Dear Crash Course Economics team, I want to thank you for everything. A few weeks ago, I was panicking because my academic decathlon competition was coming up and I knew nothing of economics. What did I do? I watched all your videos and as a result I received a medal in economics!!! Thank you for everything. Continue the good work!!!

Some notes if anyone needs em! -Barter system is the alternative to money, but is highly inefficient -Money serves as a medium to exchange, store of value, and a unit of account -In the past we had the gold standard which connected each dollar to a value of gold -Stock market is part of the Financial system which is composed of Lenders (corporations and households) and borrowers (households, businesses, governments) -Financial system = a network of institutions, markets, and contracts that brings lenders and borrowers together -3 ways this happens: banks, bonds, stock market -Banks deal with debt, stocks deal with equity (the difference between the value of assets/ interests and the cost of the liabilities of something owned) -Financial instrument = a tradeable asset of any kind -Banks are Financial Institutions = an establishment that conducts financial transactions such as investments, loans, and deposits

@alexdmarcon

4 жыл бұрын

When you say the word money, I don't know what the hell you're talkin about. Are talking about a worthless Federal Reserve Note or a silver certificate or are you talkin about a coin you guys are so stupid. You just throw the word money out there. You don't specify what you're talking about.

@alexdmarcon

4 жыл бұрын

Why do people say gold and silver are money they're Barter First and are used as money but if you had any brains and you actually read the laws you don't understand what you were saying is incorrect you want to debate me bring it on

@alexdmarcon

4 жыл бұрын

What law states would a dollar is please let me know here because I'm all ears I got all day long to to learn from you know it all person what law states what a dollar is in law please tell me

@alexdmarcon

4 жыл бұрын

Debate me one point at a time I don't want to hear any garbage rambling on here you take me on one point at a time and show me that you're smarter than me and don't start crying cuz they called your name don't be a crybaby take it like a man you can call me whatever names you want I don't care I'm a man I'm not a crybaby or sissy come on bring it on let's debate here one point at a time

@lexiesmh8927

4 жыл бұрын

A M jeez. that’s harsh. i mean nobody even said anything to you?

10 BITCOIN FOR A ZUCCHINI? That zucchini better be embedded with gold or something, damn.

@marksman712

8 жыл бұрын

+killerfrenchy would need to all gold under skin. or do my house cleaning and car servicing

@roguedogx

8 жыл бұрын

+killerfrenchy depends on what a bit coin is worth as of this moment now doesn't it?

@killerfrenchy

8 жыл бұрын

1 Bitcoin is currently worth 266.40 US dollars according to the Googles.

@worganyos

8 жыл бұрын

+roguedogx Yeah, it doesn't fluctuate THAT much...

@EconCow

8 жыл бұрын

+killerfrenchy Yea they seem to have the impression that Bitcoin = US$0.25 or something. Please check out my videos on economics and let me know what you think.

Does Patreon accept Zucchinis as payment?

You guys are so awesome!! One of the most boring subjects has changed into one of the most interesting ones! Thank you!!

When this episode came out bitcoin was around $240. $2000 for a giant zuccini is outrangous

OMG! Love this! Thanks for actually speaking at a rate that I can follow. Other videos are edited and sliced together so tightly that it has NO pauses in between sentences for the information to sink in.

Now I'm imagining somebody tryna steal 4 tons of limestone.

please make a course for accounting

@KewhoMin

7 жыл бұрын

I agree! These Crash Course videos are incredibly helpful and informative.

@josephgrant9707

4 жыл бұрын

I recommend Farhat Lectures. Not as fun as CC, but it is accounting after all...

This is the best video in the series so far. Straightforward, easy to follow, and no political stalking horses.

A minor correction, bitcoin is *not* anonymous; it is pseudonymous. All transactions that have ever occurred since Bitcoin's inception is permanently recorded on the public world-wide ledger. There're no names and identities associated with each transaction but it doesn't mean someone can't figure out who made those transactions with some research. In fact, there are already tools to help assist with this. Given that fact, using bitcoins for illicit transactions is ill advised; fiat cash like dollars and euros is better suited for that purpose.

I mean, she should have expected the zucchini jokes...

@abhiprakash74999

4 жыл бұрын

I think they did that on purpose , to negate the sheer panic and revulsion this particular subjects , ie, finance creates in many ppl. They are hoping to ease them in with some normal jokes and stuff .

