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Money and Finance: Crash Course Economics #11

8497 ratings | 768544 views
So, we've been putting off a kind of basic question here. What is money? What is currency? How are the two different. Well, not to give away too much, but money has a few basic functions. It acts as a store of value, a medium of exchange, and as a unit of account. Money isn't just bills and coins. It can be anything that meets these three criteria. In US prisons, apparently, pouches of Mackerel are currency. Yes, mackerel the fish. Paper and coins work as money because they're backed by the government, which is an advantage over mackerel. So, once you've got money, you need finance. We'll talk about borrowing, lending, interest, and stocks and bonds. Also, this episode features a giant zucchini, which Adriene grew in her garden. So that's cool. Special thanks to Dave Hunt for permission to use his PiPhone video. this guy really did make an artisanal smartphone! https://www.youtube.com/watch?v=8eaiNsFhtI8 Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Fatima Iqbal, Penelope Flagg, Eugenia Karlson, Alex S, Jirat, Tim Curwick, Christy Huddleston, Eric Kitchen, Moritz Schmidt, Today I Found Out, Avi Yashchin, Chris Peters, Eric Knight, Jacob Ash, Simun Niclasen, Jan Schmid, Elliot Beter, Sandra Aft, SR Foxley, Ian Dundore, Daniel Baulig, Jason A Saslow, Robert Kunz, Jessica Wode, Steve Marshall, Anna-Ester Volozh, Christian, Caleb Weeks, Jeffrey Thompson, James Craver, and Markus Persson -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
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Text Comments (870)
Tom McMorrow (24 days ago)
I hold my degree in finance with highest honors. Why am I watching this? Oh right. Cuz I'm unemployed. :-p
THE GAMER (26 days ago)
Why is he flexing
Nisarg Jain (28 days ago)
Should have actually taken 10 bitcoins for a zucchini.....
TheRealConservative (1 month ago)
I’m pretty sure we moved off the gold standard in the 70’s under Nixon instead of the 30’s
Ed Fitzpatrick (1 month ago)
Abderrahim Abdellaoui (1 month ago)
thank you so much
Phill (1 month ago)
Not taken into account. The favour system.
Parker Hilliker (2 months ago)
I hope someone bought your 10 BTC zucchini and is now crying over it
Eric Northman (2 months ago)
very great teaching. but I always think the male speaks too quick and vague to understand
Elijah Saucier (2 months ago)
boi, ten bitcoin for a zucchini?! that was $2571.40 at the time!
Sung-Soo Devine (2 months ago)
why is there a bag of ruffels on the picture of yap island? 2:09
christopher hall (2 months ago)
I caught that bag of Ruffles Chips. lol
soumil Saluja (2 months ago)
The LOL Minecrafter (2 months ago)
CORRECTION: They're not pieces of paper. They're technically pieces of interwoven fibers. Helps make it harder to create accurate counterfeits.
king talha (3 months ago)
Thank you Crash Course. Love the way you people explain. ♥️
J.S. Ward (3 months ago)
As long as your nation's monetary policy is functioning as it should (shows European Central Bank.)
Jonathan Hughes (3 months ago)
The world will not crash when ask and receive is used. People need to be disguised with money. Money came from Satan's prison not God's mind. Kill - annihilate money. It is a destructive beast that is addictive.
λ 3 (3 months ago)
10 BTC for a Zucchini?!?!
Thaddeus Ang (3 months ago)
2:07 dem Ruffles dou
Matthias Gray (4 months ago)
Skirting around the issue...Money = Debt
AB Taco (4 months ago)
Thanks for featuring the Ghana cedi guys. That’s awesome
Just-A-Cactus (4 months ago)
*I'll take that zukini for 19 bitcoin*
Can someone explain me stock market??? PLEASE
@Maya Goel I love Mr Green and his me- from -the -past😂❤️
Maya Goel (3 months ago)
Queen swift deserves the world Mostly yes. But I occasionally use it for history as well. For economics I also use get revising.
@Maya Goel do you use Crash course only for economics?
