Goodsounds;357575 Wrote: > I'm very far removed from the theoretical stuff, but I think the book > answer is that money is a medium of exchange, that has value only if > people agree that it does and agree to use it. Otherwise, it's nothing > at all. Its use evolved to avoid the inconvenience and limitations of > physically exchanging actual goods.
That's close enough to the classic definition. Unfortunately, modern economics treats debt as money and money as debt. Our own money (Federal Reserve Notes) is actually an IOU. It's only value comes from legal tender laws requiring us to accept "a promise to pay" as actual payment. -- Pale Blue Ego ------------------------------------------------------------------------ Pale Blue Ego's Profile: http://forums.slimdevices.com/member.php?userid=110 View this thread: http://forums.slimdevices.com/showthread.php?t=54678 _______________________________________________ discuss mailing list [email protected] http://lists.slimdevices.com/lists/listinfo/discuss
