TAILIEUCHUNG - HISTORY OF MONEY phần 2

kéo dài đến ông chủ, đồng nghiệp và cấp dưới. Tất cả các nghiên cứu liên quan cho thấy rằng hầu hết các nhà quản lý thực sự dành phần lớn thời gian của họ liên quan đến người khác, câu hỏi là, như thế nào để họ làm điều đó 7 Gabarro lập luận rằng khả năng để phát triển các mối quan hệ thích hợp? | A History of Money and Banking in the United States The Colonial Era to World War II 52 revenue in a few years and that absolutely no further paper notes would be issued. Characteristically however both parts of the pledge went quickly by the board The issue limit disappeared in a few months and all the bills continued unredeemed for nearly 40 years. As early as February 1691 the Massachusetts government proclaimed that its issue had fallen far short and so it proceeded to emit 40 000 of new money to repay all of its outstanding debt again pledging falsely that this would be the absolute final note issue. But Massachusetts found that the increase in the supply of money coupled with a fall in the demand for paper because of growing lack of confidence in future redemption in specie led to a rapid depreciation of new money in relation to specie. Indeed within a year after the initial issue the new paper pound had depreciated on the market by 40 percent against specie. By 1692 the government moved against this market evaluation by use of force making the paper money compulsory legal tender for all debts at par with specie and by granting a premium of 5 percent on all payment of debts to the government made in paper notes. This legal tender law had the unwanted effect of Gresham s Law the disappearance of specie circulation in the colony. In addition the expanding paper issues drove up prices and hampered exports from the colony. In this way the specie shortage became the creature rather than the cause of the fiat paper issues. Thus in 1690 before the orgy of paper issues began 200 000 of silver money was available in New England by 1711 however with Connecticut and Rhode Island having followed suit in paper money issue 240 000 of paper money had been issued in New England but the silver had almost disappeared from circulation. Ironically then Massachusetts s and her sister colonies issue of paper money created rather than solved any scarcity of money. The new paper .

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