Tell someone that you are going to a convention of accountants and you might get a few yawns, yet money and how it works is probably one of the most interesting things on earth. It is fascinating and almost magical, how money appeared on our planet. Unlike most developments we enjoy, which can be traced back to a source, civilisation or inventor, money appeared in places then unconnected all over the world in a remarkably similar way.
Consider the American Indians using Wampum, West Africans trading in decorative metallic objects called Manillas, and the Fijians economy based on whale's teeth, some of which are still legal tender; add to that shells, amber, ivory, decorative feathers, cattle including oxen & pigs, a large number of stones including jade and quartz, which have all been used for trade across the world, and we get a taste of the variety of accepted currency.
There is something charming and childlike imagining primitive societies, our ancestors, using all these colourful forms of money. As long as everyone concerned can agree on a value, this is a sensible thing for a community to do.
After all, the person who has what you need might not need what you have to trade. Money solves that problem neatly. Real value with each exchange, and everyone gaining from the convenience. The idea is really inspired, which might explain why so many diverse minds came up with it. Once the money is accepted as a form of exchange, those who produce, loan out, and manipulate the quantity of money are obviously in a very strong position They are the "Money Changers".
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance," said President James Madison.
Money, money, money, it's always just been there, right? Wrong. Obviously, it's issued by the government to make it easy for us to exchange things. Wrong again!
Truth is, most people don't realise that the issuing of money is essentially a private business and that the privilege of issuing money has been a major bone of contention throughout history.
On the basis of your understanding of the passage, answer ANY TEN questions from the twelve that follow.
What is fascinating and almost magical?
Convention of Accountants
Evolution of Money
Yawning
All of the above
What is unique about the development of money?
It can be traced back to a source
It has an inventor
It appeared in unconnected places in a similar way
It was developed in ancient civilisation
Which currencies did the West African use?
Manillas
Wampum
Whale's Teeth
Decorative Feathers
What is still a legal tender in the Fijian Economy?
Cattle
Jade and Quartz
Shells and Ivory
Whale's Teeth
What is something charming and childlike to imagine?
Use of colourful forms of money
People living in Primitive Societies
Our ancestors agreeing on common values
All of the above
Who are the "Money Changers"?
People who loan out money
People who manipulate the quantity of money
People who produce money
All of the above
What did President James Madison say about the money changers?
They use violent methods to maintain control over the issuance of money.
They change money from time to time.
They work under the government's control.
They are polite and peaceful people.
Who controls the issuance of money?
Government
Money Changers
President James Madison
Kings and their ministers
What is meant by the word, 'concentration'? (para 1)
conference
fair
wave
competition
What is meant by the word, 'fascinating'? (para 2)
beautiful
valuable
attractive
republic
What is meant by 'convenience'?
comfort
escape
clown
transport
What is meant by the word, 'Intrigue'?
plot
interest
interval
fear
