Tuesday, March 4, 2014

Money


What is money? A free market phenomenon: a medium of exchange and a store of value with these characteristics -

1.)  durable. 

2.) portable. 

3.) divisible. 

4.) intrinsic value. 

5. disinfectant (my addition)

The dollar is none of the above... Warehouse receipts are not money.  Fiat currency is not money. They are warehouse receipts or fiat currency.

Feel free to forward this by email to three of your friends.


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