Wednesday, July 10, 2013

more measly but back on a good track

consider  this:

"Money is not fundamentally a commodity medium of exchange that made exchange more efficient compared to barter, but a particular form of credit, a system of clearing accounts (transferable credit)"

if so
"the 17th century philosopher John Locke has a lot to answer for"


and

"  money as credit is inevitably social,...... its value  bound to be politically determined."


" In a financial crisis, when the size of debts begin to encumber the economy
, it is therefore quite logical and natural to adjust the value of money
 to redistribute between creditors and debtors"