Purpose: The purpose of this field experience, was to show us more about banks and how they effect the economy. The economy is not in a great place right now and it was good to see how the money system works. Gaining this knowledge helps us understand exactly who has control over the money that is being produced. I personally never really knew how banks worked and why they were so important, but after today I have a stronger understanding as to why they are essential to our everyday lives. I also never knew how intense the money system was. Its amazing how detailed the process is to make a dollar is. This was my favorite field experience because I actually took away knowledge that will benefit me in the future.
-Why was the invention of paper-like money so important?
A: Without it, we would have no currency and would be stuck trading goods. However, now people have credit cards and can electronically buy things over the internet etc. In a way you can say that paper-like money is becoming out dated.
-What are some of the ways our lives would be different if we had a barter system today?
A: With the barter system, I feel like we would not be as technologically advanced. With money, we have to discover many ways to keep it safe and reproduce it, which requires a good amount of technology. Without money, we wouldn’t have to find ways to keep a ton of produce worth trading for a long time. Things are far more easy with money and without it we would not have as much control.
-Would you favor the U.S. copying any ideas from other countries for use on our currency?
A: No I would not. Even though we are facing economic problems, it wasn’t because of the type of money we had, it was how we used it. I think we simply need to learn how to handle it better and spend it more wisely.