by David Orrell
anonymity, 205
“Antonio” (fictional character), 64
anxiety, 167
apeiron. See Unlimited
Apollo, 35, 106, 151
Apple, 193, 210, 213–14
Apple iTunes, 213
Apple Pay, 213
Aquinas, Thomas, 62–63, 72, 73
Arabic number system, 57
arbitrage, 59
Ariely, Dan, 229
Aristotle, 7, 10, 14, 15, 24, 29, 32, 33–34, 37, 48, 62, 78, 217, 246n14
Arouet, François-Marie, 80–81, 100
Arrow, Kenneth, 150–51, 152, 256n24
Arrow–Debreu model, 150–51, 152, 153, 256n24
Ars Amatoria (Ovid), 25
art, 71
Arte de Cambio, 63–64
Asia, 20, 59, 64, 82
Assange, Julian, 197
assassination, 104
asshole effect, 73, 77
assignat. See French banknote
Athens, Greece, 23
Atticus, 25
Auriti, Giacinto, 189
Australia, 177–78
Austria, 185, 186
Axial Age, 22, 54, 56, 77
Aztecs, 75, 76–77
Babylonian empire, 22, 240n19
Bagehot, Walter, 92, 113–14, 166
Baghdad, Iraq, 17
Banco Central do Brasil, 14
BankAmericard, 109
Bank and Currency Committee, 74
bankers, 67, 68–71, 124, 249n46
banker’s fee, 65
Bank for International Settlements (BIS), 257n43
Banking Department, 249n29
banknotes, 56, 85, 99, 103, 249n26, 250n8; in Britain, 204; French, 250n6
Bank of America, 109
Bank of England, 68, 85–86, 91, 92–95, 98, 103, 110, 114, 215, 225, 239n5; on China, 254n25; vaults, 241n21
Bank of France, 250n2
Bank of United States, 103, 105
Bank Rate and the Money Market in England, France, Germany, Holland, and Belgium 1844–1900 (Palgrave), 249n29
bank runs, 92
banks, 61, 113–14, 192, 202, 249n26, 250n9. See also private banks
Banque générale, 99
Banque royale, 99
Barclaycard, 109
Barclays Bank, 109, 193, 243n10
Bardi, 66, 70–71
barren tokens, 30
bars, 11
barter, 7, 11, 13, 14–15, 19, 28–30, 140; in Arrow-Debreu model, 150–51, 152; definition of, 12
basic income, 178–79, 195
bastard Keynesianism, 150
Battle of Beachy Head, 85
Baum, L. Frank, 90, 100
Bavaria, Germany, 185
BBC. See British Broadcasting Corporation
BCA Research, 225
Becker, Gary, 152
behavior, 8, 72–73
behavioral economists, 173–74
Beijing, China, 223
Belgium, 188
Benes, Jaromir, 257n31
Bentham, Jeremy, 142, 226
Berlin, Germany, 208
Bernal Buck, 187
Bernanke, Ben, 112, 165, 177, 178
Bernard (saint), 62
Bernstein, Peter L., 252n45
bezant, 26
bias, 41
Bible, 242n44
bills of exchange, 65–66, 67–68, 159
biosphere, 169
BIS. See Bank for International Settlements
BitAngels, 210
“Bitcoin Open Source Implementation of P2P Currency” (Nakamoto), 196
Bitcoins, 48, 50, 65, 236, 237, 264n5, 266n45; anonymity of, 205; audit, 210–13; as cash, 204–5; central control of, 159; China stopping, 203; creation of, 197–98; exchange rate of, 208; gold’s similarities with, 116–17, 205–8, 218; insider, 210–13; intrinsic value of, 205–6; mining, 199–200, 202, 208, 212; overview of, 197–208; scenarios, 213–15; as supercoin, 214; tokens, 192; tulip mania compared with, 163. See also blockchain
Black Death, 70, 71
black money, 59
Blankfein, Lloyd, 124, 234
blat. See graft networks
Bloch, Marc, 246n6
blockchain, 199–200, 201, 209–10, 212, 213, 215, 228; IBM using, 265n37; Mexico using, 265n36
body, mind versus, 35–39
Bohr, Niels, 48, 217
Bollier, David, 231
Bologna, Italy, 62
Bonaparte, Napoleon, 100
bonds (nomina), 24–25, 228
Book of Calculation (Liber abaci), 57
boom/bust cycle, credit, 164
Boston College, 167
Botticelli, Sandro, 71
Boulding, Kenneth, 169, 170, 221
Boyle, Mark, 227, 267n26
bracteate, 69–70
Brahe, Tycho, 78
Brahmagupta, 57
brain, 40–41, 73
