Sunday 1 November 2009

Week starting November 2nd - The Goldsmith's story

This week we will be talking about money issues. Your task is to go listen to the following story - don't worry if you don't understand all the words: http://www.youtube.com/watch?v=3HdmA3vPbSU Then answer the following questions: 1. Where does money come from? (Attention: money is in the singular, unlike in Romanian, we say money is, was, etc.) 2. What have you learnt from the Goldsmith's story? 3. How can you make money out of nothing?
Then go to the following site, listen to the vocabulary and do the test about banking: http://www.esl-lab.com/vocab/v-bank.htm#vocab Tell me about your score and if you found it easy or difficult.

21 comments:

  1. 1. Money comes from the banks who make up the actual amount people take as credit.
    2. Do not give out more loans than what you are covered for. As the clip shows it is OK to give out fictional money in a ratio of 9 to 1.
    3. On the test, I got all 3 questions right. It was easy.

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  2. I saw the movie. Money come from the burrowers promise to return the money they loan. If they don't do that they will lose any collaterals they guaranty their loan with. I learnt from this story that the Goldsmith's idea was good until he decided to loan money which was not cover by existing gold. The condition was that not all depositors ask for their gold back at the same time. You can make money out of money by landing money which are not cover by real gold.
    I ansewer the tests and my scores were 67% and 80%. They weren't so dificult, but there were some words I didn't understand.

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  3. 1, all the money are from the banks .
    2 I learned that you can't give loans biger then you have in reserve of your bank because the sistem can fall down .
    3 the test is verry easy I got all the answer correct .

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  4. Vulturnatalia,
    you posted a good comment using your own words. Pay attentio: you say the goldsmith lends money to borrowers!

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  5. 1. Money comes from the banks who loan money to people by credit.
    2. From the story i learned that you can't give out more loans than you have in your banks because you will be bankrupt.
    The test was easy I got all answer correct.

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  6. 1.It's simple,the money comes from the banks.
    2.A obvious thing that the video show us is that the sistem can fall down if you give loans biger that you have.
    3.I got all answers corect,I found it simple.

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  7. 1.Money comes from the bank.
    2.I learn from the Goldsmith's story not to trust in banks.
    3In my opinion is very difficult as making money from nothing and i think must be a smart person to succeed.

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  8. 1. I this movie is explain how banks are working , money are created by the bank from the borrower promise to repay .
    2. From the Goldsmith's story can learn that is easy to take a loan , but you can lose your house , car or every asset was pledged as collateral if you don’t pay the money back.
    3. You can make money out of nothing only if you are a bank , by landing money which are not cover by real gold .
    On the test, I got all 3 questions right and make 100 % , it was quite easy.

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  9. As we can see in the movie the money came from the burrowers ho signed to give back the money. The goldsmith idea was good for that time, first it was good and than the people who had gold wanted to see it and to have some profit and so the profit for the goldsmith starting to fall down and the he had an idea, to make paper money and give loans to burrowers, and so for a while he was rich, but not every miracle hold’s 3 days he started to give to many loans until the system starting to fall again and he was forced to still and run, not a good idea. You can make money easy giving loans, but the best way is to invest in something you thing it’s good and working hard you can have your own business .

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  10. 1. On one hand, the money came from the promises of the borrowers who signed the contracts to pay back the loan and the interests, and the bank simply wrote the money to the borrowers bank account. So this kind of money was a "fictional" one. On the other hand, the bank's money was created by the difference between the low interest rate for the deposited gold or money and the high interest paid for the loaned out money.
    2. From the Goldsmith's story I've learned that a business is totally based on the clients, if they get a good service and they have trust for the partener, the cooperation will be lasting and prosperous. Another lesson of this story would be that every business have to have more pillars to rely on.
    3. I think that you can't create money out of nothing, you always need financial or intellectual capital. If you are wise enough, you can make money from a good idea :)
    4. I did the test about banking and I found it easy.

