6139008-History-of-Money

government that dealt with keeping track of the finances of Jews—was not very efficient, and so it was difficult for Henryto get a good assessment of what he could tax his Jewish servants. Moreover, the prevailing stereotype that the word Jewwas synonymous with wealth may have blinded Henry. The Jews continued as moneylenders until 1274 when King Edwardreturned from a crusade. The crusades had ironically allowed the Jews to make a great deal of money. W. Cunningham,The Growth of English Industry and Commerce: during the early and middle ages, 4th ed. (Cambridge,1905), 205. TheJews did this by lending money to the English knights who wanted to wage war against the Muslims in the East. Moreover,monasteries borrowed money as well to create new churches. 6Ashley, English Economic History and Theory, 155. In oneinstance, “27 pounds were borrowed from a Jew and 4 years later 880 pounds were owed.” 7Ibid.In ancient times the City marshals and sheriffs were employed to ensure that all the "council" rates and taxes were paidto the City on behalf of the king. After the conquest of William the Conqueror in 1066, who first brought the EuropeanBabylonian Jewish bankers to London from France, the Jews developed written credit agreements for the king, (in Frenchcalled "mort-gages" – mort 'death' gage 'bond') and it was the marshal's and sheriff's jobs to ensure that all the interestpayments of these "death-bonds" were paid to the Jews on behalf of the king. During the reign of Richard I (theLionheart) after the serious downturn in the economy as the result of the cost and tax impositions of the Crusades, manyfarmers, business people and peasants had defaulted on their "mort-gages" throughout England. As the result, the Jewspromptly commenced seizing the commoner's property for not paying the interest, rates and taxes to the City and King.Subsequently, a rapid increase in hate against the "King's Jews" was initiated. This led to the massacre of common Jewsat York in 1190. However, the Banklord “Jews” always survived with increased wealth. New York in America was laternamed by British Jewish immigrant bankers in memory of the event.When Edward returned from the East, he created The Statute of the Jewry. In the statute, Edward dictated, “fromhenceforth no Jew shall lend anything at usury, either upon land, or upon rent, or upon other thing.” The Statute of theJewry; quoted in Robin R. Mundill, England’s Jewish Solution: Experiment and Expulsion, 1262-1290 (Cambridge, 1998),291-3. This was a severe blow to the Jews of England. The statute further attacked the Jews, proclaiming “that each oneafter he should be twelve years old, pay Three pence yearly at Easter of tax to the king of whose bond man he is.” 9Ibid.England’s improved foreign relations allowed relations with Italian moneylenders, who maneuvered their way around theusury laws. They would offer loans with grace periods. When these grace periods elapsed, normal interest would accrue.This payment of interest could be written off as an expense for the sending of the money. Ibid., 208. In addition, as longas Italian merchants allowed these grace periods, they were allowed to loan money at 60% annual interest, 17% higherthan Jewish moneylenders. Ashley, English Economic History and Theory, 200. The Statute of the Merchants, or ActonBurnell (1283), gave foreign merchants avenues of relief to which Jewish moneylenders never had access. The statutestated that merchants arriving in ports could take up their claim of debt with the mayor. The first trip to the mayor wouldresult in a date by which the debtor had to repay the mayor. If the merchant was not paid by this date, the mayor hadthe power to sell the property of the debtor to repay the merchant. 16Statutes Of The Realm; quoted in Ashley, EnglishEconomic History and Theory, 200. The factors which had the greatest impact that led to the “expulsion of EuropeanJews” from England were religious persecution and economics, insofar as after the Jews had ceased to be able to lendmoney, the Crown no longer had reason to keep the Jews around. Economic obsolescence and bigotry forced the Jewishpopulation from England for some time (Exile from England: The Expulsion of the Jews in 1290 by Gregg Delgadillo).The Tally Sticks (1100 - 1854) And The Bank Of England 1694AC 1100s-1300: Rise of European merchant class; a social and economic group whose function in the World is to movemerchandise from one locale to another - who make their living buying and selling goods, instead of making things orgrowing food. A rising merchant class and a new rise of cities, also meant a rising interest in the outside World.AC 1156: Earliest known foreign exchange contract Two brothers borrow 115 Genoese pounds and agree to reimburse thebank's agents in Constantinople the sum of 460 bezants one month after their arrival in that city. In the following centurythe use of such contracts grows rapidly particularly when profits from time differences are seen as not infringing canonlaws against usury.AC 1160 - 1200: English wooden tallies evolve into instruments of credit Tallies were wooden sticks originally used asreceipts. Notches whose sizes represented a particular sum of money would be cut into the stick which would then be splitdown the middle. One part would be kept by the creditor, the other by the debtor. Sometimes the loans were fictitiouslyswollen to get round the prohibition of usury. During the 12th century the English Exchequer starts issuing tallies as aform of credit. Tallies were not finally abolished until 1826.AC 1166 : Hyperinflation in China The nominal value of the official paper note issues reaches 43,600,000 ounces of silver.In addition there are various local note issues.AC 1215: The Magna Carta signed. Among its provisions were restrictions on the right of the king to raise taxes withoutthe consent of the BaronsAC 1232-1253: Gold coins are issued by several Italian states Under the influence of Byzantine and Arab coinage Messinaand Brindisi (1232), Florence (1252) and Genoa (1253) issue gold coins. The type minted in Florence, the florin, becomeswidely copied in other parts of Europe.AC 1275: Edward I forbids the Jews to exact usury The resulting shortage of money leads to an increase in clipping and adecline in the quality of the coinage. The Jews get blamed and suffer wholesale arrests in 1278 and expulsion fromEngland in 1290.AC 1275-1292: Marco Polo lives in China From his subsequent account of his Travels, Europe learns of paper money.AC 1397: Founding of the Medici BankAC 1403: Charging interest on loans is ruled legal in Florence Despite the traditional Christian prohibition of usury, Italianbanks such as the Lombards, who have agents in the main economic centres of Europe, have been making charges forThe Hidden History Of Money & New World Order Usury Secrets Revealed at last! Page 226