Re: The need for a real, regular money

On Jul 15, 8:53 am, The Trucker <mik...@xxxxxxxxxxx> wrote:
On Mon, 14 Jul 2008 21:49:27 -0700, james hogan wrote:
Today, when money is created it is borrowed into existance.  What we
spend is mostly someone else's debt.  This is why the monetary system
keeps failing.

Money has two principal functions: 1) it is a store of value; and 2)
it is a medium of exchange.  That means that when you go to your job
and get a check to pay you, your efforts (value) have been given to
you (through this medium of exchange.)

Not bad....

The gross underlying problem is that credit is not money.  Credit is a
claim on future production.  It is not money, but a promise to pay in
the future.

But any "store of value" has the same function.  We take the money (paper,
an entry in an account, whales teeth, or gold coins) because these are
legitimate "claims on production".

I don't think you understand what I mean. I mean a form of money
that is altogether an asset, and a liability to no one. Therefore
"claims on production" (a venue of credit) have no bearing on this
issue.

.

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