From the world’s first-ever bailout by the Romans to 33% curiosity loans 5,000 years in the past, people have just about at all times been in monetary disaster
The first recorded private title in human historical past didn’t belong to a king or a priest. It belonged to a Sumerian brewer named Kashim and his title was inscribed on a clay pill to doc a mortgage he’d taken out.Some 5,000 years in the past, he borrowed some barley to brew a batch of beer — and, remarkably, wrote down his money owed.
There was only one small drawback: the rate of interest was 33%, and time was operating out. Could he brew the beer quick sufficient? Would he receives a commission? Would the value of barley crash and wipe him out?
This pill from historic Sumer documented grain distribution. Metropolitan Museum of Art
“We can picture Kushim, late at night, praying for a bumper harvest,” writes economist David McWilliams…
Source hyperlink
Categories International News
Tags bailout ben bernanke Books crisis Finance Financial FirstEver History humans Interest international loans money pretty Romans world news Worlds years