DIA strips customers of troubled banks
The Deposit Insurance Agency has launched a large-scale campaign to seize money from the population. Subpoenas have already been received by clients who withdrew money from their accounts shortly before…

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Where in the world is it easier and cheaper to do business?
The world is changing rapidly. The political and economic situation of states is changing. Countries previously profitable for investment are now experiencing stagnation. And money loves silence and understandable game…

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LIBOR: time to change bets
The key LIBOR rate for credit markets is going to be modernized. City of London, New York Wall Street and regulators on both sides of the Atlantic are seeking a…

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but as a tool to increase

A trifle is an expensive pleasure

The proverb “small spool, yes expensive” is beginning to take on more and more meaning. The production of small money is starting to cost the world so dearly that economically weak countries have long abandoned it, and the stronger ones are looking for options that would reduce the cost of small things at least to the level of their nominal value, but these efforts lead to funny results.

As soon as mankind invented money, how did he immediately encounter the need to somehow break it into smaller parts, because you won’t start giving the same money for a cow and chicken? However, it quickly became clear that it was not so easy to divide the main (usually gold or silver) coin into shares. As a result, the ancient Greeks, for example, had to use coins of about two dozen denominations. After a series of reforms and troubles, the Roman Caesars managed to reduce the variety of coins to five denominations from the largest – aureus to the smallest – ace (400 aces were considered in one aureus). Inattention to a small coin, as a rule, cost dear rulers: before the modern monetary system developed, more than one state was shocked by outbreaks of social discontent caused by this reason. Continue reading

“Banks of time” crowd out money

“Banks of time” crowd out money
While economists around the world are wondering if the second wave of the crisis will cover us, the townsfolk are coming up with their own ways to withstand possible perturbations in the economy. One of them is the spread of such a form of alternative economic relations as the “time bank”. Although they were invented in the USSR, the development of “time banks” was received in the USA and Great Britain.

The idea to use as a currency not some conventional pieces of paper and pieces of metal, but an intangible, but the only unit of time for the whole world – an hour, was first put forward in 1976 by the Soviet psychologist and engineer Vladlen Livshits. A year later, the world’s first “time bank” was created on the basis of the bakery in Kohtla-Järve. Employees of the enterprise were transferred to a flexible work schedule, one of the fundamental principles of their activity was active and mutual assistance to colleagues, and then to employees of other organizations – the local scientific research institutes of shale and thermal power plants. After the American journalist David Shipler got acquainted with the unusual production experience of Soviet bakers and stokers, the idea of ​​Livshits was developed in the United States. Continue reading

How Mayans and Cherokee helped insurers
Insurance at first glance seems to be a serious form of economic relations, designed to protect people, their property and affairs from all sorts of dangers. However, if you dig…

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Megafon has collected suitcases on the stock exchange
Megafon has collected suitcases on the stock exchange MegaFon, one of the largest mobile operators in Russia, is getting ready for an IPO on November 1. The company plans to…

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Bookkeeping for beginners
What are the principles of the organization’s accounting? How to properly build her work? Probably, any aspiring businessman who decided to open his own company, but who did not have…

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Ministry of Finance is preparing a new blow to business
The Russian Ministry of Finance proposes to prescribe in the Tax Code the maximum allowable interest rates on corporate loans. Thus, the ministry expects to simplify tax accounting and avoid…

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