The Ascent of Money
I just finished reading Niall Ferguson's book and I highly recommend it for anyone interested in the history of finance. It is a fascinating look at the evolution of money and mankind from hunter-gatherer to creditor-debtor. The Incas were perhaps the last great moneyless empire but they were eradicated by conquers intent on claiming the metal in their mountains, a symbol of wealth and power in their own culture; and while rocks and metals could be immediately traded or transformed into goods and services, bankers took the concept temporal with loans and interest, creating stocks, derivatives, insurance, mortgages and futures.…