The end of an era – banks are back to Middle Age

Moneychangerrembrandt

One of the most relevant facts about the ever-lasting financial crisis we’re in it’s about the ultimate fate of the banks as we know it. And it’s related to our business relations with them. Like it or not, we need some financial institution to make money go round and some form of bank it’s with us since the Middle Age.

Do you already know that banks come out from that period, don’t you? Of course, it works in a different way back then. You used well-established merchants to deposit gold or silver, getting credit letters – a form of warrant where the said merchants guarantee your deposit, all for a price. Yes, back then you actually pay the bank to keep your money safe.

Continue reading

Advertisements