US Government’s “New Rule” Allows Banks To Completely Make Sh#t Up
In 1494, a 47-year old Franciscan friar named Luca Pacioli invented something that was revolutionary.
Pacioli was, in fact, a friend and contemporary of Leonardo da Vinci, and the two collaborated frequently.
So you?re probably guessing that Pacioli was a co-designer in Leonardo?s famed flying machine, or a new architectural technique.
On the contrary.
Pacioli?s invention was the double-entry accounting system; in fact he?s known by bean counters today as the father of accounting.
This was a major and much needed innovation at the time.
In the 15th century, Italy was dominating global trade and commerce.
Yet unlike in the centuries before where merchants were primarily transporters and traders of exotic goods, 15th century merchants had essentially become proto-bankers whose primary business was extending and trading credit.
This was a major change in the way that business was done, and it…
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