In this episode of Saturday Morning Muse, Andrew Temte explores the evolution of currency, starting from ancient Rome's coinage to the introduction of paper currency through promissory notes. He discusses the significance of these financial instruments in facilitating trade and their role in economic systems. The conversation also touches on the transition to fiat money and the implications of trust in currency value.

In this episode of Saturday Morning Muse, Andrew Temte delves into the history of money, focusing on the evolution of coinage from ancient Rome to modern monetary policy. He discusses the significance of financial literacy, the role of governments in establishing trust in currency, and the implications of currency debasement and inflation. The episode concludes with a reflection on the responsibilities of modern central banks in managing economic activity.

In this special Father's Day edition of the Saturday Morning Muse, Andrew Temte reflects on the essential role of fathers in shaping their children's lives. He shares a top 10 list of skills that every dad should focus on, emphasizing the importance of self-love, emotional intelligence, and financial literacy. Temte encourages fathers to embrace their journey of continuous improvement and to model these skills for their children, highlighting that being a dad is a lifelong learning experience.

In this episode of the Saturday Morning Muse, Andrew Temte discusses the evolution of money, emphasizing the critical role of trust and confidence in economic systems. He explores how governments have historically been involved in issuing money to enhance trust, referencing the Code of Hammurabi as an early legal framework. The conversation also touches on the U.S. dollar's status as a reserve currency and the implications of the US national debt on global trust in the currency.

You might be curious why we’re spending so much time on the history of trade, money, and other economic concepts at the outset of this financial literacy series. In finance and economics, having a basic understanding of the evolution and history of money and financial tools is key because “those that fail to learn from history are doomed to repeat it,” as Winston Churchill famously wrote.

So here’s the key point: if I hold money, I’m holding someone else’s debt. In our simple economy, in the spring, fur pelts and meat are sent to FruitLand in return for money. Then in the fall, fruits and grain are sent to ProteinLand in return for money. FruitLand has the fur pelts and meat they need, and ProteinLand has the fruits and grains they need. Money is the tool that has been used to solve the seasonality problem with trade between these two economies. The “money” used to enable trade flows back and forth between these economies as a medium of exchange, store of value, unit of account, and standard for deferred payment.