzerland with Swiss Bank Corporation creates UBS, the world's largest wealth manager.
also in The history of money
To finance the Civil War, the Union issued paper notes called greenbacks that were legal tender but not redeemable in gold. They marked a major move toward government-issued paper money in the United States.
also in The bankers
Napoleon III authorizes Societe Generale to promote the development of commerce and industry in France. It becomes one of France's three great banks and a major international lender.
also in The bankers
The Hongkong and Shanghai Banking Corporation opens in Hong Kong to finance trade between Asia, Europe, and North America. It becomes one of the world's largest banks and the dominant financial institution of East Asian trade.
also in The bankers
German immigrant Marcus Goldman begins trading commercial paper in New York; his son-in-law Samuel Sachs later joins the firm. Goldman Sachs becomes one of the world's most powerful investment banks.
also in The bankers
The Prussian government licenses Deutsche Bank in Berlin to finance foreign trade and free German commerce from dependence on British banks. It grows into Germany's largest bank and a global investment banking power.
also in The bankers
Drexel, Morgan and Co. is formed in New York, renamed J.P. Morgan and Co. in 1895. Under Pierpont Morgan it finances railroads and the creation of US Steel and General Electric, and acts as America's de facto central banker before the Federal Reserve exists.
also in The history of money
By the late nineteenth century most major economies had pegged their currencies to gold, creating fixed exchange rates and a broadly stable system for global trade. The arrangement lasted until the outbreak of the First World War.
also in The history of money
The United States ended the free coinage of silver and moved toward a gold standard, a change critics called the Crime of 1873. The decision fed decades of political conflict over the money supply.
also in Reichsbank: independence, hyperinflation, and Hitler, The central bankers and the road to war
The Reichsbank opened as the central bank of the newly unified German Empire, replacing the Prussian Bank. It managed the gold-backed mark and became one of Europe's most powerful monetary institutions.
also in The bankers
The newly unified German Empire establishes the Reichsbank as its central bank, unifying note issue across the German states. It presides over the 1923 hyperinflation and is succeeded after World War II by the Bank deutscher Lander and then the Bundesbank.
also in The bankers
The Mitsubishi zaibatsu founds its banking arm in Tokyo, which becomes the financial core of one of Japan's great industrial groups. Through the 2005 merger creating Mitsubishi UFJ Financial Group it anchors Japan's largest bank.
also in The Bank of Japan's window-guidance machine, The bankers
The Meiji government establishes the Bank of Japan to centralize note issue and stabilize the currency after inflationary war finance. It becomes the model-driven central bank of Asia's first industrial economy.
also in The history of money
William Jennings Bryan attacked the gold standard and called for the free coinage of silver to ease debt burdens on farmers. His speech made bimetallism a central issue in American politics.
also in The history of money
Congress formally placed the United States on the gold standard, ending the long dispute over silver. The dollar was defined in terms of gold alone.
also in The bankers
Amadeo Giannini opens the Bank of Italy in San Francisco to serve immigrants and working people the big banks ignored. Renamed Bank of America in 1930, it pioneers branch banking and becomes one of the largest banks in the world.
also in Swiss neutrality: the vault and the wartime record, The bankers
Switzerland's central bank opens for business, taking over note issue from dozens of cantonal and private banks. It becomes guardian of the Swiss franc, one of the world's key reserve currencies.
also in The bankers
After the fall of the Qing dynasty, the imperial Da-Qing Bank is reorganized as the Bank of China under the new republic. It serves at times as central bank and foreign exchange bank, and today is one of China's big four state banks.
also in The bankers
President Wilson signs the Federal Reserve Act, creating a central banking system of twelve regional banks after the Panic of 1907 exposed the need for a lender of last resort. The Fed becomes the most influential central bank in the world.
also in The central bankers and the road to war
The Federal Reserve Act created a central banking system for the United States after repeated banking panics, most recently the Panic of 1907. It set up twelve regional reserve banks, of which the New York Fed became the most influential.
also in The bankers
Charles Merrill opens a brokerage in New York, joined months later by Edmund Lynch. The firm brings Wall Street to Main Street with retail stockbroking and is sold to Bank of America in September 2008 at the height of the financial crisis.
also in The bankers
The South African Reserve Bank opens in Pretoria as the first central bank in Africa. It takes over note issue from commercial banks and becomes the anchor of the continent's largest financial system.
also in The history of money
Germany printed vast amounts of money to cover debts and reparations, and prices spiraled so fast that banknotes became nearly worthless within hours. The episode became the classic example of hyperinflation destroying a currency.
also in The Bank for International Settlements, The central bankers and the road to war
A committee chaired by American businessman Owen D. Young produced a plan to reorganize Germany's World War I reparations. The plan proposed a new international bank to handle the payments, which became the Bank for International Settlements.
also in The Bank for International Settlements
The BIS was based in Basel and given unusual legal protections under a host agreement with Switzerland. Its premises, assets, and archives are largely immune from Swiss jurisdiction, taxation, and search, which later drew both scholarly and conspiracy-minded attention.
