Apr 24, 2020, 12:21 PM The term “Note(s)” (debt instrument), like “Money” (medium of exchange), and “Currency” (“in circulation”) has been abused. Technically, money proper must consist of commodity money. All else is a commodity money substitute: – Scrip ( currency substitute that replaces legal tender. a form of credit and documentation of debt)> – Token-prepaid-money-substitute (bitcoin: divisible tokens) > – Cheque-non-transferrable-claim-on-account > – Note-transferrable-claim-on-account > – Banknote-claim-on-deposits > – Share-in-the-corporation-assets > – Fiat-Share-in-the-economy : Fiat Money (What we all use today) The rest are various financial instruments that are less liquid.
Leave a Reply