Money and Banking: Lecture 5 - Evolution of the Payments System 2 

Professor, thank you so much.

when the econ professor is also a history professor...

Clear explanation!

professor predicted apple pay

I got question so if you so if the bankers is going to make $2000 off the 10% 20000 dollar loan they technically making $22000 because they gone make you think there are really payments due monthly

your 1st pt on future prediction is true. Now we can just send and receive money using smartphones and UPI

Really glosses over a few points. But it's a good intro to banks and monetary system.

Wasn't the Chinese money "fiat"?

Late in the video 46:44mark, the Dr. talks about what he forsees in the future: Namely that humanity will be implanted with a computer chip under the skin or in the brain to serve the interests of banks through the guise of making easier transactions. I hope to live to see that day because in order for that to happen individuals will have to give up their sovereignty (aka the supreme authority of themselves as a living being) in order to comply with this as a normalized standard. I think that there would be a tremendous amount of pushback in the form of protests (and if the chips are forced, riots.) This would cause the system to collapse as other leaders take over and the cycle repeats again. Something that's been happening over and over since the recording of human history. I do however have always wished that I was part robot so I could easily upload/download huge amounts of data in order to learn a skill or technical set in less than a second or two in what would take years to master (aka Matrix style learning) but then again, you run into the same problems as mentioned earlier. Great video as always....

Profess, thank you so much.