Sublime

Leo Melamed, Man of the Futures: The Story of Leo Melamed & the Birth of Modern Finance

Companies started to keep vendor histories and records of product performance.

Printing money is a stealth tax on wealth that disincentivizes holding money, as above. It has the same first-order effect on wealth transfers but has hidden second-order effects of misdirecting capital due to political expediency and cowardice.

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money is universal credit and that its supply and value in a free market is a reflection of the reality of how much valuable work has been done and not redeemed.

American trading houses, such as Russell & Company and Augustine Heard & Co. were engaged in their tea trading with the Chinese. They were run by business gurus such as the Forbes family and Warren Delano,[89] whose grandson became the President of the United States, Franklin Delano Roosevelt.