Message from @sosa
Discord ID: 418207768453971978
the austrians always say that and i get real pissed
A commodity is something that is bought and sold, or exchanged in a market. ... It has an exchange value. Money can very well be a commodity.
And is, subjectively speaking.
what can you exchane money for
money?
Money.
so you can buy money?
Umm.. yeah? Lol
Happens all the time.
how do i buy money
In the standard definition, Number 3 cannot possibly be true. Were Number 3 true, money would have value of itself. The value of money would be independent of what ever else an economy produced. But consider, the best monies are those instruments which have no intrinsic value whatever. How can any amount of something which has no value, be a store of value? Even where commodities have been used for money, (and this may be the origin of the error,) they have tended to be those commodities, precious metals, for instance, which, because of their properties, were of only limited economic use. The reason for this is known and simple: These commodities had to be more valuable as money than they were valuable as commodities. If they were more valuable as commodities, they would be consumed, and so their use as money would disappear. But this implies that the value of these commodities, as money, over their value as a commodity, is not intrinsic, but as with plain fiat money, purely a matter of other factors. That is, the value of the commodity as money is not based on any intrinsic value of the commodity to the economy.
So fiat money has no intrinsic value, and therefore cannot be a store of value. If the economy produced only money, that money would have no value. It does not have value as, say, a refrigerator full of food has value, or a tank filled with gasoline. But, what the third function of money actually is is as a store of demand. If you have $100 in the bank, or in your pocket, you have a store of demand, which you can keep as long as you want, and when you choose to, you can spend it. You can demand something which is offered for sale, to the amount of $100.
There is such a thing as commodity money, which has uses outside of the realm of exchange.
i love jews 😻
yeah ut we dont use those anymore
@Deleted User That's quite a strawman.
i got invited here
someone said that this is the anime right discord
@Queef Madagascar Yeah, we do. It's called gold and silver.
so imma just shitpost in here
gold is a commodity
Right. It's a kind of commodity money.
@Queef Madagascar#8856 Up until FDR, gold was used as the currency in the US.
Paper was just used to substitute for the lack of physical gold.
ok but its not anymore
Then that got revoked and people got their money quite literally stolen from them.'
It has value as a medium of exchange, as well as intrinsic value.
wtf stupid bot let me post images
u nig
