I Wish Money Had Never Been Invented

Money had never been invented

You may also like...

1 Response

  1. Adam says:

    Barter is a post money phenomenon – there is no evidence of barter in pre-money societies, although we can’t see the pre-money society’s we cam from. Early money was implicit “credit” – I’ve helped you, you will help me/ we are family/tribe and help each other share. Such systems don’t scale and require personal knowledge for trust. Money is a change to a trust in a commodity that all accept as valuable today and tomorrow, or a system (such as we have now). All modern money is created as credit – a promise to do some work or create something tomorrow for money today.

    http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q1.aspx

Leave a Reply

Your email address will not be published. Required fields are marked *

I Wish Money Had Never Been Invented

by Mike Rawson time to read: 5 min
More in Cash & Debt, Opinion, The Problem
Sequencing risk
Sequencing risk in accumulation – who ate Joe’s pension?

We look at a white paper from GMO, which analyses sequencing risk during the accumulation phase and recommends dynamic asset...

Close