Class 03: WED JAN 29

Agenda WED JAN 29

10-Question “Stone Money” Quiz

  • Start anytime. Click the link above to launch a Survey Monkey survey with 10 questions about the “Invention of Money” podcasts. You have until 8:15 to complete the Quiz.

Housekeeping

  • Let’s double-check to make sure everybody has a username.
  • Find your First Post so we’re sure you can legally publish to the blog.
  • Clean up the inevitable “Category” errors.

Targeted Classroom Discussion

  • By brainstorming about the Yap, the Germans, the French, the Brazilians, and the peculiarly boring bankers who make up the frankly magical Federal Reserve, we’ll work together to write a compelling introduction for an essay about The (continuing) Invention of Money.
  • If you’ve read further about the Japanese yen or about Bitcoin, those insights will be helpful too.

Assignment: First Task due 11:59pm SUN FEB 02

  • We’ve talked about this assignment since the first day of class.
  • This is your reminder.
  • CLICK THIS LINK to launch the “Stone Money” task.
  • Post your draft to the blog by midnight Sunday so I’ll know before we come to class on Monday who’s published and who hasn’t.

12 Responses to Class 03: WED JAN 29

  1. j6128 says:

    What happened
    We took a 10 question quiz online about the Island of Stone Money, The Invention of Money podcasts and the How Fake Money Saved Brazil
    Professor talked about the origins about Beethoven Symphony 7, Allegretto.
    Housekeeping: we double- checked as a class to make sure everyone has a username as well as finding our first post and fixed potential category errors
    The professor introduced the topic of informal citation technique
    Professor helps us work on our first draft by brainstorming and “sharpening our insights”
    What I learned
    I learned how important it is to use the right categories when posting an assignment because that is how the professor has access to the assignment
    Spend more time on thoughts/ideas and less on mechanics
    Important for professor to have access to links used throughout essay
    We are here to write brilliant ideas, not poetry
    In order to start writing an essay you must first have an idea
    The story of yap demonstrated that the monetary value that people place upon it is not nearly as related to the physical value of the money itself.
    The story of Brazil’s inflation crisis demonstrated the phenomenon of a virtual economy which lead to a stronger economy

  2. alyse816 says:

    We took a 10 question quiz to further demonstrate our understanding on the 3 podcasts on Stone money, the Brazilian Economy, and The Federal Reserve
    Discussed the origins of Beethoven’s Symphony 7, Allegretto.
    It is extremely important to use the right categories and post in the right spaces or else we will not get credit for the work we did.
    Identified the format and requirements for the Stone Money assignment, for example the references format and the expectations
    Use your time putting thoughts on paper and spend less time on mechanics
    I learned new ideas that my classmates had on their stone money assignments that helped me improve my essay

  3. bloomingmystery says:

    January 29th Notes:
    For citations, we do an informal technique instead of formal one
    Mentioned that our draft is due on Sunday at midnight as a reminder
    Open classroom discussion which also served as a brainstorm for the introduction paragraph to make it a little easier
    Kickstarted the Stone Money task by sharing ideas among one another
    Learned of more ideas that maybe wouldn’t have come to mind if this class discussion didn’t happen
    Gained a greater understanding through a discussion of the topics surrounding the Stone Money task

  4. sixers103 says:

    Professor allowed us to engage in a open classroom discussion to toss around ideas for our stone money assignment. We were showed how to open up a hyperlink easier so that we can switch from tab to tab while working. Talked more in depth about each podcast and gained tons of knowledge that can benefit our first draft. Learned that currency can be switched to many different things but the actually price itself will never change. Fellow classmates put up ideas on the board regarding the podcasts which we can now use to further expand our paper.

  5. shaquilleoatmeal2250 says:

    1/29
    NOTES
    Quiz
    – Began class with a short 10 question quiz on the information we were supposed to listen to and read about before class today
    – Topics were on the money or Yap and the Brazil’s money inflation issue
    Housekeeping
    – Went through some cleaning up with the class and made sure everyone was on tract
    – Keeping everyone inline with what categories their supposed to use and not use and what common mistakes people make that can cause issues like prof not getting your work on time
    Stones of Yap
    – The stone made its worth because of the rarity of retrieving it
    – The value of the stone is based solely on the people’s faith in it
    – The last time money depended on the physical value was when we used gold
    – The non-physical transfer of ownership of money in the US is like the Yap’s leaving the stones in place and accepting new ownership without any real exchange
    – There had to be faith in the new currency so that people didn’t overspend to the point products go bad and people run out of money
    – If the new price of these goods are stable, why do people care if the old currency is inflating
    – The British wanted their gold back from the US, but instead of giving it to them we just said it was theirs and everything was fine
    – Money has lost complete value as it went from gold and silver to coins not even made of silver to paper money to paper checks which represent lots of paper money to finally numbers online

  6. a1175 says:

    -make sure to choose categories when posting a blog
    -Stone Money task is 1,000 words and a reference page in an APA format
    -having a classroom discussion to start getting ideas flowing about Stone Money
    -our non-physical transfer of ownership is like the Yap’s leaving their stones in place, but having other people own them
    -the last time we depended on the physical value was when we used gold
    -the overall value of money depends largely on people believing in it
    -the fei was worth value because it was rare and made people have to go and get it rather than finding it on the sidewalk
    -there had to be faith in the currency so that people didn’t overspend in one shot (if they’re nervous that a price will change, they will buy a big load of it and it could end up spoiling)
    -there was no reason to save money because the value of it would decrease to about half by the end of a month
    -location and visibility doesn’t matter because people just believe that the money is there
    -once the value decreases, the price will depend on what the buyer is willing to pay, not what the government thinks its worth
    -the government determines the value of money by putting numbers on bills
    -the Federal Reserve bank sets the interest rates that lenders use when they lend money, this is the money that circulates in the economy between households and businesses

