Lynsey Esser
Day the Dollar Died Economics Lesson
November 10, 2009
Grade 7
Time Needed: 50 minutes
Standards:
Music 6b. Analyze the uses of elements of music in aural examples representing diverse genres and cultures.
Social Studies (Economics): Explain how values and beliefs influence different economic decisions including money systems.
Objectives:
Students will review the role of the United States Federal Reserve.
Students learn about and discuss the term fiat money.
Students will explore the affects of having a world without money through analyzing the lyrics of ‘The Day the Dollar Died’ by Peter Tosh.
Why is it important that students learn my lesson? It’s important that students learn about the economics of our country, specifically money and its role in our economy because it’s a very relevant topic they encounter on a regular basis.
Materials:
Quotes (about money)
You Tube video (just for audio): “Peter Tosh - The Day the Dollar Die”
Speakers (for computer)
Copy of Lyrics (on overhead)—Appendix C
Background for teachers: The teacher will need to know the general structure and function of the Federal Reserve System (Appendix B). It’s also important for the teacher to understand the concept of fiat money and how it relates to the United States economy. We have been discussing the function of the Federal Reserve System and the role of money in our society. We will be discussing the differences in peoples’ opinions of money systems, specifically the U.S. money system based on their personal values and beliefs. Next, we will continue with a lesson about the present-day economy and the shape it is in and how what we have previously talked about (the Federal Reserve and money systems) have had an impact on it.
Introduction:
Discuss what they remember about the United States of America’s banking system (the Federal Reserve; Alan Greenspan, etc.) and who controls it.
Show students a one-dollar bill, and then ask the students where they think the money that they spend comes from/goes to? Ask students if they think a dollar-bill has any value, and then rip up a bill in front of them to get a reaction. Students will be surprised/appalled/confused as to why I wasted that money, so say that it’s just a piece of paper, right? The basis of the value of our money is that the government tells us these pieces of paper and coins are valuable.
Procedure:
Split the students into small groups (preferably 3 groups), and each group receives one of the money quotes (Appendix A).
Students will discuss the meaning of the quote and the context that it was written in and how it relates to the current economy.
After 5-10 minutes of discussion, the students will choose a representative from their group to share the group’s summary of the discussion.
Fiat Money discussion: Introduce the term and its definition which is that it has no intrinsic value and cannot be redeemed for specie or any commodity, but is made legal tender through government decree. All modern paper currencies are fiat money, as are most modern coins. The value of fiat money depends on the strength of the issuing country's economy. Inflation results when a government issues too much fiat money. Students discuss this type of money’s effect on a country’s economy and financial situation. Do you see any correlation of our country’s economic situation and fiat money?
Segue into Peter Tosh’s song, ‘The Day the Dollar Died.’ Hand out a copy of the song lyrics to each student, and then play the song for the students.
Each student works individually to create a picture/visual representation of a ‘world without money’ (or it could be ‘a typical day in the year 2099’ when there’s no money). Students share what they created in small groups, and then we come back together as a whole class.
Discuss the lyrics of the song. Peter Tosh appears to be longing for a world without money. What would a world without dollars look like? Do you think there would be less corruption or that scarcity would be eliminated in a world without money? What other problems would arise?
What if Tosh is only talking about fiat money? Do you think his lyrics can be read to be anti- fiat money?
Closure: Review of vocabulary terms definitions of the Federal Reserve System and fiat money. Students will write down one aspect of economics that they learned during the lesson. They will turn in these papers at the end of class.
Assessment (based on objectives):
Students will take notes about and define the terms, the Federal Reserve System and fiat money.
Students will participate in a discussion of analyzing the lyrics of the Peter Tosh song.
Students will create a picture of how the world would look without money.
Students will turn in the notes from the closing of the lesson about what they learned.
Adaptations/Extensions
Students who have trouble visualizing the ‘world without money’ can work in groups first to brainstorm ideas, and together the group could create the visualization.
Students who want deeper thinking and problem solving could come up with ways that the United States could we change/improve its money system, in turn improving our economic situation?
Appendix A
Quotes:
1.“I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country; corporations have been enthroned, an era of corruption in High Places will follow, and the Money Power of the Country will endeavor to prolong its reign by working upon the prejudices of he People, until the wealth is aggregated in a few hands, and the Republic is destroyed.” --Abraham Lincoln
2.“I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. The issuing power should be taken from the banks, and restored to the people.” --Thomas Jefferson
3. “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
--Henry Ford
Day the Dollar Died Economics Lesson
November 10, 2009
Grade 7
Time Needed: 50 minutes
Standards:
Music 6b. Analyze the uses of elements of music in aural examples representing diverse genres and cultures.
