Two researchers at the New York Fed have been looking into money and credit in ancient Rome. How did they use debt and credit to move money around?
Turns out they could move large amounts of money by paper transactions. Not unlike our modern "shadow" banking system.
Bookkeeping must have been a challenge without having zeroes to play with.
Even without zeroes, Romans managed to move a lot of money around without hauling physical gold and silver.
Here's how.
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