That AC/DC belt though

Damn that pizza looked good

I love this channel for giving so much information about something that I am interested in

Thank you guys!!! Economics is something i've never understood (especially the stock market) but this really helped

I bet she loved that Zucchini..

@IsmailBahhane

8 жыл бұрын

+Newton Lavoisier I was looking for this comment hahaha

@devins7457

8 жыл бұрын

I mean, someone had to say it. We were all thinking it.

@apenasmeucanal5984

8 жыл бұрын

+Ismail Bahhane me too

@DrSpaceman69

8 жыл бұрын

+Newton Lavoisier L = SH think about it

@ramondenner5126

8 жыл бұрын

+Newton Lavoisier ( ͡° ͜ʖ ͡°)

Thank you Crash Course. Love the way you people explain. ♥️

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

Crash Course= A + I wish my college Professors went to Crash Course College =)

Did anyone else notice the bag of chips in the black and white picture?

@keira_churchill

8 жыл бұрын

+Mickey Odunikan No. You were the only one who spotted that.

@mtylerryan

8 жыл бұрын

2:06 yeah I did. I stopped to see if anyone else did and to post a timestamp :p

@chillin4vl6

8 жыл бұрын

+Mickey Odunikan illuminati

@quyenkelly9

8 жыл бұрын

In a time where time traveling exists, man, goes back in time to where this photo was taken and accident leaves bags of Ruffles.

PS: that's actually a bad zucchini, when they get that big they are pig fodder

@amonraii7273

4 жыл бұрын

There are more than one way for a woman to use a zucchini you know ( ͡° ͜ʖ ͡°)

@DudeWhoSaysDeez

4 жыл бұрын

She wasn't interested in eating it

I like that you made this so easy to understand and process, thank you!

2:09 there is a bag of ruffles hidden in the photo

@funkymonkey7202

4 жыл бұрын

wait why?

I appreciate the service you are performing for others with your videos. Thank you! Please keep it up.

these series are amazing thank you !

Adriene's a natural behind the camera. Jacob's good, but Adriene makes it relatable and fun.

I especially love this video, Crash Course has broadened my horizon about the stock market and the financial system. Thank you!

“Most people fail to realize that in life, it’s not how much money you make. It’s how much money you keep.” - Robert Kiyosaki

Did anyone see the Ruffles bag?

Thank you for making this video so easy to follow through

Love this series!

Did any of you see the Ruffles bag at 2:05? I was about to burst out laughing.

Gold standard kept central banks and sovereign governments from unbridled spending. Debt skyrocketed as soon as the gold standard was ended in the 70’s. Currencies are now subject to inflation. This is why owning gold is so important, and it’s why central banks worldwide store thousands of tons of gold and even now are buying more gold for their reserves. As JP Morgan said, “gold is money, everything else is credit”.

Thanks for this Wonderful Course Team!

This is so helpful! Thank you so so much!!!

10 bit coins ($2,500) for zucchini? what is she smoking?

@tatianatub

8 жыл бұрын

+Vaibhav Gupta my thougts exacley

@RedLeader327

8 жыл бұрын

It's just an example. Or it's the world's greatest zucchini.

@4571police

8 жыл бұрын

0.02 bitcoins would probably be a fair deal... Maybe. Idk. Is a zucchini worth $5?

@Elador1000

8 жыл бұрын

+4571police It´s not. That´s the point. She would make massive profit.

@williambradshaw7220

8 жыл бұрын

she doesn't really want to sell the zucchini, she has other plans for it... ^_^

did you buy bitcoin at that time?

3:56, sure i will buy a large zucchini for 2.07 million dollars. 10 bitcoin, lol!

@grantm.5975

Жыл бұрын

Was just thinking this lmao

Thanks for featuring the Ghana cedi guys. That’s awesome

Competition in currencies is the way to go. I like gold and bitcoin.

NONE OF THIS WAS TAUGHT IN MY FINANCE 101 CLASS. .... AHAHHHHHH PROFESDOR WHY WON'T YOU GIVE US A STUDY GUIDE FOR THE FINAL??? IM GOING TO DIE TOMORROW

@bendydikcumandsnap6002

4 жыл бұрын

Sierra Rissell So umm...did you pass?

