Articles On Information

The World’s First Central Banker Was Sentenced to Death for Printing Too Much Money

<div id="posttext" style="text-align: justify;"><span style="font-size: x-large;">M</span><b>aybe the New York Fed is trying to tell modern bankers something by reminding them of history.</b><br /><br />This article appeared on Fed’s website.<br /><span style="font-size: large;"><b><br /></b></span><span style="font-size: large;"><b><a href="http://libertystreeteconomics.newyorkfed.org/2013/04/historical-echoes-central-bank-and-paper-money-innovator-given-death-sentence-for-his-efforts.html" target="blank">Federal Reserve Bank of New York</a></b></span><br /><br />In 1668, Johan Palmstruch, the head of Stockholm Banco, the precursor to the oldest central bank still operating today—the Swedish Riksbank—was charged and sentenced to death.<br /><br />At the time, Sweden was one of Europe’s great powers, an empire that stretched across Scandinavia into today’s Baltic nations and parts of Germany, Poland and Russia. The country’s principal currency was enormous copper plates, called dalers. The Swedish King deputized Palmstruch to modernize the country’s finances. <br /><br />Palmstruch issued Europe’s first paper currency (China’s first version had appeared in 1024) which would be backed by the dalers held in the bank. As the dalers piled up, Palmstruch started making loans. But King Gustav died and Sweden’s ruling council decided to strike new copper plates that were worth less than the old ones.<br /><br />Swedes began lining up at the Banco to claim their old dalers, whose value had suddenly gone up.<br /><br />But Palmstruch had lent out too much. His solution: Start printing out even more paper that anyone could redeem at will. But the amount of paper money in the market began to vastly outpace the Banco’s actual daler holdings and the bank failed.<br /><br />Palmstruch was sentenced to death although he was later pardoned. </div>

The World’s First Central Banker Was Sentenced to Death for Printing Too Much Money

M aybe the New York Fed is trying to tell modern bankers something by reminding them of history. This article appeared on Fed’s website. Fed...

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Chris Reynolds' PayPal Account Credited With $92 Quadrillion

<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAleAlU6308LoEXpH-NwXA-N4Azg0Ee-_PGC3GYZhB_Ywreh48xxkMWpKAiFpBLb0km6X0iI1fhJzjkM_twxt5ff2Jwu4zsoJHAYdqEf1H2UaLtxJDk9JgzYy7Ph7fdMO9bI_uF3E90ms/s1600/1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAleAlU6308LoEXpH-NwXA-N4Azg0Ee-_PGC3GYZhB_Ywreh48xxkMWpKAiFpBLb0km6X0iI1fhJzjkM_twxt5ff2Jwu4zsoJHAYdqEf1H2UaLtxJDk9JgzYy7Ph7fdMO9bI_uF3E90ms/s1600/1.jpg" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Happy Quadrillionaire Chris Reynolds, Photo: Chris Reynolds</td></tr></tbody></table><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY0YWqi66KXRYMEVaSbkkYNnCNsuakIUvtj-WgxFRNFYhzsh_7bBw0q0MupNQZmycxvjUie-aeMqQBeeqSZMAhZDGASPN-5BD8lFFrrwBoxeHDInrmkEcV3AnYBOPcVcLCSMEy4WXUBpU/s1600/2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY0YWqi66KXRYMEVaSbkkYNnCNsuakIUvtj-WgxFRNFYhzsh_7bBw0q0MupNQZmycxvjUie-aeMqQBeeqSZMAhZDGASPN-5BD8lFFrrwBoxeHDInrmkEcV3AnYBOPcVcLCSMEy4WXUBpU/s1600/2.jpg" /></a></div><br /><div id="posttext" style="text-align: justify;"><a href="http://www.cnn.com/2013/07/17/tech/paypal-error/" target="blank"><b><span style="font-size: large;">CNN</span></b></a>  <br /><br /><span style="font-size: x-large;">F</span><b>or a moment Chris Reynolds, who owns a Pennsylvania public-relations firm, became an instant quadrillionaire when PayPal credited his account with $92,233,270,368,547,800.</b><br /><br />That would make him more than a million times <a href="http://money.cnn.com/2013/03/04/news/economy/forbes-billionaires/index.html" target="_blank">richer than Mexican telecom mogul Carlos Slim</a> who's worth $67 billion.<br /><br />Reynolds discovered his windfall when he opened his monthly statement from the online money-transfer company via email and saw that his ending balance was $92 quadrillion. When he logged on to his account at PayPal to confirm the amount, he discovered that his balance was zero. <br /><br />Reynolds said he’s been a PayPal customer for about 10 years and uses it to buy and sell items on eBay, including vintage car parts. He said he usually spends no more than $100 a month using PayPal.<br /><br />“This is obviously an error and we appreciate that Mr. Reynolds understood this was the case,” PayPal said in a statement. No word on why PayPal assumed this was obviously an error. Maybe he really did have guadrillions in his account.<br /><br />The next notice Mr Reynolds received from the company said he needed to renew the credit card attached to his account.<br /><br />“So, even though I have 90 quadrillion dollars, they still don’t trust me,” he said.  </div>