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Created with Fabric.js 1.4.5 August 2005Hurricane Katrina strikesand causes death and destruction everywhere and insurance fails toface this calamity. 2008St. Bernard's Parish has only 1/3 of itspre-Katrina populationbecause people cannotinsure their homes here. 1774Robert Wallace and Alexander Websterinvented the first true insurance fund aka The Scottish Minsters' Widows' Fund, where annuities were paid towidows and children from yearlypremiums from Scottish Minsters. 1815 Principle of insurance was sufficiently widespread to be adopted by the widows of men who lost their lives fighting against Napoleon. 1826 Sir Walter Scot took out a policy to assure his creditors that they would be paid in the event of his death. Mid 19th CenturyBeing insured was like abadge of respectability. 20th CenturyJapan interested in state welfare topromote warfare. 1923Great Kantō earthquakestruck Tokyo. Too manydiasters so private insurance did not work in Japan 1874After Chicago's future exchange was established, hedging commoditiesbecame a standard practice. 1945The value of Japan's entire capital stock reduced to zero by American bombers, this marked the end of state sponsored welfare. October 1947Japan came up with own comprehensivewelfare system. 1968Japan had the 2ndlargest economy inthe world. September 1973Chile's Marixst presidentSalvadore Allende isoverthrown and he endsup killing himself. March 1975Milton Friedman, the economist who'sprimarily responsible for the dismantling of the welfare state across the globe for the last 25 years, flies from Chicago to Chile. 1973General Auguste Pinochetcame into power and was the new dictator of Chile between 1973 and 1990. 1975Friedman urges Pinochet toreduce government deficit in order to stop inflation. 1979-1981Jose Pinera changed Chilean pension system, rather than the state pay-as-you-go systemeach worker now could put aside 10%of their wages into a individual personal retirement account. 196011 active workersto every retired person in Japan. 1980Pinochet conceded a newconstitution that prescribeda 10 year transition back todemocracy. 2007The notional value ofall the derivatives contracts is 596 trillion dollars. RyesaZibon Ascent of Money 3: Risky Business Timeline Ascent of Money: Risky Business
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