stopping offering them altogether. Why did they do this? Simple, because the result would be a certainpercentage of the people being unable to repay their previous loans, and nothaving the facility to take out new ones, so they would go bankrupt and beforced to sell their assets to the goldsmiths for literally pennies on the dollar.This is exactly what happens in the world economy of today, but is referred to with words like, "the business cycle," "boom and bust," "recession," and"depression," in order to confuse the population of the money changers scam.
1100
King Henry I succeeds King William II to the throne of England. During hisreign he decided to take the power the money changers had over the people,and he did this by creating a completely new form of money that took the formof a stick! This stick was called, a "talley stick," and ended up being the longestlasting form of currency, lasting 726 years until 1826 (even though othercurrencies came and went in that same period and ran alongside the talley sticks).The talley stick was a stick of polished wood into which notches were cut alongone side, to indicate the denomination of money the stick represented. Thestick was then split lengthwise through the notches, so that both pieces had arecord of the notches. The King kept one half to protect against counterfeitingand the other half was spent into the economy and circulated as money.It was also one of the most successful money systems in history, as the Kingdemanded that all the King's taxes had to be paid in, "talley sticks," so thisincreased their circulation and acceptance as a legitimate form of money. Thissystem would work well in keeping the power away from the money changersin England.
1225
St. Thomas Aquinas is born, the leading theologian of the Catholic Church whoargued that the charging of interest is wrong because it applies to "doublecharging," charging for both the money and the use of the money.This concept followed the teachings of Aristotle that taught the purpose of money was to serve the members of society and to facilitate the exchange of goods needed to lead a virtuous life. Interest was contrary to reason and justice because it put an unnecessary burden on the use of money.Thus, Church law in Middle Ages Europe forbade the charging of interest onloans and even made it a crime called, "usury ."
1509
King Henry VIII succeeds King Henry VII to the throne in England. During hisreign he relaxed the laws regarding usury, and and the money changers did not waste any time in re-asserting themselves over the population. They quickly made their gold and silver coin system plentiful again. It is interesting to notethat under King Henry VIII the Church of England separated from Roman
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