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<p>[QUOTE="kaparthy, post: 3718672, member: 57463"]The standard definitions of money from Econ 101 and your citation to BusinessDictionary dot com say that to be money, the object <b>must have all of the attributes. </b></p><p><br /></p><p><br /></p><p>A <b>token</b> good for a drink is not "money" because it is not a unit of account. We don't keep our books in ounces of whiskey or bottles of beer. In our home we have about $20 stored in value as little cans of organic cat food (happy kitty). But they are not money, even if we could trade them for something else, because they are not a unit of account and not a "generally accepted medium of financial exchange."</p><p><br /></p><p>My point in "The Future of Money" is that those authorities are wrong. Money must have at least one of those attributes and can have more than one. But, in context, media that are units of account need not be generally accepted in trade or stores of value. The merchants in the USA of the post-colonial era kept their accounting ledgers in pounds-shilling-pence but accepted a wide range of moneys, mostly Spanish dollars, but also Islamic/Arabic gold, and much else, in which they did not keep their books.</p><p><br /></p><p>I cite my my authorities to show where I get my ideas from. Most people use "dictionary definitions" to beat each other over the head. Long ago, as the international editor for <i>Coin World</i>, I discovered - which I should have known - that the Battle of Lake Erie was reported differently in the <i>Encyclopedia Britannica</i> than in Grolier's <i>American Encyclopedia --</i> just a spot of bad luck and a sticky wicket versus brave and plucky homeboys.</p><p><br /></p><p>The business dictionary dot com is no more an authority than we are, and perhaps less. Most of us here know more about money than most bankers today. The Secret Service sends agents to the ANA Summer Seminars.[/QUOTE]</p><p><br /></p>
[QUOTE="kaparthy, post: 3718672, member: 57463"]The standard definitions of money from Econ 101 and your citation to BusinessDictionary dot com say that to be money, the object [B]must have all of the attributes. [/B] A [B]token[/B] good for a drink is not "money" because it is not a unit of account. We don't keep our books in ounces of whiskey or bottles of beer. In our home we have about $20 stored in value as little cans of organic cat food (happy kitty). But they are not money, even if we could trade them for something else, because they are not a unit of account and not a "generally accepted medium of financial exchange." My point in "The Future of Money" is that those authorities are wrong. Money must have at least one of those attributes and can have more than one. But, in context, media that are units of account need not be generally accepted in trade or stores of value. The merchants in the USA of the post-colonial era kept their accounting ledgers in pounds-shilling-pence but accepted a wide range of moneys, mostly Spanish dollars, but also Islamic/Arabic gold, and much else, in which they did not keep their books. I cite my my authorities to show where I get my ideas from. Most people use "dictionary definitions" to beat each other over the head. Long ago, as the international editor for [I]Coin World[/I], I discovered - which I should have known - that the Battle of Lake Erie was reported differently in the [I]Encyclopedia Britannica[/I] than in Grolier's [I]American Encyclopedia --[/I] just a spot of bad luck and a sticky wicket versus brave and plucky homeboys. The business dictionary dot com is no more an authority than we are, and perhaps less. Most of us here know more about money than most bankers today. The Secret Service sends agents to the ANA Summer Seminars.[/QUOTE]
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