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.