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Money can presumably fulfill all three attributes (as trade exchange medium, wealth storage, and credit monetization) in normal times. But the core attribute is best revealed in extreme circumstances. Money was not seen as a great wealth storage medium lately - witness the massive flow of money into stock markets and real estate, or whatever "more reliable" wealth forms.

Perhaps the strongest association of money with credit is unnecessary (for broad public purposes). But as we know, money "naturally" emerged not by explicit social consensus or government decree. Those in power to issue and control money insist on strict association of money with credit. Society's collective opinion is weak or irrelevant.

by das monde on Wed Sep 2nd, 2009 at 06:29:56 AM EST
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