also in The Bank for International Settlements, The bankers, The central bankers and the road to war, The world trade and money order
The BIS opens in Basel, created to handle German war reparations under the Young Plan. It survived as the bank for central banks and the oldest international financial institution.
also in The Bank for International Settlements
The Federal Reserve did not formally join the BIS because the Hoover administration opposed official involvement in reparations. American participation came instead through private banks led by J.P. Morgan and two large national banks.
also in The central bankers and the road to war, The history of money
Amid the Great Depression Britain abandoned the gold standard, letting the pound float. Many other countries soon followed, marking the collapse of the interwar gold system.
also in The bankers
The Reserve Bank of India begins operations in Calcutta as the central bank of British India, later moving to Bombay. Nationalized in 1949, it manages the currency and banking system of what becomes the world's most populous country.
also in The bankers
When the Glass-Steagall Act forces J.P. Morgan to choose between commercial and investment banking, partners Henry Morgan and Harold Stanley spin off a new securities firm. Morgan Stanley becomes one of Wall Street's leading investment banks.
also in The IMF, the World Bank, and the developing world
The International Bank for Reconstruction and Development was created at Bretton Woods to rebuild war-torn Europe and later fund development. It made its first loan, to France, in 1947.
also in Capitalism, liberalism, and the isms, Hinges of history, The IMF, the World Bank, and the developing world, The wandering center of money, World order: the transnational forums
Delegates from 44 Allied nations meet in New Hampshire to design the postwar monetary order. The conference pegs currencies to the dollar and creates the International Monetary Fund and the World Bank.
also in The history of money
Allied nations agreed to a system of fixed exchange rates in which currencies were tied to the US dollar, and the dollar was convertible to gold. The deal also created the International Monetary Fund and the World Bank.
also in The IMF, the World Bank, and the developing world
Voting power at both institutions is tied to financial contributions rather than one country one vote, giving the United States an effective veto over major decisions. Supporters call it realistic; critics call it a democratic deficit.
also in The IMF, the World Bank, and the developing world, The world trade and money order
The IMF's Articles of Agreement, drawn up at the 1944 Bretton Woods conference, enter into force when 29 countries sign, creating the institution charged with stabilizing exchange rates and the international monetary system.
also in The IMF, the World Bank, and the developing world
By informal agreement the World Bank has always been led by an American and the IMF by a European. Critics argue this convention reflects the outsized influence of rich creditor nations over institutions that lend mainly to poorer ones.
also in The bankers
The People's Bank of China is formed in Shijiazhuang by merging three communist regional banks, issuing the first renminbi on the same day. It becomes the central bank of the world's second largest economy.
also in The history of money
Diners Club launched a card that let members charge meals at participating restaurants and pay the bill later. It was the first widely used general charge card and a step toward modern payment cards.
also in The IMF, the World Bank, and the developing world
With Europe's recovery largely funded by the US Marshall Plan, the World Bank turned its attention to loans for infrastructure and development in Asia, Africa, and Latin America. This redefined the institution's core mission.
also in The bankers
The Agricultural Cooperation Bank is founded to serve rural China, and after several reorganizations is re-established as the Agricultural Bank of China in 1979. It is one of China's big four banks, with the country's largest branch network.
also in The bankers
The People's Construction Bank of China is founded to channel state funds into construction and infrastructure under the planned economy. It becomes China Construction Bank, one of the world's largest banks.
also in The IMF, the World Bank, and the developing world
The IFC was created as the World Bank Group's private-sector arm, investing directly in companies in developing countries. It expanded the group's mandate beyond loans to governments.
also in The bankers
Ghana establishes its central bank in the year of independence, among the first in sub-Saharan Africa after decolonization. It issues the cedi and manages monetary policy for West Africa's second largest economy.
also in The bankers, The central bankers and the road to war
West Germany creates the Bundesbank in Frankfurt as an independent central bank, shaped by memories of hyperinflation. Its fierce commitment to price stability makes it the model for the later European Central Bank.
also in The history of money
Bank of America issued BankAmericard, which offered revolving credit rather than a bill due in full each month. It grew into the network that later became Visa.
also in The bankers
Nigeria's central bank is established by ordinance in 1958 and opens in Lagos in 1959, ahead of independence. It issues the naira and oversees the banking system of Africa's most populous country.
also in The IMF, the World Bank, and the developing world
The IDA was established to lend to the poorest countries on concessional terms, with low or no interest and long repayment periods. It became the World Bank's main channel for aid to low-income nations.
also in The bankers
Egypt establishes a dedicated central bank in Cairo, separating central banking functions from the National Bank of Egypt founded in 1898. It manages the Egyptian pound and one of Africa's largest banking systems.
also in The IMF, the World Bank, and the developing world
The International Centre for Settlement of Investment Disputes was created within the World Bank Group to arbitrate disputes between states and foreign investors. Critics later argued its rulings could constrain the policy choices of developing governments.
also in The bankers
Kenya establishes its central bank after the dissolution of the East African Currency Board, opening in Nairobi in September 1966. It issues the Kenyan shilling and anchors East Africa's largest financial sector.
