Class 2 – Web of Debt Questions, Ch. 3, 4, 5

Chapter 3: Experiments in Utopia: Colonial Paper Money as Legal Tender

  1. Which was the first colony to issue paper money and why did they do it?
  2. Who is considered the father of paper money?
  3. What were four virtues of government issued paper script?
  4. What are the two types of script the colonies issued and how were they different?
  5. What ultimately happened with the bills of credit? Why?
  6. Ben Franklin went to England in 1764.  Why did he go and what did he find when he got there?
  7. Was Franklin successful? What resulted?
  8. How was the war financed?
  9. What was the British response?

Chapter 4: How the Government was Persuaded to Borrow Its Own Money

  1. What does the Constitution say about money?
  2. How much was the Revolutionary War debt and what was Treasury Secretary Alexander Hamilton’s plan for it?
  3. Who opposed this and why?
  4. Who won out? How?
  5. How did the bank work?
  6. What happened with the Hamilton – Jefferson feud?

Chapter 5: From Matriarchies of Abundance to Patriarchies of Debt

  1. In Sumer what role did the temples play?
  2. What icon is associated with the goddess Inanna and what analogy to money does it have?
  3. What is fiat money?
  4. What was the fiat money in medieval England?
  5. How long did a laborer in the Middle ages have to work each year to provide for his family?
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