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33

Banking existed in the era of the Romans and earlier. In ancient Greece and Asia Minor temples served as a sanctuary where individuals could make deposits for safekeeping. This practice continued with the Romans (see this article titled "Temple Banking In Rome"). For instance, the Temple of Artemis in Ephesus was the largest depository in Asia and served as ...


21

The actual quote which is attributed to Mayer Amschel Rothschild is: Permit me to issue and control the money of a nation, and I care not who makes its laws! A number of sources (such as this one) claim that this statement was made in 1838 (which would have been a difficult feat as he would have been dead for 26 years by then). Wikiquote claims that ...


16

They are still wealthy, here is an up-to-date business insider article on Rothschild's descendents. The reason they are not on the Forbe's list is because their wealth is diluted amongst many people; Forbes makes an effort to focus on individual wealth. Here's is a comment by Forbes employee Luisa Kroll: Thanks for your note. The Rothschilds are a ...


12

This is an addition to Mike Rodney's answer. The Twelve Tables, traditionally written in 450 BC, were some of Rome's most ancient laws. The majority of Table III deals with banking. In particular Law I says that bankers can't steal deposits; Law II forbids usury†; Laws V through X concern treatment of delinquent debtors. So banking was common enough 2500 ...


8

There are several reasons: One was historical - this was where Buttonwood Agreement was signed in 1792, starting what would later become the New York Stock & Exchange Board and eventually morphed into NYSE. One was geographical. New York was one of the main Atlantic sea ports in USA, thus ensuring connections to European and especially London banking. ...


6

The Wikipedia article is inexact. The TDB is the oldest existing commercial bank in Mongolia. Before 1990 all the banks in Mongolia (and the Soviet Union in general) were state-owned banks. The first bank in Mongolia was the Trade and Industry Bank of Mongolia, opened in June 1924. This bank became a possession of the Mongolian government in 1954 and was ...


5

New York was a natural trade center for a few key reasons. Access to Upstate NY Upstate NY was very important place in commercial history. The settlement of New York was driven by access to beaver and other furs, and the Hudson River was the 16th century equivalent to an interstate highway, leading right to the port of New York City. Later, as fertile ...


4

The Panic of 1837 proved that the "cure was worse than the disease." Thus, it set the U.S. on the road to the passage of the 16th Amendment, and the establishment of the Federal Reserve some 76 years later, in 1913. The "disease" that Jackson fought was a centralized national bank along the lines of the Bank of England, advocated by banker Nicholas Biddle. ...


3

One unique characteristic of Hamilton's Bank of the U.S. (BUS) was that the government only had a 20 percent ownership of the bank, but the government had the right at all times for reports and status on the operation of the bank. Hamilton was concerned that government officials would be tempted to use the bank to give/gain favors politically...so he found ...


3

He pushed for a private and independent central bank, the First Bank of the United States. It was similar to the Bank of England, except he expected it to loan money to private institutions and businesses as well as perform its government duties. He also founded the Bank of New York, which was a private lending institution similar to modern commercial banks. ...


3

You are referring to 2 Mongolias. The State of Mongolia was formerly called the Mongolian People's Republic. Formerly a part of China, it proclaimed independence with the support of Russia. On March 13th 1921 a Provisional People's Government was established, and then on November 26th, 1924 the government proclaimed the Mongolian People's Republic. This was ...


3

I would add that Holland was the financial centre of the Earth in 17-18th centuries. NY, having the best specialists in finances simply couldn't fail.


3

There may be differnet reasons. An extract from the German Wikipedia article about German gold reserves: Die Bundesbank hatte das Edelmetall an den führenden Goldhandelsplätzen New York, London und Paris gekauft und dort belassen Germany (or better the Bundesbank) bought the gold at the leading markets (NY, London, Paris) and never transported it ...


2

What he (probably) meant by it (who can say for sure now?) is that of all the possible means a government has to control and influence its people, the issueing of money is the most powerful one. Even more powerful than law. By creating new money, the government can decrease the value of the existing money in circulation, thereby lowering the buying power of ...


2

The saying is apocryphal and was originated by the populist author T. Cushing Daniel in his testimony before the U.S. Congress in 1911 in hearings on House Resolution 314 (whether financiers were restricting trade by domination of the money supply). This is what Daniel said: William Pitt made this statement: "Let the American people go into their ...


1

That's probably Banco di San Giorgio founded in 1407, and closed in 1805.


1

I think the best way to answer this question is to ask: Why did Philadelphia lose its position as the hub of American finance? Philadelphia had first mover's advantage over New York in terms of finance. Unfortunately for Philadelphia, national politics would erase Philly's advantage in the 1830s and 1840s, setting the stage for New York to begin to establish ...



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