Understand how money works
Banks, interest, prices and payments. Read how money works today, comparing it with the past — and think about taxes, pensions, household budgets and fraud with history’s lessons.
What you can read here
Banks and depositsWhy can the number in your bank account be used as money? Read how banks create deposits and connect payments, through courses and historical crises.Interest, prices and exchange ratesWhy do prices rise, and how do interest and exchange rates reach your household? Turn the numbers in the news into the language of everyday life.Cash and digital paymentsCash, cards, a balance on your phone. Compare when a payment is complete and who keeps the balance.Money then and nowMoney problems of the past and present side by side: what is alike and what differs.All coursesAll courses, each taking one theme step by step.
History's lessons for today's decisions
Taxes, pensions and insurance, household budgets, and protection from fraud. Think about today’s decisions with how people decided in the same situations in the past.
Protect yourself from fraudCalls that rush you, investment offers that are too good. Common tricks, how to protect yourself on the spot, and where to turn.Household budget and borrowingMonthly budget, borrowing, interest and fees. Work through the sums with your own numbers to sort out household decisions.Taxes, pensions and insuranceWhat are taxes, pensions and insurance paid for, and when do you receive them? With how to read the letters you get and where to ask.Everyday money: sums and paperworkBorrow, pay, prepare, ask for help. Notes on sums and paperwork to use with your own numbers.
Short reads
One topic, in a few minutes.
Readings
The Trading Companies That Moved Nations with Invisible StringsIn the 19th century, certain trading companies financed wars and were involved in establishing banks in emerging nations. Born from a system of shared losses, these companies sometimes became powerful enough to move nations, wielding more influence than kings.A System for Sharing Risk and Sharing ProfitOn voyages where some ships might not return, a system for sharing risk was needed. Investing a little in one ship, and spreading investments across many. This idea would later form the backbone of the joint-stock company and grow into a pillar of modern finance.A Kingdom That Created Wealth with Paper, and Was Burned by PaperA gambler who stabbed a man in a duel and was sentenced to death took control of France's finances. His idea that increasing paper money would stimulate the economy threw the country into a frenzy, eventually leaving long-lasting after-effects.The Silver Coin Engraved with a Dragon, and War Expenses Paid with PaperThe dragon engraved on this 38.6 mm diameter silver coin was highly praised even in Great Britain. However, in the era when this coin was born, stipends for the samurai class were converted into government bonds, and the costs of a civil war were paid with paper money.The Indemnity That Never Reached JapanThe indemnity from the First Sino-Japanese War was a colossal sum, more than four times Japan's annual revenue. However, this money was never transported to Japan; it was received in London as a figure in a ledger.The Crime of Debasement, and the Punishment of DeathThe United States Coinage Act stipulated that if a mint official fraudulently debased the coinage, the punishment was death. Why did "fineness"—the proportion of precious metal in an alloy—carry such grave significance?
In depth
One subject, step by step.
Courses
Why the Composition of Gold and Silver Coins ChangedWe will examine what happened to trade and people's lives when the amount of metal in coins of the same face value changed.Face Value and Intrinsic ValueThe stated value, the metal content, and the quantity of goods one can buy. We will consider these as separate measures of worth.Why can banknotes be used as money?From notes exchangeable for metal to notes that do not promise exchange. We will compare the systems that support banknotes.Currencies that unite, currencies that divideAlliances, unification, independence. Learn about the advantages and difficulties when multiple countries use the same money.Why Do Prices Rise?We will examine historical price rises using the quantity of money, the supply of goods, and trust in the system as clues.Japanese Money and LawWe will read what the law stipulates about the yen, banknotes, coins, and deposits.Connecting Cash, Deposits, and the Central BankFrom account balances to bank ledgers. We examine in detail the connections between lending, settlement, government bonds, and the central bank.Considering "Bad money drives out good"What happens when money of different intrinsic values is used at the same face value? We will learn the conditions and history of this law.Who decides the value of money?Using the arguments of John Law and Ogiwara Shigehide as a starting point, we will consider the relationship between material and face value.The People Who Contemplated MoneyIs it metal, or is it a promise? We will examine the debates of philosophers and thinkers alongside historical examples.Considering Digital Money from a Historical PerspectiveWill payments continue even without cash? We compare past finance with current digital payments.Gifts, Lending/Borrowing, and MoneyWe will explore the relationship between money and human connections, using gifts, debt, and ritual objects as our guide.Comparing Past Prices and SalariesHow much would a Roman soldier's annual salary be today? We will learn about the yardsticks for comparison and the limits of calculation.How the State and Taxes Support MoneyWe will examine the relationship between acceptance for taxes and the circulation of money, drawing on academic theories and historical records.Fraud Schemes and How to Protect YourselfHow to respond to phone calls claiming to be from the police or to high-pressure solicitations.Deciphering Amounts, Percentages, and StatementsLearn to compare figures for interest rates, fees, and prices, and where to find them in statements and contracts.Household Finances, Housing, and Retirement FundsFrom monthly income and expenses to borrowing, housing, and retirement. We will organize the necessary funds according to their timing.How Banks, Interest Rates, and Prices WorkYour pay has not changed, yet the same shopping as last year now adds up to a bigger receipt.How Taxes, Pensions, and Social Insurance WorkWhy do we pay, and when do we receive benefits? We will examine the connection between your contributions and the system.Understanding the Basics of Saving and InvestingWe will compare time, diversification, fees, and prices, and organize the factors for making decisions when growing and protecting your money.Cash, Cards, and Digital MoneyWhen is the payment made, and who manages the balance? We will compare new ways to pay.Financial Decisions and Psychological BiasesWe will consider how the desire to avoid loss and concerns about reputation influence shopping and financial decisions.Finding Financial Information and AdviceWe will learn how to verify things that catch our attention in the news or in solicitations by checking with official sources and experts.
Books
Price
After purchase, the full courses, the illustrated books, every country’s story and the numismatics examination are open to you.
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