Maya Goel (3 months ago)
Queen swift deserves the world Yesss💕
ray1983able (4 months ago)
Barter System , Unit of account , $ = Medium of exchange , Lenders , Borrowers , Capital , Financial System brings it all together , Equity ,
Calvin Ebun-Amu (4 months ago)
Your statements on bitcoin don’t apply to many regions in Africa and MiddleEast
wtf is this belt buckle hahaha
JESSE RUKIN (5 months ago)
Clifford's much better on his own. Adriene is a terrible instructor compared to Clifford
thearrowbro (5 months ago)
In prison ramen packets are also used as currency
H-H Videos (5 months ago)
Giant zucchini must be really useful with the pleasure perposes and now that lady needs pizza to do with hahaha
Doha Walid (5 months ago)
I have been trying to understand a chapter on money and banking for almost 2 days and i couldnt get anywhere. Thank you crasg course for finally making me get a hold in this
Ch3ls3yxxSubs (6 months ago)
Giant Zucchini, isn't that called a Marrow?
Sail Financial (6 months ago)
That pizza looked yummy!
Eugen (6 months ago)
I would say money is actually a store of value more than a medium of exchange.
Brendan Lea (6 months ago)
I appreciate the service you are performing for others with your videos. Thank you! Please keep it up.
WyvernDragonHybrid (7 months ago)
That zucchini though.....
Pragna Sanyal (7 months ago)
if a layman listens to this they would miss out words like speculation whose literally meaning gives rise to an entire theory
ArtGames (7 months ago)
Hi I'm Adrienne in hell
dillon (7 months ago)
4:00 Mr. Clifford's counting bank
delirious jj (7 months ago)
More like CASH course
Nelson Swanberg (7 months ago)
Money is just a convenient system of barter exchange accounting. When you buy crypto who exactly gets your money? “Don’t worry Tommy my boy. As long as we Americans can buy ale with it paper money will work out just fine.” – Ben Franklin Invest in assets or capital?? Earnings belong to the shareholders?? haha
Super Cooper Gaming (7 months ago)
Doing this for economics class, I'm so gonna fail
Kathryn Fong (7 months ago)
Awesome for everyone to understand what they already do on a regular basis!
Everyone look at the video at 2:06 ... there's a bag of Ruffle chips on the ground. WHY?! rofl
Kimberly Gutierrez (8 months ago)
PLEASE start a Finance Crash Course.
raphael feliz (8 months ago)
6:38 cover their costs AND PROFIT
yassin farid (8 months ago)
Jonathan Dee (8 months ago)
Listen you crustaceous cheapskate! Squidward's been living at my house driving me crazy! And you're not gonna hire him back all because of a stupid dime?!
Jean-Félix Laflamme (8 months ago)
that zuchini is defenetivly not worth 10 bitcoin :'D
timarln (9 months ago)
So fun to watch in 2018 especially, because of the price for a one Bitcoin)
James Mac777 (9 months ago)
The famous, 20th century, philosopher Joseph Campbell said money is congealed energy. We place a spiritual (mental) value in it, and at the root of the U.S. economy is energy. Our entire economy is based upon faith, that is believing that the energy in a dollar bill will do something for us: This is like money is a god and we believe in it; hence, "In God We Trust" on our U.S. money. This also has a implication that money is debt, where we are owed something, and rich people accumulate debt and this is different from actual value like real property.
special one (9 months ago)
i wish that my economic teacher also have acdc belt put on
Jam Likes (9 months ago)
Crash course accounting when
Fergal Downes (9 months ago)
Heyo buddy, pretty good vid that you have here. Thanks.
anonymousbrian (9 months ago)
Hey where's that guy who did a recap of the key ideas in the comment section under all episodes so far..? :(
I. Umarov (10 months ago)
10 bitcoins for that stupid zucchini? LOL
R Nur (10 months ago)
I want to know the fool that paid 10bitcoins for the zucchini
Michael Ralby (11 months ago)
Yes! Great job.
Ferreyra FV (11 months ago)
Jacob became the money-face in my head 😂🔝
Mr Me (11 months ago)
When she looked at the zukini tho
Pradyumn Vashishtha (11 months ago)
10 bitcoin = 63k usd
Zara Yap (1 year ago)
The giant pizza and zucchini is truly distractive 😂😂
Isabella (1 year ago)
Has anyone noticed Mr. Clifford doesn't blink much.
Serenity Project (1 year ago)
I disliked barbecue zombie
Serenity Project (1 year ago)
I'd would do "THINGS" for that pizza at the start of the video
Q Prince2018 (1 year ago)
I hate digital.! Keep the cash flowing please.!!