Brand, Stewart, 171
Brazil, 77
Breaking Bad, 102
Bremmer, Ian, 126
Bretton Woods conference, 106, 107, 161
Bristol, England, 187
British Broadcasting Corporation (BBC), 21
British Columbia, Canada, 187–88
British East India Company, 83, 89
British government, 181
British Museum, 2, 20
British Parliament, 101
Browne, M. Neil, 120, 234
Bruegel, 171
Bryan, William Jennings, 90, 104, 207
Brychta, Jaroslav, 214
bubble, gold in, 161–63, 162
Bubble Act, 91, 154
buen vivir. See good living
Bugia, Algeria, 57
bullionism, 42
Buonarroti, Michelangelo, 71
Bureau of Investigative Journalism, 124
Butler, Benjamin, 104
buying, 246n7
Caesar, 25, 242n44
Calgary, Alberta, 187
California, 78
Campbell, Joseph, 121
Canada, 93, 145, 146–47, 172, 185–88, 191
Cantillon, Richard, 81
Capital in the Twenty-First Century (Piketty), 156
capitalism, 168–70
Caring Relationship Tickets, 188
caritas. See charity
cash, 8, 22, 204–5
Castronova, Edward, 39, 242n53
cathedrals, 61, 68, 70
Catholic Church, 58, 61, 66, 250n6
CDOs. See collateralized debt obligations
CDS. See credit default swap
Cellorigo, Gonsalez de, 81
Center for Responsive Politics, 124–25
Central African Communauté financière d’Afrique (CFA) franc, 134–35
central banks, 92–96, 110, 251n30, 257n43. See also Bank of England; Federal Reserve, U.S.
Central Europe, 126, 249n46
CEOs. See chief executive officers
Cerro Rico, Peru, 77
certified compensation bills, 185
CFA franc. See Communauté financière d’Afrique franc
charge card, 109
charity (caritas), 62, 71–73, 235, 247n41
Charlemagne (emperor), 59
chartalism, 42–43, 217, 244n29
Chaucer, Geoffrey, 59
checks (sakk), 49, 56, 61
CHF. See Swiss franc
“Chicago Plan Revisited, The” (Benes and Kumhof), 257n31
Chicago school of economics, 152–53
chief executive officers (CEOs), 224–25
China, 19, 22, 26, 64–65, 128, 193, 212, 223; accounts in, 60; Bank of England on, 254n25; Bitcoin stopped by, 203; debt, 119; digital currency contemplated by, 228; growth miracle, 119; hoarding in, 56; metal money in, 82; real estate market, 254n25; silver imported by, 82, 129. See also Hong Kong, China; yuan
Christianity, 56, 61, 62–63, 64, 78
Churchill, Winston, 106
Cicero, 24–25, 26
Circle, 210
City B
ank of New York, 109
City of London, 86, 95, 124–25
Clanchy, Michael, 60
Clarke, Stephen, 187
Clenfield, Jason, 264n5
clipping, 87–88
Cocker, Mark, 77
Coinage Act of 1792, 90
coins, 11, 12, 19, 28, 32, 63; bezant, 26; black money, 59; clipping, 87–88; definition of, 103–5; denarius, 26; Greek, 20–21, 22, 23, 50; guinea, 88–90; Jefferson nickel, 38; Lydia, 20, 38; military using, 21–22, 24, 26; precious metal, 56, 75; property purchased with, 24; quantum, 45–48; quarters, 38; Roman, 25–26, 50; solidus, 26
Cold War, 106, 151
collateralized debt obligations (CDOs), 113, 114
Colorado, 90
Columbus, Christopher, 73, 75, 247n1
Columna Maenia, 25
commodities, 12, 20–21
Communauté financière d’Afrique (CFA) franc, 134–35
Communist Manifesto, The (Marx), 7
Community Currencies in Action, 188
companies, 8, 64
competition, diversity driving, 158
Connally, John, 128
connections, 233
conquistadors, 77–78, 116
conspicuous consumption, 168
Constantine, 26, 27
Constitution, U.S., 104
Continental Congress, 101
Continentals, 101, 103
Conway, Ed, 177
Cooper, George, 239n5
Copenhagen interpretation, 245n33
Copernicus, 78, 80, 88, 144–45
Copperfield, David, 58
copyleft law, 230–31
corporate money, 183–84, 190–93