  7. gossipgirl3801 says:

    1/29/20- Today in class we took a quiz on the Invention of Money podcast. We then did some house keeping to make sure the whole class became authors on the blog. Professor reminded us of the first assignment we have due on Sunday about Stone Money. Then we had a targeted classroom discussion pertaining to our Stone Money assignment. Classmates brought up the idea that the Yaps currency is similar to how we use apps like Bitcoin and Venmo to transfer money to one another. The Yaps stone discs were made of beautiful limestone making them valuable because they had to travel to get the discs. Discussed how URVs(fake money) saved Brazils inflation crisis. We said there had to be faith in the Brazils new currency so that people didn’t overspend in one shot. We agreed that the government doesn’t the value of something but they indirectly affect how much we are willing to spend because of tax raises.

  8. harp03 says:

    1/29/2020
    Introduction:
    -10 Question Quiz to begin the class on the Yap, Brazil, and Federal Reserve–assigned homework podcasts and readings
    Housekeeping:
    -When posting on the blog, make sure to select your username under “categories”, rather than tagging, in order for the professor to easily find it and identify you
    -Stone Money assignment: Spectacular writing is more important than perfect citations for now
    -Use APA in-text citations for now, but we will learn a different format after the first draft
    -Classroom

  9. harp03 says:

    EDIT//Original Notes did not completely upload (not sure why) This is the full notes

    1/29/2020
    Introduction:
    -10 Question Quiz to begin the class on the Yap, Brazil, and Federal Reserve–assigned homework podcasts and readings
    Housekeeping:
    -When posting on the blog, make sure to select your username under “categories”, rather than tagging, in order for the professor to easily find it and identify you
    Stone Money assignment:
    -Spectacular writing is more important than perfect citations for now
    -Use APA in-text citations for now, but we will learn a different format after the first draft
    -Due Sunday at midnight!
    Classroom Discussion:
    -In class, students openly discussed concepts about Stone Money, including those such as: money is only as valuable as people believe it to be (faith-based), the last time physical items had value was when gold was used, and the abstract nature of money and how the government does not control its value.
    -The large stones were so valuable due to their rarity
    -Quarters used to have physical value because they were made of silver, but now even they lack almost any silver, making them another form of “invisible” currency (the quarter itself it worth nothing)

  10. rose1029 says:

    class: 1/29/2020
    What happened: The class took a 10 question quiz on last night’s articles and podcasts. After the quiz, we reviewed how to make notes, and how to post on the blog correctly. The class discussed what they learned from the podcasts, and wrote them as major points on the board.
    A small discussion on the upcoming paper about the APA format and the unique citation the Professor prefers. We were told that we must watch “The Fall” and the ” The Fight Club”, as well as listen to the “alegretto”.
    What I learned: I saw some questions I didn’t fully have the answer to so I know that I need to go back and look through the articles and podcasts so I can understand them fully. I was able to fix my posting settings by unchecking the “123 UNCHECK THIS BOX” box, and instead of selecting my username so that I show up on the authors’ list and it is more accessible to my professor. I was able to better understand the overall message of the podcasts through the discussion between classmates. I learned that my paper must be in APA format as well as have the links to my resources rather than a traditional citation, but there will be an in-depth discussion on that once we hand in our first draft, but we must punctuate our text perfectly. The overall value of money depends largely on people’s faith in it was the overall message from all three of the podcasts.

  11. bmdpiano says:

    NOTES:

    Classroom Discussion:
    – We decided that when sharing that it would keep all of us on the same page, so to distinguish us all, we should think outside the box in our ideas.

    Ideas:
    – There is similarity in non-physical transfer of ownership of money of the Yap compared to how we transfer money from bank account to bank account.
    – The value of money largely depends on people’s faith in it.
    – The last time money depended on the physical value was when gold was used.
    – The fei had worth because there was labor involved hundreds of miles away. It was a rare item for them.
    – Brazil’s inflation was fixed by URV’s (fake currency) compared to their national currency.
    – Faith in the stability in the economy was lost. No money sat around because it would lose value if it did.
    – As the Brazilian currency kept losing value, the new fake money would stay stable and have more value in comparison. The currency would normalize.
    – Inflation favors debtors because when money is owed, it is worth less. Brazil could not afford to borrow because of this.
    – Federal Reserve regulates the economy. They put money in and take money out.
    – The Fed does not determine the value of items just the numbers put on our money, not what it can buy.

  12. tenere84 says:

    Notes 1/29

    To help us become more engaged in the classroom, Mister David allowed us to have an open discussion on the value of money, the people of Yap, Brazil’s inflation solution, and the state of the Federal Reserve.

    Notes I came up with: The overall value of money depends largely on people’s faith in it.

    Other students’ (enlightening) thoughts:

    – There had to be faith in the accuracy so that people didn’t overspend in one shot.
    – If the prices of your normal goods are stagnant, why would you care if some other currency is enflating?
    – Our non-physical ownership is like the Yap’s leaving the stones in place and accepting new ownership.
    – The Federal Reserve bank sets the interest rates that lenders use when they lend money. This is the money that circulates in the economy between households and businesses.
    – Even though they switched to fake money inflation was still rising.
    – The last time money depended on the physical value was when we used gold.
    – What made the big Stone worth something was the rarity and labor it takes to obtain it.
    – Brazil’s inflation crisis demonstrated the phenomenon of a virtual economy which led to the emergence of a stronger economy on behalf of the country.

    The first draft of the Stone Money Task is due Sunday at 11:59 PM.

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