| [00:00.30] | |
| [00:01.00] | That's what the Conquistadores got wrong. |
| [00:03.42] | They failed to see that money is about trust, even faith. |
| [00:07.50] | Trust in the person paying you the money, trust in the Central Bank issuing the money, |
| [00:12.13] | trust in the commercial bank that honors the cheque. |
| [00:14.67] | Money isn't metal, it's trust inscribed. |
| [00:18.06] | And it doesn't much matter what it's inscribed on. |
| [00:20.52] | Paper, silver, clay, or a screen provided the recipient believes in it. |
| [00:33.00] | There was one huge possibility created by the emergence of money as a system of mutual trust |
| [00:39.61] | a possibility that would revolutionise world history. |
| [00:44.57] | It was the idea that you could rely on people to borrow money from you and pay it back at some future date |
| [00:53.82] | That's why the root of credit is credo, the Latin for "I believe". |
| [01:03.68] | Without the invention of credit, the entire economic history of our world would have been impossible |
| [01:11.07] |
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