#win #lose (1 month ago)
Money Money Money!!!
John 117 (1 year ago)
Corrupted minds get the zuchinni joke...
Richard Hatfield (1 year ago)
Unfortunately, this missed a couple of key facts about money. There are three types Currency (cash), Bank reserves (controlled by central bank - FED or BoE) - consumers never see this and finally, Commercial Bank created Money when it lends. (See BoE, and search for "Money creation in the modern economy"). The latter tends to cause the problems in the financial system when it gets out of hand. It also means that the central bank does not have full control on the quantity of money. Banks do perform an intermediary role, however, they do also create and destroy bank money (create when a loan is created, swipe your credit card! and destroy when loan is repaid, pay your credit card bill from deposited money).
lele elvis (1 year ago)
Mr Clifford!!! I love this guy!!!😍😍😍
Tony Abbott (1 year ago)
We went OFF the gold standard in 1971 not 1930s. .
Nurudeen Abdul-Karim (1 year ago)
Hurray! I saw my country's currency - Ghana cedis
kurrentlyaware (1 year ago)
So cool to see them talk about bitcoin years later!...ha! Hopefully you guys bought in 2015! Thanks crash course for your awesome videos!
Fredtality (1 year ago)
Crash Course on Bitcoin in 2015? Should have taken notes before the surge...
Albert Zeliang (1 year ago)
Use paytm
Elijah O'Dell (1 year ago)
Who else saw the bag of ruffles
Sebastian Saenz (1 year ago)
the BTC part of this video aged well
Matt Udewitz (1 year ago)
Corporations also sell bonds
A one legged man (1 year ago)
crypto currencies will soon take over
It's weird whenever I comment on one of these finance videos I get a bunch of new subscribers.. but I'm happy to help people make money so I'm not complaining! :-p
EndlessZoro (1 year ago)
@CrashCourse I keep getting the advertise of a company called mobilink-coin whenever I watch your econ videos, I did some research on it because it looks like a pretty good deal but it turns out it is a SCAM! I tried to report their videos to youtube, report their ads to AdSense and I have no idea what else I can do, the advertisement keeps coming up and everytime I check and they have more and more subscribers, people are buying it and I feel so useless, I try to warn ppl on their channel but they just delete my comments. Can you help in any way?! There are probably lots of people seeing it because of this series! I almost fell on their trap myself!
Shaira Vista (1 year ago)
Please create an accounting playlist. Thank youuu
I Should Know This (1 year ago)
I like that you made this so easy to understand and process, thank you!
Deron FerrellTV (1 year ago)
i was confused 40 sec in
Vladimir Tchuiev (1 year ago)
If she actually sold the zucchini with 10 bitcoins she would have been filthy rich by now, 140k USD filthy rich.
Jeremiah Dalton (1 year ago)
Would've been great to have seen this before Bitcoin peaked. 👀
Jasmine Lav. (1 year ago)
Wow did that Bitcoin skit age weird.
Cletus Abbot III (1 year ago)
Ron Paul 2020!
TheRealNoodles (1 year ago)
Cletus Abbot III Wanna put a gold bug with severe down syndrome in the oval office?
Sai Skanda (1 year ago)
I hope that someone did give you 10 Bitcoins for it 🤣
GuineaPigsPlayMC (1 year ago)
In January 2018 she is asking for $124,500 for an oversized zucchini.
Dominique Smit (1 year ago)
Would be an expensive zucchini at this point.
frank stain (1 year ago)
watching in 2018 where bitcoin is going downhill lel
M S (1 year ago)
Thats one expensive zucchini
Irene Kwan (1 year ago)
Note that your Zuchinni now costs over US$100,000 :O
Pedro Gonçalves (1 year ago)
What about fractional reserve lending and the fact that the state borrows more than it can ever repay?
Marttina Ross Soriano (1 year ago)
I got lost in the first 5 minutes XD
TheRealNoodles (1 year ago)
Marttina Ross Soriano i got lost in the first 10 mins
I Bmi (1 year ago)
This episode just got a lot more relevant because of that bitcoin bit.
Maaz Ahmed (1 year ago)
Money and currency aren't the same thing.
Christopher Sewell (1 year ago)
kill the lil
Christopher Sewell (1 year ago)
Christopher had a big one to deal with
Shing Hon Hui (1 year ago)
1.5x nice and easy

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