Read the passage given below and answer the questions that follow:
(10)
Tell someone that you are going to a convention of accountants and you might get a
few yawns, yet money and how it works is probably one of the most interesting things
on earth. It is fascinating and almost magical, how money appeared on our planet.
Unlike most developments we enjoy, which can be traced back to a source, civilisation
or inventor, money appeared in places then unconnected all over the world in a
remarkably similar way. Consider the American Indians using Wampum, West
Africans trading in decorative metallic objects called Manillas, and the Fijians
economy based on whale's teeth, some of which are still legal tender; add to that
shells, amber, ivory, decorative feathers, cattle including oxen & pigs, a large number
of stones including jade and quartz, which have all been used for trade across the
world, and we get a taste of the variety of accepted currency.
There is something charming and childlike imagining primitive societies,
our ancestors, using all these colourful forms of money. As long as everyone
concerned can agree on a value, this is a sensible thing for a community to do.
After all, the person who has what you need might not need what you have to trade.
Money solves that problem neatly. Real value with each exchange, and everyone
gaining from the convenience. The idea is really inspired, which might explain why so
many diverse minds came up with it. Once the money is accepted as a form of
exchange, those who produce, loan out, and manipulate the quantity of money are
obviously in a very strong position They are the "Money Changers".
"History records that the money changers have used every form of abuse, intrigue,
deceit, and violent means possible to maintain their control over governments by
controlling money and its issuance," said President James Madison.
Money, money, money, it's always just been there, right? Wrong. Obviously, it's
issued by the government to make it easy for us to exchange things. Wrong again!
Truth is, most people don't realise that the issuing of money is essentially a private
business and that the privilege of issuing money has been a major bone of contention
throughout history
Answers
Explanation:
Read the passage given below and answer the questions that follow:
(10)
Tell someone that you are going to a convention of accountants and you might get a
few yawns, yet money and how it works is probably one of the most interesting things
on earth. It is fascinating and almost magical, how money appeared on our planet.
Unlike most developments we enjoy, which can be traced back to a source, civilisation
or inventor, money appeared in places then unconnected all over the world in a
remarkably similar way. Consider the American Indians using Wampum, West
Africans trading in decorative metallic objects called Manillas, and the Fijians
economy based on whale's teeth, some of which are still legal tender; add to that
shells, amber, ivory, decorative feathers, cattle including oxen & pigs, a large number
of stones including jade and quartz, which have all been used for trade across the
world, and we get a taste of the variety of accepted currency.
There is something charming and childlike imagining primitive societies,
our ancestors, using all these colourful forms of money. As long as everyone
concerned can agree on a value, this is a sensible thing for a community to do.
After all, the person who has what you need might not need what you have to trade.
Money solves that problem neatly. Real value with each exchange, and everyone
gaining from the convenience. The idea is really inspired, which might explain why so
many diverse minds came up with it. Once the money is accepted as a form of
exchange, those who produce, loan out, and manipulate the quantity of money are
obviously in a very strong position They are the "Money Changers".
"History records that the money changers have used every form of abuse, intrigue,
deceit, and violent means possible to maintain their control over governments by
controlling money and its issuance," said President James Madison.
Money, money, money, it's always just been there, right? Wrong. Obviously, it's
issued by the government to make it easy for us to exchange things. Wrong again!
Truth is, most people don't realise that the issuing of money is essentially a private
business and that the privilege of issuing money has been a major bone of contention
throughout history