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The Complete Idiot's Guide to Foreign Currency Trading, 2nd Edition by Lita Epstein, Gary Tilkin

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Chapter 2
How Forex Started
In This Chapter
• Back in Babylon
• Agreeing at Bretton Woods
• Smithsonian settlements
• Monetary system in Europe
• Forex today
The foreign exchange market as we know it today is relatively new. It was started just over 35 years ago, in 1973. But, of course, money has been around a lot longer than that. In this chapter, we review how money got started and how the current foreign exchange market developed.

Beginnings in Babylon

You must travel all the way back to the ancient kingdom of Hammurabi (third century B.C.E.) in Babylon to find the origins of banking. In those days, the royal palaces and temples served as secure places for the safe-keeping of grains and other commodities. People who deposited their commodities ...

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