The World 's First Idea For A Credit Card

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In the year 1949, a businessman by the name of Frank McNamara, conceived the world’s first idea for a credit card. The idea was intended for when McNamara went out for an important diner. While he was out, he realized he had left his wallet at home and was unable to pay for the dinner so he needed something that could allow him to come back and pay for the balance later. Overtime McNamara’s credit card idea has evolved into an electronic way of making payments, we now use credit cards to purchase groceries at the local market and make payments online since handing cash through the Internet is virtually impossible. This small dinner idea was created for the purpose of basically generating and IOU for a man who forgot his money at home has…show more content…
A centralized financial system is when a government assigns all economic responsibility to a specific entity within its branches of government. Some say the Federal Reserve is the most powerful entity within the United States government. Leaders within our government have the ability to manipulate the Dollar’s value in order to try and control the economy’s flow of goods and services. If the economy is seeing a spike in prices at the grocery store that means there is inflation and the Federal Reserve can withhold dollars from entering the system – creating a lower amount of available dollars to spend, ultimately increasing the value of the dollar and lowering the prices at the grocery store back down to normal. The value of the American dollar can be a very powerful tool when it comes to the government trying to balance the American economy, the Federal Reserve could use this same strategy to manipulate the financial system when it comes to the desired amount of goods being imported or exported between the United States and other nations.. This being said, the money in your pocket is susceptible to becoming trivial in the matter of hours, days, weeks, or months. This has been seen before in the late 1970’s and early
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