{"id":18866,"date":"2016-03-15T10:56:28","date_gmt":"2016-03-15T15:56:28","guid":{"rendered":"http:\/\/olduvai.ca\/?p=18866"},"modified":"2016-03-15T10:56:28","modified_gmt":"2016-03-15T15:56:28","slug":"money-is-not-a-store-of-value-it-is-a-claim-upon-value","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=18866","title":{"rendered":"Money is not a store of value. It is a claim upon value"},"content":{"rendered":"<h3 class=\"post-title entry-title\"><a href=\"http:\/\/suitpossum.blogspot.ca\/2016\/03\/money-is-not-store-of-value.html\" target=\"_blank\">Money is not a store of value. It is a claim upon value<\/a><\/h3>\n<div class=\"post-header\"><a href=\"https:\/\/2.bp.blogspot.com\/-C8LoQm2yd8o\/VuA6g9Hqf_I\/AAAAAAAAC1s\/ZBQZ9ZoZQZ8\/s1600\/SmokingMoney1.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/2.bp.blogspot.com\/-C8LoQm2yd8o\/VuA6g9Hqf_I\/AAAAAAAAC1s\/ZBQZ9ZoZQZ8\/s400\/SmokingMoney1.jpg\" alt=\"\" width=\"500\" height=\"281\" border=\"0\" \/><\/a><\/div>\n<div id=\"post-body-7807155878072140999\" class=\"post-body entry-content\">\n<div dir=\"ltr\"><i>Note: This was originally published as a response to the Aeon Conversations piece &#8216;<a href=\"https:\/\/aeon.co\/conversations\/what-is-money\">What is Money<\/a>&#8216;<\/i><\/p>\n<hr \/>\n<div><i>Money is not a store of value. It is a claim upon value.<\/i>\u00a0This might sound like pedantic semantics, but it is crucially important, especially if you\u2019re trying to alter how it works.<\/div>\n<div><a href=\"https:\/\/2.bp.blogspot.com\/-b55sJuojaNg\/VuA-c2LVcDI\/AAAAAAAAC18\/G5qnWOgyOoU\/s1600\/CocaCola%2Bbottle.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/2.bp.blogspot.com\/-b55sJuojaNg\/VuA-c2LVcDI\/AAAAAAAAC18\/G5qnWOgyOoU\/s320\/CocaCola%2Bbottle.jpg\" alt=\"\" width=\"155\" height=\"320\" border=\"0\" \/><\/a><\/div>\n<div>Imagine a Coca Cola bottle with Coke in it. That bottle is a store of value. If I open it and drink the Coke, it will kickstart energy processes in my body and help me to carry on surviving. Now imagine a piece of paper next to the bottle that says \u2018whoever holds this is entitled to claim this bottle of Coke\u2019. That\u2019s a claim upon value. If a group of people come to believe in the validity of that claim, the note can be passed around as a means to metaphorically \u2018transfer\u2019 Coke value, or &#8211; more accurately &#8211; to transfer\u00a0access to Coke value. That\u2019s then a form of money.<\/div>\n<div><\/div>\n<div>The fundamental difference between the note and the Coke can be tested by a simple experiment. Burning them. Imagine I drop the Coke into a furnace and it evaporates away. Nobody can ever drink it now, and we have destroyed value. The note is simultaneously rendered meaningless. It\u2019s just a piece of paper saying you can claim a non-existent thing.<\/div>\n<div><\/div>\n<div>Now imagine that instead of incinerating the Coke, I burn the note instead. The Coke remains, and no value is destroyed. All that has happened it that I\u2019ve destroyed my claim to that value.<\/div>\n<div><\/div>\n<div>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Money is not a store of value. It is a claim upon value Note: This was originally published as a response to the Aeon Conversations piece &#8216;What is Money&#8216; Money is not a store of value. It is a claim upon value.\u00a0This might sound like pedantic semantics, but it is crucially important, especially if you\u2019re [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[12954,951,536,4491,868],"class_list":["post-18866","post","type-post","status-publish","format-standard","hentry","category-economics","tag-claim-on-value","tag-currency","tag-money","tag-store-of-value","tag-wealth"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18866"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18866\/revisions"}],"predecessor-version":[{"id":18867,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18866\/revisions\/18867"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}