SO THEY PAID THESE SMARTER POOR PEOPLE MORE THINGS TO INVENT THESE quicker ways of getting messages, ideas and information back and forth, called "communications," like the telegraph, telephone, radio, television, etc.
THE RICH ALSO HAD TO HAVE QUICKER WAYS OF EXCHANGING THE EXTRA THINGS they didn't need for other things other rich had that they wanted to trade them for, as it was pretty hard to keep carrying them back and forth to each other even on these big new machines they made.
SO THE RICH INVENTED A NEW WAY OF TRADING these goods back and forth without even moving a lot of them so they could just keep them in their bigger and bigger barns and storage places called warehouses without even moving them around too much except when absolutely necessary.
THIS NEW WAY OF EXCHANGING GOODS WITHOUT ACTUALLY MOVING THEM VERY OFTEN WAS CALLED "MONEY." At first this money was something really valuable, like gold and silver and diamonds and jewels and pretty things like that that the rich always like to decorate themselves and their houses with and which they valued very much to show that they were very rich. But the rich also wanted other things like finer food and clothing and grander houses and fancier machines and bigger lands.
SO THEY WOULD AGREE AMONGST THEMSELVES TO TRADE SOME OF THESE VALUABLES LIKE GOLD AND SILVER AND JEWELS THAT THEY LIKED SO MUCH FOR THESE OTHER THINGS they needed and wanted, like houses and lands where they grew things and factories where they made things and the machines to make them and travel in and talk back and forth with. The rich man who paid this kind of valuable money for the valuable things he wanted was called the "buyer" and the man who traded him the things for the money was called the "seller."
THIS BECAME KNOWN AS BUYING AND SELLING FOR MONEY, A WHOLE NEW WAY OF TRADING things back and forth. It worked pretty good for a while, but pretty soon the rich became so rich and paid such big "prices" (the amount of money you pay for a thing you want) for such big things they wanted that it was even hard to carry the gold and silver and jewels back and forth as they became so heavy and hard to hide from robbers and other rich who might rob them while carrying them!
SO THEY HAD TO INVENT A WHOLE NEW KIND OF MONEY THAT WOULDN'T BE SO HARD TO HIDE AND CARRY AND TRADE, CALLED "PAPER MONEY" OR "CURRENCY." Each rich country run by its rich people would hide their gold and silver and jewels in strong thick-walled buildings called "treasuries," "vaults," "banks," etc. Then they'd print these little pieces of paper in a special way, each little piece showing that the rich of that country had that much gold or silver, etc., in the treasury or the bank, as much as was written on the piece of paper. Then they could take it to the bank or the treasury and trade the piece of paper for the real thing, the gold or the silver.
THEY COULD JUST TRADE THESE LITTLE PIECES OF PAPER FOR THE THINGS they needed or wanted so they wouldn't have to move the actual valuable gold and silver money around so much. The little pieces of paper money were supposed to show that they had that much real gold and silver money in the bank that they could trade it in for if they wanted to.
THIS MONEY ("MONKEY"?) BUSINESS WAS ALL CALLED THE "MONETARY SYSTEM," or a very easy way of trading things quickly without actually having to move anything but these little bits of paper money. But pretty soon the rich got so rich even with paper money that it would have taken a lot of trucks to carry it around while trading it from one rich man to another.
THEY GOT SO RICH THAT EVEN THE PAPER MONEY GOT TOO HEAVY TO CARRY! SO THE RICH INVENTED ANOTHER WHOLE NEW WAY OF TRADING CALLED "CHEQUES," a way of not only trading goods or gold but even trading paper money, so they wouldn't even have to move the paper money so much back and forth from bank to bank! They could leave the paper money in the bank and write these little notes to the bank called cheques telling the bank to pay so-and-so so much money out of their money at the bank called a "bank account."
THEN THEY COULD JUST WRITE CHEQUES FOR THEIR MONEY in their bank accounts to pay for the things they wanted to buy. This made the big business of big buying and selling of big things by the big rich much easier and faster in a new kind of market called the "stock market" where they could trade things back and forth without ever even seeing them or the money either!
THEY COULD EVEN TRADE WHOLE FACTORIES AND BUSINESSES and gold and silver and sugar and cotton and wheat and all kinds of things at the stock market with these little pieces of paper called "cheques." And the things or parts of things they wanted to trade were shown by papers called "stocks."
THE STOCK MARKETS EVEN TRADE PAPER MONEY THAT'S NOT EVEN PAID OR THERE YET, CALLED "BONDS." These are "loans" or amounts of money which people, businesses or governments have promised to pay later when they have it, because they don't have it right now but hope to have it later by selling goods or doing business or taxing the people some more so they can pay it later on.
THESE PROMISES TO PAY LATER ARE CALLED "BONDS" because that word is supposed to mean they're bound to pay it sooner or later because these bonds are also pieces of paper which say they promise to pay it back sometime together with even a little bit more called "interest" on these loans.
THE STOCKS ARE ALSO PIECES OF PAPER CALLED "SHARES," which means that if you own one of them, one of these little pieces of paper called a "share," you own a share in some kind of business, factory, gold mine or stocks of goods like gold, silver and other precious and useful metals, or foods like sugar and cocoa and coffee, or textiles like cotton or wool, etc.
THESE ACTUAL REAL GOODS OR THINGS ARE CALLED "COMMODITIES" and they are also bought and sold on the stock market for various amounts of money called "stock prices," paper money which is actually exchanged by these little pieces of paper called cheques. But the rich are always in such a hurry to get richer quicker, even these ways of trading money and things called goods, etc., have become too slow.
EVEN THE CHEQUES ARE SO MANY NOW THEY'RE BECOMING TOO HEAVY FOR THE BANKS TO HANDLE SO FAST because things are being bought and sold at such a rate and money exchanged so fast the banks are having a hard time keeping up with it all! ( Continued in Part 3)
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