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  11. The film is interesting. I drew a conclusion that that money come from those who borrow with the promise that they will return back. It is easy to get a loan, but you can lose everything if you do not repay money borrowed. The Goldsmit's brilliant idea was very good until he decided, to borrow money that were not covered. You can make money from nothing giving loans, or you can invest in something that i think is good and profitable. As for the test I got 100% and seemed to me quite easily.

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  12. A short time ago,before Christmas,I went ou with a couple of friends for a ride in the town.We talked about interesting things that happend to us last week and what kind of things we did with our cars.
    I told them that I know a great place where we can drift,wich ish very interesting and you can feel how the adrenaline level gets high.One of my friend acoured a great ideea.The ideea was that we go somewhere where is frozen and we can drift.
    I didn't aspected for a better ideea,and ofcourse I agreed with the boys.Meanwhile riding there we drift along the road,I was riding slow but after a time s rided faster an I was drifting to.
    After a while the car became uncontrolable,I try to keep it under control but I couldn't.I saw before my eye how I get closer to the drop off.
    Fortunatly the car stoped in the righ time,I was very scared.I tryed to get out of the car and I noticed that on the left side a can't so I get out on the right side.
    This time I really had a good luck.When I bought the car it wasn't any scratch n it and I was happy i didn't get any scratch this time.My friends couldn't belive wath happed,if it was ture..Everything was okay and I was happy.The funny part of this story ish that the way home I run into an iceberg wich was on the road and broke the front of the car.

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  13. There are many people who think that banks loan their own money and stories like this but is not like that.Banks create the money they loan dirrectly from the borrowers promised to repay.
    The Goldsmith knew how to improve and make money so he became very rich but he run to far so he lost everything he had.
    He manage to make money and become rich again by making paper money but it didn't take too long.
    Anyway,there are some ways you can make money out of nothing but not too much people manage to do it because you have to be verry intelligent and you have to know when to stop.

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  14. 1. Money comes from the banks.
    2. From the Goldsmith's story I've learned that is easy to take a loan, but you can lose your house, car or every asset was pledged as collateral if you don't pay the money back.
    3. In my opinion is very difficult as making money from nothing and I think must be a smart person to succed.

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  15. 1. Money does come from the borrowers and their commitment to the bank .
    2. The Goldsmith ' s story learnt us that banks are so sown of money in differenet way
    3. We can make money from baluables loans trade and industry , deposits

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  16. 1.Even if some people think that the money came form the people who deposit there money but in fact the money came from the bank.
    2.From the Goldsmith's story I've learned that people can borrow money form the bank with the promise to give them back or else they can loose whatever they put in mortgage.
    3.Bank can make money out of nothing by giving loans biger then they can covered but that can means a fast fall down or if u are a smart men with good ideas.
    I did the test and it wasn't hard I was quite good.
    Covaci Marian Emil ECTS second year

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  17. The Goldsmith's money came from the borrowers .
    I have learn from the Goldsmith's that you need a very big brave to start a "business" like this.
    My personal opinion is that just a very clever and intelligent man can make money out of nothing.
    I have made the test and I have answered at two questions.

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  18. 1. Money comes from the banks.
    2. from the Goldsmith's story I've learned that is easy to take a loan, but you can lose your house, car or every asset was pledged as collateral if you don't pay the money back.
    3. In my opinion is very difficult as making money from nothing and I think must be a smart person to succed.

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  19. 1.The money is from the banks.
    2.I learned from the goldsmith's story that if you take credit more then you can give back you can lose all your guarantees.
    3.My test was 100%.

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  20. 1. The money comes from the banks who loan money to the people with credits.
    2. From the story the goldsmith i learned that you can't give out more loans than you have in your banks because you will be bankrupt.
    The test was easy I got all answer correct.

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  21. 1. Money comes from the banks.
    2. I've learned that a business is totally based on the clients, if they get a good service and they have trust for the partener, the cooperation will be lasting and prosperous.
    3.i think if you have good ideeas and little financial support for biginning..you can make money out of nothing

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