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Showing posts with the label how private banks create money

The Truth about Money: Money Good; Money Bad

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What is money? Anything can be used as money:  paper, tokens, clay tablets, seashells, tree bark, pixels on a computer screen, strokes on a ledger somewhere, even people.  Historically, not just slaves and cumal were used as money.  The Bible tells us a man can beat his servant because " he is his money " (Exodus 21:20-22).  As Jacob Goldstein reiterates throughout Money:  The True Story of a Made-up Thing :    "money is money because we believe it’s money." However, some things become like money (a soft way of saying they become money) even when people doubt, question or just don't notice.  Silver, data, Modigliani nudes , and, most importantly, "commercial paper" have all become forms of money despite doubts, questions and ignorance.                              In 2008, the day after the Lehman bankruptcy, this Modigliani                              sold for $150 million (USD). Someone was shifting                              currency from the st