The Medici Bank
Storyboard Text
- Siege of Ferrera, Circa 1380
- Welcome to 14th Century Italy, a land divided into various warring city-states, each completely independent from each other.
- The problem with the system of city-states is that each city had it's own currency. This made it difficult to trade
- So the Medici family began selling their Currency Conversion, in which they would charge a commission in exchange for doing foreign exchange.
- Medici begin Foreign Exchange, Medici Bank Circa 1400
- Venice, Jews used to avoid Usury, Circa 1400
- In Venice, we use Jewish people to charge Interest for loans as when interest is charged by people of the same religion, it is considered a sin.
- I am a Jew and I am here to charge interest for your recent loan
- Very well then! I am a christian Venetian and I shall pay you the interest.
- Hmmm, perhaps I can use foreign exchange as a way to give loans, using commission to bypass the prohibition of Interest!
- Venice, Medici Bank begins operation, circa 1405
- Hey! You don't need to talk to Jews to bypass Usury! How about I exchange your currency for florins, and I'll charge a little bit of Commission!
- That sounds perfectly legal according to the teachings of the bible! Very well then!
- Medici become rulers of Florence, 1434
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