About money

[erudito]

(This LJ [was originally called] ‘thinking out aloud”. So here is some. It is me expressing what I understand about the economics of money from my reading over the years.)

Money is a medium of exchange. Which is a fancy phrase meaning we use it to buy things. Barter is exchange without money, and is a clumsy and awkward way of trading, since

Comments

[paradigmshifty]

I'm currently reading a book called "Web of Debt", which is about the US (and world) monetary system. It has some interesting things to say but I don't know enough about the background to tell if they are cherry-picking their data.

Have you read it and do you have an opinion if so?

If not, would you like a softcopy?

Not encouraging

[erudito]

I have a look at the book on Amazon. That the actions of banks create money is elementary monetary economics. So, thanks for the offer, but not my sort of book.