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2 Comments

  1. Arijit Banik

    This is fascinating but I wonder if money evolved beyond the point where this is relevant? In most advanced economies paper money in circulation is (at most) 3% of the money supply. It isn’t necessarily central banks, the mint or the treasury that creates money but the financial system. This is a tricky concept for people to grasp as conventional thinking tells us otherwise. Credit ==> Money <== Debt. Anthropologist David Graeber makes the argument that it was always been thus in his book "Debt: The First 5,000 Years"
    Is there a way to tag electronic money to show that it is legitimate? I am always faced with the question "What is money" when I think of this issue.

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