1636-1637 - Tulip speculation cripples the economy of the Netherlands. Speculators go broke after the price of a single bulb reaches into the thousands.
Ancient Rome - Salt used to pay wages and settle debt.
Primitive money - In most areas there is something that almost all people value and is hard to come by. In times past, palm oil, cola nuts, dried fish, tobacco, beads, grains animal skins and shells were all used as legal tender.
The above link tells of the "Foreclosure King" Odell Barnes.
While banks are crying for handouts, Odell is buying foreclosed homes, making money and helping the community.
Our economy is not as bad as those in power will tell you. It's just the modern day Tulip Speculators that are whining and forcing their pain on the masses. Everything you own still has value.
4 comments:
great analogy
So who do we believe, the media or the folks who are laying us off by the thousands?
Debo - The problem isn't the economy as much as it is that we have too many people undertrained in the wrong fields.
A carpenter is probably doing better than someone who has loads of school debt and an almost worthless degree. When people stop buying new homes, they just fix-up their old ones.
I'm not looking forward to paying off my loans when I finish my degree, but they will come in handy in the future regardless of the economy.
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