Dinesh

Dinesh

Posted on 06/09/2013


Photo taken on June  9, 2013


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Niall Ferguson
Ascent of Money
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Photo replaced on June  9, 2013
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Money/Geld/dinheiro/ 貨幣/ பணம்/ деньги/ অর্থ/ เงินตรา/ مال

Money/Geld/dinheiro/ 貨幣/ பணம்/ деньги/ অর্থ/ เงินตรา/ مال

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Dinesh
Dinesh
Today, despite the fact that the purchasing power of the dollar has declined appreciably over the past fifty years, we remain more or less content with paper money – not to mention coins that are literally made from junk. Stores of value these are not. Even more amazingly, we are happy with money we cannot even see. Today’s electronic money can be moved from our employer, to our bank account, to our favourite retail outlets without ever physically materializing. It is this ‘virtual’ money that now dominates what economists call the money supply. Cash in the hands of ordinary Americans accounts for just 11 per cent of the monetary measures known as M2. the intangible character of most money today is perhaps the best evidence of its true nature. What the conquistadors failed to understand is that money is a matter of belief, even faith: belief in the person paying us; belief in the person issuing the money he uses or the institution that honors his cheques or transfers. Money is not metal. It is trust inscribed. And it does not seem to matter much where it is inscribed: on silver, on clay, on paper, or a liquid crystal display. Anything can serve as money, from the cowrie shells of the Maldives to the huge stone discs used on the Pacific islands of Yap. And now, it seems, in this electronic age nothing can serve as money too. ~ Page 30
4 years ago.