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The Money Portal

Euro coins and banknotes

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar.

The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of broad money in developed countries. (Full article...)

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A continuous buildup of toxic assets in the form of subprime mortgages purchased by Lehman Brothers ultimately led to the firm's bankruptcy in September 2008. The collapse of Lehman Brothers is often cited as both the culmination of the subprime mortgage crisis, and the catalyst for the Great Recession in the United States.

The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession.

Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value. Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis. (Full article...)

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  • Selected currency - show another

    The hryvnia (/(hə)ˈrɪvniə/ (hə-)RIV-nee-ə; Ukrainian: гривня [ˈɦrɪu̯nʲɐ] , abbr. : грн hrn; sign: ; code: UAH) has been the national currency of Ukraine since 2 September 1996. The hryvnia is divided into 100 kopiyok. It is named after a measure of weight used in Kievan Rus'. (Full article...)

    Did you know - load new batch

  • ... that the façade of the Brooklyn Central Library was removed in an attempt to save money?
  • ... that Ken Kortas lost money speculating on hog futures during his NFL career?
  • ... that medievalist Edward Rand rang the doorbell of Harvard president Charles William Eliot and asked him: "I would like to go to Harvard; do you have any money?"
  • ... that the song "Money" by the Drums was certified gold by the RIAA over a decade after its initial release?
  • ... that Prince Charles donated money to help repair the Cambus O' May bridge after it was badly damaged by Storm Frank in 2015?
  • ... that in 1919, Ukrainians were using regular-issue paper money issued in denominations of 0.30, 0.40, 0.90, 1.80, 3.60 and 18 hryvnias?
  • ... that the Gould Memorial Library once hosted pie-throwing contests to raise money?
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    For editor resources and to collaborate with other editors on improving Wikipedia's Money-related articles, see WikiProject Numismatics.

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    In the news

    4 July 2024 –
    Tunisian opposition leader and founder of the Republican People's Union party Lotfi Mraïhi is arrested on suspicion of money laundering. (Al Jazeera)

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    This page was last edited on 28 November 2023, at 23:19 (UTC).

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