The History of Banking
Money changers from Lombardy set up shop at wooden tables, banco in Italian; a broken table, banco rotto, gave bankrupt.
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1.Where does the word bank come from?
Money changers from Lombardy set up shop at wooden tables, banco in Italian; a broken table, banco rotto, gave bankrupt.
2.Which three jobs did banks grow into?
The video names three jobs: keep money safe, lend it out, and move it.
3.A goldsmith holds 1,000, keeps 200 and lends 800. When does this work?
It works as long as customers ask for less than the 200 in the vault; if they all want 1,000 in the same week he is in trouble.
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Sources (7)
- Bank of England: History
- Federal Reserve History: Panic of 1907
- Federal Reserve Bank of St. Louis: History and Purpose of the Federal Reserve
- FDIC: A Brief History of Deposit Insurance in the United States
- FDIC: A Brief History of Deposit Insurance
- National Bank of Belgium Museum: Money changer's bench - a very special table
- Eigene Berechnung (synthetisches Rechenbeispiel
Education only. Not financial advice.