[00:00.30]
[00:02.00]If the phrase sounds familiar, then it should.
[00:04.98]Just take a look at a ￡20 note.
[00:10.05]Bank notes have next to no intrinsic worth.
[00:13.22]They're simply promises to pay, just like the clay tablets of ancient Babylon four millennia ago.
[00:21.67]On the back of the $10 bill it says, "In God We Trust".
[00:27.10]But it's not really God you're trusting in.
[00:30.47]By swapping your goods or your labour for a fistful of these things,
[00:34.50]you're trusting the US Treasury Secretary not to repeat Spain's mistake and produce so many of the damn things
[00:41.25]that by the time you come to spend them, they're worth even less than the paper they're printed on.
[00:46.22]