@Michelle-kz7uv

4 жыл бұрын

Bendydik Cumandsnap 💀

this is awesome !! waiting for the next episode :)

I use this to study and it helps me a lot

1. With Fractional Reserve Banking, money is created out of thin air, then loaned out, not all of which gets paid back due to bad loans and bankruptcies. And the real money that is paid back, does it go back into thin air or into someone's pocket? 2. GDP is new stuff only. A total economy includes non-GDP stuff too. Where many economists make their errors. (Basically focusing only on GDP and not including non-GDP stuff). Be very careful of charts and data that base their findings upon GDP alone.

@economath8164

8 жыл бұрын

+Charles Brightman They don't focus on the "non-GDP stuff" (very technical language you're using there, by the way) because the value of said "stuff" is already contained in the GDP figure, which includes consumption of final goods and services, changes in inventory of unsold final AND intermediate goods, and investment in works in progress not accounted for elsewhere. There are a few areas where most nations don't count economic production, such as in gray or black markets such as prostitution and drugs, but it doesn't sound to me like that was your point.

@marlonyo

8 жыл бұрын

+Charles Brightman because of the current definition of gdp a truly sustainable system would have a gdp of zero

@marlonyo

8 жыл бұрын

+Charles Brightman once the dept that created the currency is paid, the money is destroy once the dept is paid but not the interest. but the fact still remains no dept= no money

@economath8164

8 жыл бұрын

+marlonyo The problem with the No Debt = No Money claim is that ignores the easily verifiable fact that many banks often hold reserves in excess of their reserve requirements (if not, explain the overnight reserve lending market that is priced by the Fed via the federal funds rate; also, especially since 2008 when the Fed started paying interest on reserve deposits). Otherwise, those banks holding said excess reserves wouldn't be able to lend in the first place. The fact that some conspiracy-laden animated KZread video says to the contrary doesn't mean you should believe it.

@economath8164

8 жыл бұрын

+MrBipBipp I refuse to grant them the benefit of the doubt regarding their equivocation that you appear to generously bestow them. De gustibus...

10 bitcoin! What madness is this! As I am writing this, she is asking about $4000 dollars for that Zucchini. XD

Great list of crash courses

Barter System , Unit of account , $ = Medium of exchange , Lenders , Borrowers , Capital , Financial System brings it all together , Equity ,

Na, I'd rather loan money to my drug dealer neighbor next door; it the system, man. I don't need no banks! I love how this series explains that "the system" and "the man" who're trying to keep us down are actually processes that run on an understandable logic, like an engine or a chemical reaction. People wouldn't be so paranoid if they took the time to understand the things they're afraid of

@BlankPicketSign

8 жыл бұрын

+Greg Moberg _“The oldest and strongest emotion of mankind is fear, and the oldest and strongest kind of fear is fear of the unknown”_ ~ H.P. Lovecraft, Supernatural Horror in Literature

@NatralSelection

8 жыл бұрын

I have a degree in Economics, and I understand our monetary system; trust me, you should be scared

@BlankPicketSign

8 жыл бұрын

NatralSelection Well I'm not. I see no reason to fear it

@sirellyn4391

8 жыл бұрын

+BlankPicketSign If not for the fact they debase the money constantly through inflation. You essentially have had the government rob more money from you than any mugging, or other combined theft you've ever had. And while that might not be enough, the currency today is very far detatched from it's actual value. In short they'll have to repeg the dollar soon. You may remember Russia early 2015 had to repeg the ruble. Everything started costing twice as much (actually the ruble lost half it's value.) The US will have to do the same thing, only it will be much more severe. (You'll be VERY lucky to get 1/3rd) And sadly that's only the start of the bad ridiculously bad things our monetary system has going for it.

@BlankPicketSign

8 жыл бұрын

***** Watching this series will show you that Inflation can be controlled, but how it can also help an economy. America and Russia are very different, and while it is wise to try to understand how economies work, you can't just look at one county and then predict doom and gloom for another. If you care about Monetary Policy, then use your right to vote, get people in office who you believe are responsible and have experience with managing economic systems. And no... being "a business person" does not qualify someone to run a county or an economy. Vote for people who actually Know how the system works

Let us note that a Barter Economy never existed. Barter happens, but it has never been the basis for any economy that we know of. It was assumed by 17th and 18th century economists that barter must have preceded monetary economies; but the evidence that we have is to the contrary. The most typical economy prior to money was (as far as we can tell) a Gift economy. Essentially if you need something that I have, I give it to you and you incur the social obligation to give me something that is of equal or greater value in the future. If you fail to do so, you lose status and people are less likely to give you stuff.

