The first European paper money experiment

Bank notes are considered paper money, but there are other forms of paper money. The first European bank notes were created in 1661 by the Stockholms Banco in Sweden. The bank was founded in 1657 by Johan W. Palmstruch.

This bank note is dated 1666. Palmstruch engaged in dishonest accounting practices and created more bank notes than he could account for. The bank collapsed in 1668.
 

Palmstruch was arrested and imprisoned for "dishonest accounting." The father of European paper money died in prison in 1671. 

"The Fed"

 

 

If you search Wikipedia for "Federal Reserve," you might be surprised to find that there is no such entry. That is because the "Fed" is not an entity; it is a system.

The Federal Reserve Bank of New York is located on 33 Liberty Street. The President is William Dudley It is the largest Federal Reserve bank in terms of assets and volume.

Jaime Dimon is the Chairman of the Board of Directors. The Fed Bank of New York has the largest known gold repository containing nearly a quarter of the entire gold supply, weighing approximately 7,000 tonnes worth 415 billion dollars.

Why is gold so enjoyable to look at?