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[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
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