Financial Panic of 33 AD (33 AD)
Background and Market Impact
While we have already done a deep dive into the history of the gold standard, I think now would be a prudent time to review the history of money and banking systems. Long before the formulation of fiat currencies and even currencies predicated upon precious metals, there was the barter system. While historical records vary as to the exact timing the barter system originated, the first barter system is believed to have developed between 9000 and 6000 BC. Several historical records cite the tribes in Mesopotamia (a historical region in Western Asia) as being the first known people to use a barter system. The barter system during this period, which is the earliest known ...
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