corruption, 125
Cortés, Hernán, 75, 76–78
cosmology, 78
cotton capes (quachtli), 76
counterfeiting, 48
Courtenay, British Columbia, 187–88
cowboy capitalism, 168–70, 221–22
cowries, 19
crafts, 64
Crawford, Michael, 21
Creative Commons licenses, 231
credit, 24–25, 28–30, 48, 54, 133, 164
credit card, 109
credit default swap (CDS), 113
Crimea, 134
Crowther, Geoffrey, 13
Crusades, 61
“Crypto Anarchist Manifesto” (May), 203–4
cryptocurrency. See Bitcoin
Cuba, 75
culture, 10, 100, 179, 232
cuneiforms, 18, 42
currencies, 32, 67–68; digital, 228, 231; as emerging, 216–19; as floating, 110; Germany influenced by, 185, 186; GFC influencing, 182–83; as local, 185–90; as main, 181–83; pan-Arab, 136; paper, 82, 84–86, 250n6; reference, 106; single, 181–83, 194; Torekes, 188; trading, 108–10; virtual, 39, 47, 55, 115. See also fiat currencies
cybercurrencies, 29, 39, 67, 114–15, 171, 196–219. See also Bitcoin
Cypherpunk movement, 197, 215
Cyprus, 67, 202
Czechoslovakia, 183
Czech Republic, 79
Daffara, Carlo, 230
Darkcoin, 205
Darwin, Charles, 158
David Copperfield (Dickens), 58
Davies, Glyn, 149, 248n16, 248n23, 249n32, 249n39
da Vinci, Leonardo, 71
Death of Money: The Coming Collapse of the International Monetary System, The (Rickards), 252n36
debasements, 69, 87–88
deben. See grain
debit card, 109
Debreu, Gérard, 150–51, 152, 256n24
debts, 18, 38, 56, 57, 137–38, 164; Chinese, 119; credit card, 109; cycle, 164–65; global, 119; as numerical, 170; as physical, 170; private, 112, 145, 147; public, 111–12
Debt: The First 5000 Years (Graeber), 54, 245n38
decision rules, 266n10
Decline and Fall of the Roman Empire, The (Gibbon), 28
deficit, governments in, 111–12
Del Mar, Alexander, 7
Delphi, 22, 115
Democritus, 217
demonetization, 249n34
denarius, 26, 46, 115, 241n35, 242n46
Denationalisation of Money, The (Hayek), 149
denationalized money, 194
denier, 59
Department of Defense, 151
Department of Justice, U.S., 110
derivatives, 110. See also collateralized debt obligation; credit default swap
design, 222–28
dessert, 258n65
Deutsche Bank, 130
DGSE models. See dynamic stochastic general equilibrium models
Diabolus, 205
Dialogue Concerning the Exchequer, The, 60
Dialogue Concerning the Two Chief World Systems (Galileo), 74
“Difference Between the Democritean and Epicurean Philosophy of Nature, The” (Marx), 97
digital currency, 228, 231
al-Dimashqi, Abu Ja’far, 11, 12
Diners Club, 109
Diocletian, 242n47
Dionysius, 20
diversity, 158, 193–95
divorce, 166
dollarization, 136, 231
dollars, 43, 102, 106, 126–28, 136, 187; silver, 79, 79–80, 90, 249n32; Spanish, 100, 249n32
Dostaler, Gilles, 143
Dostoyevsky, Fyodor, 9
double-entry bookkeeping, 8, 57–58
double-slit experiment, 217
Douglas, C. H., 179
Douglas, Niall, 120
dowries, 52
drachmae, 23
Draghi, Mario, 133
drugs, 198–99
duality, 35–39
ducat, 59
duc d’Orléans, 98–100
Dutch, 83, 91
Dutot, Nicolas, 99
dyad, 48
Dyer, Geoff, 178–79
Dyment, Ryan, 232
dynamic stochastic general equilibrium (DGSE) models, 153, 165
Eagleton, Catherine, 250n7, 250n9
Eastern Europe, 126
East India Companies, 83
EBRD. See European Bank for Reconstruction and Development
ECB. See European Central Bank
Eccles, Marriner, 112
Economic Approach to Human Behavior, The (Becker), 152
“Economic Possibilities for Our Grandchildren” (Keynes), 148, 223–24
