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How One Family Invented The Modern Economy

In medieval Europe, charging interest on a loan was a mortal sin called "usury"—punishable by excommunication and eternal damnation. Yet, in 1397, the Medici family moved their bank to Florence and became the wealthiest dynasty in history. How did they do it without losing their heads? This video explores the financial engineering behind the Medici Bank . We break down how Giovanni di Bicci de' Medici used the "bill of exchange" to hide interest payments in currency conversion, how they popularized double-entry bookkeeping to track their vast empire, and how they invented the modern holding company structure to protect themselves from bankruptcy. Topics Covered in This Video: -The Sin of Usury: Why the Catholic Church banned lending money and how bankers circumvented it. -The Bill of Exchange: The "legal fiction" that allowed the Medici to charge 10% interest disguised as foreign exchange . -Double-Entry Bookkeeping: How the accounting method of "Debits and Credits" gave the Medici a massive information advantage. -The Holding Company: The corporate structure that allowed branches in London, Bruges, and Rome to operate independently. -The Papal Banker: How the Medici secured the Vatican's accounts and used church money to build their political power. This video is for educational and entertainment purposes only.