(a massive, 100-part essay)
I recently finished this excellent short book titled What Has Government Done To Our Money. It’s available on the Internet for free and I highly recommend reading it. But in case you want the key insights, here are my notes.
Money as a medium of exchange
1/ In an economy, there’s a variety of people. Different folks specialize in producing different things and each one of them desires different things.
2/ If there are only two people, they can barter (i.e. directly exchange) what each one of them has with what the other one needs. Even with two people, an exchange rate emerges (e.g. how many loaves of bread you both agree on for a pair of shoes?) ...