model
Jiang's origin story of finance is that receipts for gold became tradable money, and lending receipts let banks double claims on the same underlying metal.
Topic brief
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Receipts
Jiang's origin story of finance is that receipts for gold became tradable money, and lending receipts let banks double claims on the same underlying metal.
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Key Notes
model
The origin of finance is narrated as merchants turning gold receipts into transferable contracts, then lending receipts instead of gold and thereby multiplying claims on the same underlying gold.
definition
A bank run exposes the fragility of multiplying receipts beyond the actual gold reserve.
Timestamped Evidence
Transcript
"...that you want it. And this is what we call a receipt."
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"...It's inconvenient for you. So why don't I give you a receipt, a contract instead? Does that make sense? Because all I need is..."
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"...time that you want it. And that's what we call a receipt."
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"...I'm going to give you gold. Right? So I take the receipt and I give it to you. Right? And why do we do..."
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"...It's inconvenient for you. So why don't I give you a receipt, a contract instead? Does that make sense? Because all I need is..."
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"...gold, right? There's about $10 million of gold out there in receipts. What's the problem with that? The problem is that if everyone wants..."
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"in gold contracts, but I only have $10 million in gold, only if $15 million wants the gold back, then I'm screwed. This is..."
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Relevant Lectures And Readings
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The first Secret History class begins with Kant and ends with alchemy.
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The first Secret History class starts with Kant and ends with alchemy.
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