IN DEBT WE TRUST

The first bank vault was built after someone realized mattresses have limits. Security is just upgraded paranoia.

✗ FAKE
Bank vaults developed to protect valuables from theft and fire. Safekeeping of money in temples and later in banks goes back to ancient times. The mattress story is a joke.

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The first insurance policy covered “acts of drama.” Claims were endless.“Cash flow” was first described by a poet watching money leave his wallet dramatically.The first financial crisis started when someone said “this can’t possibly go wrong.” It went wrong immediately.Initial Public Offerings (IPOs) allow companies to raise capital from the public. And give you a chance to lose money before lunch.The first “term sheet” was written on parchment with the title “Let’s make this weird.” And it did.The first “interest-only” loan was invented by someone who hated consequences. Temporarily iconic, permanently risky.See all In Debt We Trust facts →

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The first bank vault was built after someone realized mattresses have limits. Security is just upgraded paranoia. | SmartAss Facts