economics, 3, 29, 36, 171–75, 222, 224–27, 242n54, 247n41; biology, 157–60; definition of, 115–16; elite, 180; environmental, 266n9; number fascination of, 156–57; overview of, 139–43; physics as like, 217; prices in, 154; Scholastic, 62–63, 78, 80; U.S. influencing, 151–52. See also neoclassical economics
Economics (Ragan and Lipsey), 14
Economics (Samuelson), 13, 149
Economists and the Powerful (Häring and Douglas), 120
economy, 49–52, 221–22, 226
EconTalk, 145
ecosystems, 221–22
écu, 59
Ecuador, 231
écu de marc, 65
Edgeworth, Francis, 166, 221
Edward III (king), 71
efficiency, 153–54, 155, 156, 226
Egypt, 19, 24, 241n28, 242n46
Eichengreen, Barry, 130
Eisenstein, Charles, 245n37
electronic money, 108
electrum, 20
elite, 180
Elizabeth I (queen), 82–83
emergency money, 185
emergent economy, 49–52
emerging currency, 216–19
Emerson, Ralph Waldo, 220
emotions, 165–68
England, 60, 62, 66, 68, 69, 187; mercantilism influencing, 82–83; silver crisis influencing, 86–88; South Sea Bubble influencing, 91; Spain invading, 81; unemployment benefit system influencing, 178–79. See also Bank of England; Henry VIII; London, England
environment, 221–22, 223, 266n9
Enz, Paul, 184
Ephesus, 20
Equal Dollars, 188
> equilibrium, 258n53
Eshnunna code, 241n25
Ethereum, 209, 218, 233
ethers, 209, 218
ethics, 234
euro, 3, 32–33, 116, 134–36, 189
Euroasian Economic Commission, 135
Europe, 33, 58, 59, 126, 230, 249n46
European Bank for Reconstruction and Development (EBRD), 135
European Central Bank (ECB), 132–33, 165
European Union (EU), 131–36, 133, 145, 171, 188
eurozone, 114, 134–36, 194
everything, theory of, 34–35
Everything Card, 109
Exchange, 25
exchangers, 199
exchanges, 140–41, 142, 208–9, 229, 246n24
eye of providence, 121
Facebook, 232
Fama, Eugene, 153–54, 155, 156, 163, 216, 225
Farmer, J. Doyne, 154
Faust (Goethe), 100
FBI. See Federal Bureau of Investigation
FDIC. See Federal Deposit Insurance Corporation
fear, 115–16
Federal Bureau of Investigation (FBI), 199–200, 201
Federal Deposit Insurance Corporation (FDIC), 251n17
Federal Institute of Technology, 122, 123
Federal Reserve, U.S., 17–18, 30, 42, 94, 105, 108, 241n21; founding of, 122; ownership of, 251n19. See also Bernanke, Ben; quantitative easing
feedback loops, 160–65, 181
Feldstein, Martin, 133
Feller, Laurent, 246n7
female principle, 37–38, 114–17
Ferguson, George, 187
feudalism, 58, 68, 246n6
fiat currencies, 30, 39, 42, 97–117, 159, 169
Fibonacci sequence, 57, 245n3
finance, 126, 245n37, 267n27
Finance Guard, 189
Financial Conduct Authority, 243n10
Financial History of Western Europe, A (Kindleberger), 246nn23–24, 247n1, 249n34, 249nn26–27, 250n2
financial instability hypothesis, 164–65
financial regulatory framework, 227
Finney, Hal, 198
First National Bank of New York, 122
First World War, 96
fiscal localism, 262n26
fiscal policy, monetary policy as less important than, 148
Fisher, Irving, 143–45, 185
Fishman, Bob, 188
floating currencies, 110
FLOK. See Free-Libre, Open Knowledge
Florence, Italy, 59, 64, 66, 70–71
Florentine Codex (Sahagún), 76
Florida, 198
florin, 59
Forde, Edward, 248n25
forms, theory of, 37
Fort Knox depository, 106
Forum, 25
Founding Fathers, 103
fractional reserve system, 92–94, 110, 180, 245n37
Fragment 22 (Heraclitus), 31
France, 59, 61, 66, 69, 85, 96, 97, 98–100; CFA franc, 134–35; gold switched to by, 249n38; Normandy, 247n34; paper currencies used by, 250n6. See also Law, John; Paris, France
Francis (saint), 72
Franklin, Benjamin, 100, 101
