50 things that made the modern economy with Tim Harford.

On London's busy fleet street just opposite Chance Rilane, there's a stone arch through

which anyone may step and travel back in time.

Just a few yards south, in a quiet courtyard, there's a strange circular chapel.

The next to it on a column is a statue of two knights, sharing a single horse.

The chapel is Temple Church, consecrated in 1185 as the London home of the Knights Templar.

But Temple Church isn't just an important architectural historical and religious site.

It's also London's first bank.

Knights Templar will worry amongst a religious order with a theologically inspired hierarchy,

mission statement and code of ethics.

But they were also heavily armed and dedicated to a holy war.

How did those guys get into the banking game?

The Templars dedicated themselves to the defence of Christian pilgrims to Jerusalem.

Jerusalem had been captured by the first crusade in 1099 and pilgrims began to stream in,

travelling thousands of miles across Europe.

And if you're a Christian pilgrim, you have a problem.

You need to somehow fund months of food and transport and accommodation, yet you also

want to avoid carrying huge sums of cash around because that makes you a target for robbers.

Fortunately, the Templars had that covered.

The pilgrim could leave his cash at Temple Church in London and withdraw it in Jerusalem.

Instead of carrying cash, he'd carry a letter of credit.

The Knights Templar were the Western Union of the Crusades.

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