@VulpeculaVolo

6 жыл бұрын

Paul Peterson yeah that was actually the subject of another crash course, oddly enough, but economics is taught in an extremely biased way. Even without that knowledge, the statement 'its either barter or money' is a non sequitur.

@therealnoodles7638

6 жыл бұрын

Paul Peterson essentially an IOU system right? My guess is that barter only arises when there is difficulty in buying something, like if the other person doesn't have money or you don't trust him or her. But they do know money exists. So i think barter happens after money. Economics always taught that the monetary system arose from barter but i don't think it did. I think we used barter when the monetary system broke down or if we don't trust the other party.

I just noticed the bills are marked with the episode number-- nice!

This is what I been waiting for to thanks !

Oh, continue.

I'll buy your zucchini!!!

Please create an accounting playlist. Thank youuu

really very awesome videos. thanks.

where did you get this african zucchini.?

@abhiprakash74999

4 жыл бұрын

Ah I see what u did there. Also, taking ur comment literally then she probably imported it from the middle of the Congo rainforest. No wonder she's expecting 10 bitcoins for it.

That zucchini must have gold in it

them: doing the intro me: looking @ the pizza 👁👄👁

I loves these videos.

Anyone noticed how nicely the colors of the preview-pics in the playlist are choosen to resemble a rainbow?

@MoJo01

7 жыл бұрын

well, somehow the rainbow contains the main colors you always see everywhere

the guy looks like ross and monica's father lmao

There's an intersection between the bond market and the stock market in Australia. The Commonwealth Government sells some of its treasury bonds on the ASX. If you've got a few hundred dollars to spare, you can buy them in units of $100 face value, though the market price will almost certainly be higher. A couple of dozen companies also do likewise. The government bonds have codes beginning with GSB (fixed-rate) or GSI (CPI-indexed) followed by a letter and two numbers (eg GSBC17, which matures in 2017). Corporate ones have codes that consist of the company's code followed by H and a letter to indicate sequence (eg. WBCHB being the second such bond issued by Westpac Banking Corporation).

You have already won my heart. Thanks a million for sharing your knowledge. God bless you more.

6:38 "the bank takes part of the money to cover their costs and passes the rest to the depositer..." hahaha I wish the reality was like that but I think the right way to explain it is: "the bank takes a huge amount of the money to cover its costs and make massive profits and give the depositer a pathetic interest rate"

@katies7654

4 жыл бұрын

:D:D right when they said that I was like....hm.....I never received a penny from my deposited money ; the bank made 100 % profit on my money not me..

Some of this is straight outta David Graeber's book "Debt: The First 5000 Years" as mentioned in Crash Course: World History II. Glad to see it had some staying power!

This helped me sooo much thanks crash course 😊👯

I got lost in the first 5 minutes XD

@therealnoodles7638

6 жыл бұрын

Marttina Ross Soriano i got lost in the first 10 mins

Ruffles must have been around forever...

Loved this video

Very well explained,thank you so much and keep up the good work !

"The most important single central fact about a free market is that no exchange takes place unless both parties benefit." - Milton Friedman

@culvereric

8 жыл бұрын

+Ace132 free trade agreements most commonly initiated by governments, and by definition are not of the free market

@erricomalatesta2557

8 жыл бұрын

+Naveen man he must have been high or something

@TheRepublicOfUngeria

8 жыл бұрын

+Naveen LMAO

@AutodidacticPhd

8 жыл бұрын

+Naveen Aptly demonstrating that the man (like many academic economists) lived in a fantasy world.

@AutodidacticPhd

8 жыл бұрын

Acquiring a need at exorbitant price isn't benefit, it is extortion. As is the underselling of a resource out of desperation. The model ignores all external reality and political power, rendering it little better than a ethical pacifier for the easily self deceived.

What did she end up doing with that zucchini?

Whatcha doin with that zucchini baby😏🤭

Thank you million times ! How dare you, I want to transfer to study Econ because of you, and I used to hate it !

you want 10 bitcoins for that? (= 2200 euro)

@greatwolf.

8 жыл бұрын

+samramdebest I'll give her 0.01 bitcoins for that but even that is a bit much...

@user-em1sf3js9u

8 жыл бұрын

+samramdebest The point is that she will be making a huge profit...

