November 15, 2010

What is Money???

So "on the eighth day" humans created money as an IOU for goods or services received.  Money gets its value at the moment of trade.  Money is simply a token, an essentially valueless marker for something that  theoretically, at one time, had value to someone.

But there are still plenty of people on the earth who never touch the stuff.  And despite out arrogance about the almighty dollar it isn't honored everywhere in the world.  Money is a "store of value" and a "means of exchange" only within the confines of a cultural agreement.

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