Social Studies (Economics): Explain how values and beliefs influence different economic decisions including money systems.
Objectives:
Students will review the role of the United States Federal Reserve.
Students learn about and discuss the term fiat money.
Students will explore the affects of having a world without money through analyzing the lyrics of ‘The Day the Dollar Died’ by Peter Tosh.
Why is it important that students learn my lesson? It’s important that students learn about the economics of our country, specifically money and its role in our economy because it’s a very relevant topic they encounter on a regular basis.
Materials:
Quotes (about money)
You Tube video (just for audio): “Peter Tosh - The Day the Dollar Die”
Speakers (for computer)
Copy of Lyrics (on overhead)—Appendix C
Background for teachers: The teacher will need to know the general structure and function of the Federal Reserve System (Appendix B). It’s also important for the teacher to understand the concept of fiat money and how it relates to the United States economy. We have been discussing the function of the Federal Reserve System and the role of money in our society. We will be discussing the differences in peoples’ opinions of money systems, specifically the U.S. money system based on their personal values and beliefs. Next, we will continue with a lesson about the present-day economy and the shape it is in and how what we have previously talked about (the Federal Reserve and money systems) have had an impact on it.
Introduction:
Discuss what they remember about the United States of America’s banking system (the Federal Reserve; Alan Greenspan, etc.) and who controls it.
Show students a one-dollar bill, and then ask the students where they think the money that they spend comes from/goes to? Ask students if they think a dollar-bill has any value, and then rip up a bill in front of them to get a reaction. Students will be surprised/appalled/confused as to why I wasted that money, so say that it’s just a piece of paper, right? The basis of the value of our money is that the government tells us these pieces of paper and coins are valuable.
Procedure:
Split the students into small groups (preferably 3 groups), and each group receives one of the money quotes (Appendix A).
Students will discuss the meaning of the quote and the context that it was written in and how it relates to the current economy.
After 5-10 minutes of discussion, the students will choose a representative from their group to share the group’s summary of the discussion.
Fiat Money discussion: Introduce the term and its definition which is that it has no intrinsic value and cannot be redeemed for specie or any commodity, but is made legal tender through government decree. All modern paper currencies are fiat money, as are most modern coins. The value of fiat money depends on the strength of the issuing country's economy. Inflation results when a government issues too much fiat money. Students discuss this type of money’s effect on a country’s economy and financial situation. Do you see any correlation of our country’s economic situation and fiat money?
Segue into Peter Tosh’s song, ‘The Day the Dollar Died.’ Hand out a copy of the song lyrics to each student, and then play the song for the students.
Each student works individually to create a picture/visual representation of a ‘world without money’ (or it could be ‘a typical day in the year 2099’ when there’s no money). Students share what they created in small groups, and then we come back together as a whole class.
Discuss the lyrics of the song. Peter Tosh appears to be longing for a world without money. What would a world without dollars look like? Do you think there would be less corruption or that scarcity would be eliminated in a world without money? What other problems would arise?
What if Tosh is only talking about fiat money? Do you think his lyrics can be read to be anti- fiat money?
Closure: Review of vocabulary terms definitions of the Federal Reserve System and fiat money. Students will write down one aspect of economics that they learned during the lesson. They will turn in these papers at the end of class.
Assessment (based on objectives):
Students will take notes about and define the terms, the Federal Reserve System and fiat money.
Students will participate in a discussion of analyzing the lyrics of the Peter Tosh song.
Students will create a picture of how the world would look without money.
Students will turn in the notes from the closing of the lesson about what they learned.
Adaptations/Extensions
Students who have trouble visualizing the ‘world without money’ can work in groups first to brainstorm ideas, and together the group could create the visualization.
Students who want deeper thinking and problem solving could come up with ways that the United States could we change/improve its money system, in turn improving our economic situation?
Appendix A
Quotes:
1.“I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country; corporations have been enthroned, an era of corruption in High Places will follow, and the Money Power of the Country will endeavor to prolong its reign by working upon the prejudices of he People, until the wealth is aggregated in a few hands, and the Republic is destroyed.” --Abraham Lincoln
2.“I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. The issuing power should be taken from the banks, and restored to the people.” --Thomas Jefferson
3. “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
--Henry Ford
