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Message Subject Get rid of the money system, then get rid of goverrments
Poster Handle Levi Philos
Post Content
Shortly after I purchased the book NEW MONEY FOR HEALTHY COMMUNITIES (published 1994) (Thomas Greco) from bookseller "Loompanics" -

[link to www.google.com]

I telephoned Greco and learned something new over the phone.

The list of attributes for money are self-conflicting in at least one place.

Of the first two:
(1)Medium of Exchange; and
(2)Store of Value

It becomes obvious with a bit of thought that these are in conflict; something with a certain store of value will not exchange at any velocity.

This common list of (usually five) attributes usually fails to include a sixth:

(6)Tool of Empire

Nor does anyone ever tell Econ 101 students that these presumptions are generally true for a precious metal coin, but the moment the coin is exchanged for a warehouse receipt the rules change; and...

These presumptions are of an axiomatic nature - if incorrect all derivative conclusions are also in error.

It has since become clear to me that not only should the store of value be given a formal divorce from the medium of exchange, but also the value reference need not be the item stored. This is a more subtle distinction but a truism... IMO.
 
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