(draft in progress) 1 – ACCUMULATED TIME: BUT NON-MONEY … 1.1 GOODS (MEDIUM OF

(draft in progress)

1 – ACCUMULATED TIME: BUT NON-MONEY

… 1.1 GOODS (MEDIUM OF BARTER)

… … a) limited demand for each good limits exchange

… 1.2 COMMODITY (MEDIUM OF EXCHANGE)

… … a) unitary weight and volume

… … b) universal or near universal demand / universal exchange.

2- ACCUMULATED TIME : MONEY-PROPER

… 2.1COMMODITY MONEY

… … a) unitary weight and volume

… … b) high ratio of purchasing power to weight and volume

… … c) difficult to inflate (expensive to find and make)

… … d) Sufficiently limited (downward) volatility to

… … … allow market prices to form. (This is one of the principle

… … … advantages of monetary policy, is that stabilizing prices even

… … … at the cost of inflation reduces risk and extends production

… … … cycles producing goods and services at lower costs.)

… … e) capable of bearing trademark: promise of weight and measure

3 – ACCUMULATED TIME: MONEY-SUBSTITUTES

… 3.1DEPOSIT MONEY

… … … (Redeemable)(full reserve, money substitutes)

… … … PROMISSORY NOTE MONEY: CURRENCY PROPER

4 – MIXED ACCUMULATED TIME AND UN-PRODUCED TIME (PROMISSORY TIME)

… PARTIAL-PROMISSORY MONEY-SUBSTITUTES

… … (redeemable, partial reserve, money substitutes)

5 – TIME-PURCHASED, MONEY SUBSTITUTES

… … TOKEN MONEY (PAPER MONEY)

… … … Non-Redeemable, Required Money.

( now start on shares, then debt instruments, )