November 9 2020 Modern Money Theory: Week 1 Back

A Social Relationship -- Not an Object

        "[A]lmost anything can be money -- tokens, scrip, coins, paper,
        checks, or, these days, bank credits.  What a community is doing is
        representing its IOUs -- whether in clay tablets, screawled-on napkins
        marked 'IOU,' or electronic marks on bank computers. ... [M]oney is 'that
        which pays' -- that which is counted as paying or settling debts, so as to
        facilitate a community's bookkeeping." (27)
        "What is money, then?  That thing, whatever it happens to be, that a community
        agrees to count as settling accounts between them.  Whatever it is, that's
        their money." (27)


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