also in The history of money
Barclays installed the first automated teller machine, letting customers withdraw cash without a bank teller. The machine began the shift toward self-service banking.
also in The IMF, the World Bank, and the developing world
Under president Robert McNamara the World Bank sharply expanded its lending and shifted its stated focus toward poverty reduction. The rapid growth of loans also helped build the debt burdens that would strain many countries in the 1980s.
also in The IMF, the World Bank, and the developing world
The IMF created Special Drawing Rights as an international reserve asset to supplement member countries' official reserves. The move reflected the Fund's evolving role as the postwar fixed exchange-rate system came under strain.
also in 1971: the dollar unchained, Anatomy of a superpower: the American state, The history of money
President Richard Nixon suspended the dollar's convertibility into gold, ending the Bretton Woods system. The move ushered in an era of floating exchange rates and fiat currency.
also in Keynesian economics: demand, depression, and the fight over full employment, The IMF, the World Bank, and the developing world
When the United States ended the dollar's convertibility to gold in 1971, the system of fixed exchange rates the IMF was built to police broke down. The Fund reinvented itself around crisis lending and policy advice.
also in 1973: the postwar order breaks, From Bretton Woods to the euro: monetary regimes around Japan, The history of money
After the fixed-rate system broke down, major economies let their currencies float against one another with values set by markets. Floating exchange rates became the norm for the world's leading currencies.
also in The history of money
Banks created SWIFT, a shared messaging network for sending secure instructions about international payments. It became the backbone of cross-border money transfers between banks.
also in The bankers
China spins the commercial banking business of the People's Bank of China into a new institution, completing the creation of the big four state banks. ICBC becomes the largest bank in the world by assets.
also in The IMF, the World Bank, and the developing world
The Multilateral Investment Guarantee Agency was added to the World Bank Group to insure foreign investors against political risk in developing countries. It completed the group's five-institution structure.
also in The history of money
PayPal grew out of a startup founded in 1998 and let people send money by email, which made online commerce practical for individuals and small sellers. It became a leading way to pay on the early internet.
also in The bankers
The ECB is established in Frankfurt to run monetary policy for the coming single currency, launched in 1999. It becomes the central bank for the euro, the money of some twenty European countries.
also in The history of money
Through the late twentieth century many countries gave their central banks legal independence to set interest rates and target inflation without direct political control. The founding of the European Central Bank reflected this widely adopted model.
also in The history of money
Eleven European countries adopted the euro as an accounting currency, fixing their exchange rates and pooling monetary policy under the European Central Bank. It was the largest voluntary currency union in modern history.
also in The bankers
Banque Nationale de Paris merges with investment bank Paribas to form the eurozone's largest bank. Its roots reach back to the Comptoir National d'Escompte de Paris, founded in the revolutionary year of 1848.
also in Princes of the Yen: Japan built, bubbled, and broken, Quantitative easing begins in Japan, The history of money
The Bank of Japan becomes the first major central bank to adopt an explicit quantitative easing policy, targeting the level of bank reserves after interest rates hit zero.
also in The history of money
Euro banknotes and coins replaced national currencies such as the mark, franc, and lira in everyday use. Millions of people began handling a shared currency for the first time.
also in The history of money
Safaricom launched M-Pesa, letting people store and send money using basic mobile phones and a network of agents. It brought financial services to millions without bank accounts and became a global model for mobile money.
also in The history of money
Zimbabwe experienced one of the worst hyperinflations on record, with prices doubling in a matter of days and the government printing notes in the trillions. The country eventually abandoned its own currency in favor of foreign money.
also in The history of money
In response to the financial crisis the Federal Reserve begins large-scale asset purchases, buying mortgage-backed securities and Treasuries to inject money into the system.
also in The history of money
After the financial crisis, central banks created new money to buy government bonds and other assets, a policy known as quantitative easing that Japan had pioneered earlier in the decade. It became a major tool for supporting economies when interest rates were near zero.
also in The history of money
An anonymous developer using the name Satoshi Nakamoto launched Bitcoin by mining its first block, creating a decentralized digital currency with no central issuer. It introduced the blockchain as a way to record transactions without a trusted middleman.
also in The history of money
The Fed launches further rounds of quantitative easing, ultimately quadrupling its balance sheet to over four trillion dollars before tapering the purchases in 2014.
also in The history of money
Tether launched a cryptocurrency designed to hold a steady value pegged to the US dollar. Stablecoins like it became a widely used bridge between traditional money and crypto markets.
also in Quantitative easing begins in Japan, The history of money
Under Mario Draghi the ECB begins a bond-buying program to fight deflation in the euro zone, extending quantitative easing to Europe years after Japan and the United States.
also in The history of money
Ethereum launched a blockchain that could run programmable contracts, extending the technology beyond simple payments. It enabled new forms of digital assets and applications built on smart contracts.
also in The history of money
China began public trials of a digital yuan issued directly by its central bank, one of the largest tests of a central bank digital currency. Many countries began studying or piloting similar official digital money.
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