I don't always get triggered...
...but it's usually about the definition of MONEY
“The main economic attributes of a technically effective currency rests [sic] on three functions: as a unit of account, a store of value and as a medium of exchange.”
This is technically incomplete / inaccurate, as well as deliberately deceptive.
William Michael Cunningham of Georgetown, shame on you.
As always, I defer to Mike Maloney:
“Currency,” in Prof. Cunningham’s context, refers to paper or electronic Federal Reserve Notes, popularly called US dollars (USD). However, he does NOT distinguish between “currency” and MONEY, and therein lies the censorship.
While Prof. Cunningham is correct that the “main economic attributes of a technically effective currency” include “medium of exchange” and “unit of account,” he neglects to mention FOUR other essential attributes…which I’m sure he considers to be “givens” or “known knowns,” unnecessary to mention: PORTABLE, DURABLE, DIVISIBLE and FUNGIBLE (note: “one of these things is not like the others”):
The only reason for an academic to withhold information would be that it damages his argument. In this case, Prof. Cunning-ham is frightened by the word “DURABLE.”
Thought experiment: take a $1 bill, a $100 bill, and a pre-1965 dime, and hold a lit match under each for 10 seconds
Indeed.
What we call “money” was originally just receipts for our silver and gold, held in vaults on our behalf by BANKERS.
Precious metals became the “gold standard” for the only good reason: they OUT-COMPETED everything else. They store value OVER TIME.
BONUS: guess what this chart is comparing the USD purchasing power to:
When it became TOO EASY to trade receipts rather than exchange HEAVY, INCONVENIENT MONEY, we abdicated our control of OUR MONEY to BANKERS + GOVERNMENT.
The rest is history. You are here.
And yeah, I’ve got some memes for that…
\ rant off
My blood pressure is dropping! Catharsis!
Thanks for doing this.... I didn't want to muddy the waters of the post!
Thank you DOC! Mike is a great resource. Watch these multiple times to get the "system" now, and understand the NEW HUSTLE to COME!