@AlexSGabor

8 жыл бұрын

+samramdebest 10 Bitcoins now $4,400.00 USD.

@DubbRS

7 жыл бұрын

+Alex S. Gabor 10 Bitcoins now $9,000.00 lol

@overwrite_oversweet

7 жыл бұрын

Anyone want put options on that Bitcoin?

So fun to watch in 2018 especially, because of the price for a one Bitcoin)

This Crash Course series is so great!!!! :)

good stuff ! ..curious for upcoming vids!

Lmaoooo 10 bitcoin is like 70000$ ill gladly buy the zucchini

That's an expensive Zuchinni. As of today it's ~$2,500 (using 1 BTC/~$250)

@netajithevar296

6 жыл бұрын

Dude, its $160,000 as of jan 8 2017 [1 BTC = $16,000]

@jessicalanggamez

6 жыл бұрын

I thought the same lol. Right now it's at something crazy like 9k per bitcoin.

@0lone0wolf0

5 жыл бұрын

I need a time machine real quick

really help for me thanks.

keep them coming!

Checks? US is pretty much the only country that still uses those, right? How are you still stuck on such an archaic method?

@ana33108

8 жыл бұрын

+Bad Bandwidth france too, it's ridiculous honestly

@Shadowofromefanatic

8 жыл бұрын

+Bad Bandwidth In the UK we still use cheques too.

@benaldo138

8 жыл бұрын

+Bad Bandwidth Really checks are rarely used but it depends on who/where you are. Only time you usually see checks is for monetary gifts, or issued by an employer as a paycheck for those people who still live without direct deposit... Our government issues them to citizens to pay out tax refunds and different benefits (They're in the process of phasing this out in favor of mandatory direct deposit though...) Most situations where you used to use checks have been replaced by card payments. Sometimes you have to get a money order for particularly important transactions (Rent, utility biills, etc.) Because a lot of those companies stopped taking checks due to fraud problems. (Money orders are paid in full up front so they never bounce and you can't kite them.) Oh, and the elderly. Anyone over 50-60 probably still uses checks more often than the average american...

@MoreaGaara

8 жыл бұрын

+Bad Bandwidth It's a funny thing about the whole check thing...for years I thought everyone used them. And then I find out about the whole direct withdrawal and online payment options, and I cannot bring myself to trust them. There are too many ways those things can go wrong or be hacked, or whatever. Using checks means you have a paper trail. Okay so it's archaic and I'm old fashioned. But it does feel safer (even if in reality it may not be).

@SchiferlED

8 жыл бұрын

+Bad Bandwidth I still have my first checkbook from when I was a kid, and I've not even used half of them. Older people who are used to them might use them more often, but I think most of the younger generation(s) (30 and below?) use a debit/credit card or other methods of electronic payment for everything.

huh, going at x1.25 speed improved my viewing experience, who knew?

Measuring the value of everything in bananas sounds like a lot of fun. :)

Thanks!

So a ZUCCHINI is worth 90000 dollars?

10 BC for a zucchini, are you high on bath salts???!?!

@L30N4tER

7 жыл бұрын

what if that zucchini took her virginity, would you consider then?

The problem of fiats or non-gold standards is representing scarce resources with a non-scare resource (Of course other scare resources such as petrol or electric energy can be used)

This video just summarized the first term material we teach in secondary schools in Hungary :'D

Why the pizza?

The barter system is coming to an end.

you are amazing guys ty!

Yes! Great job.

WTF is with the zucchini?!?!

2:10 ME FIRST DIME!

@matthewnodar7298

4 жыл бұрын

Best comment.

Mr Clifford!!! I love this guy!!!😍😍😍

She was giving it that look 0:22

banks don't use deposits to make loans

@henryi9738

8 жыл бұрын

+Hamstray Yes, my thoughts exactly ! at 9:14 guy says, "Banks do the same thing. They accumulate small deposits from thousands of people and use that to make loans".

@Hamstray

8 жыл бұрын

+Hooya2 positivemoney aside, they might have their issues (www.3spoken.co.uk/2014/11/the-sovereign-money-illusion.html), however on this matter they happen to be correct. did you read the paper by the bank of England they link to? www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf#page=1

@extremosaur

8 жыл бұрын

+Hamstray But isn't that true when the bank "crowd funds" all of these deposits and the pulls from that to create loans?