[LMB] Money (eventually on topic)

pouncer at aol.com pouncer at aol.com
Thu Nov 19 17:03:44 GMT 2020


Walter says:>In my econ classes, there was no mention of differences between money >and currency. Please tell us of the distinction, if any. Most money or currency>is electronic records nowadaze.
I sneer at college economics classes for several reasons, but if you recall and report correctly, you had a worse than usual instance of the experience.  Currency is theofficial medium of exchange -- particularly in the exchange of one's continued existence in exchange for paying the despot's tax-collectors.  MONEY does that and more -- stores value (imperfectly), keeps score, sometimes has a use or value of its own (silver coins, for instance), or just offers symbolic or  historic significance.  Southern American 19th century Confederate money or the money of the 20th's German Weimar Republic or 21st's Iraqi Money of Saddam Husseinis  still MONEY.  But the currency of each has been replaced.  The gold coins of the Cetagandan "Ninth Satrapy" are, in canon,  still money.  The coins are also "specie", a type of standardized commodity governments offer when "currency" may be  suspect. As a commodity those coins are still valuable. As artifacts,they have value as well.  As currency -- well, y'know, Gregor's annual "birthday presents" are tendered in "specie" of that sort.  I supppose thatthe Ceta's version of such coins are debatable.  Let's go.  
Maybe we can lure Brad DeLong out for more and better details. 



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