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There Are Immeasurable Tips On How To Make Money.
By Chris Nichols
There are countless instructions on how to craft money. This commentary is not about that. Rather, we check the description of money, what makes fine currency, and how some awful monies stay dreadful whereas others have become satisfactory through new ideas and technology. In the end we will talk about how money and money will evolve in the future.
Explanation of money
Money is anything that is generally accepted as disbursement for goods and services In economics, monetary output is divided into tangible goods and insubstantial services. Consumption of goods and services is understood to create value (unless the "good" is a "bad"). It is frequently used when referring to a Goods and Services Tax. and repayment of debts. The main uses of money are as a vehicle of exchange, a unit of account, and a store of value.
Aristotle on decent money
Aristotle (384 BC – 322 BC) was a Greek theorist, a student of Plato and educator of Alexander the Great. Aristotle revealed, formulated, and analyzed the problem of commensurability com·men·su·ra·ble
adj.
1. Measurable by a ordinary standard.
2. Commensurate; proportionate.
3. Math Precisely divisible by the same unit an integral number of times. Used of two quantities. . He thought how ratios for a just exchange of heterogeneous things could be set. He searched for a rule that makes it possible to equate what is ostensibly not the same and non-comparable.
Aristotle says that money, as a common measure of everything, makes things commensurable com·men·su·ra·ble
adj.
1. Quantifiable by a ordinary standard.
2. Commensurate; balanced.
3. Math Exactly divisible by the same unit an integral number of times. Used of two quantities. and makes it possible to equalize e·qual·ize
v. e·qual·ized, e·qual·iz·ing, e·qual·iz·es
v.tr.
1. To make equal: equalized the responsibilities of the staff members.
2. To make uniform. them. He states that it is in the form of money, a core that has a telos (purpose), that persons have devised a part that supplies a measure on the basis of which just substitute can take place. Aristotle thus maintains that everything can be expressed in the common equivalent of money. He explains that currency was introduced to please the obligation that all stuff exchanged must be equivalent in some way.
Within such frame work, Aristotle defined the characteristics of a good form of money:
1.) It must be durable. Money must stand the test of time and the elements. It must not fade, corrode cor·rode
v. cor·rod·ed, cor·rod·ing, cor·rodes
v.tr.
1. To destroy a metal or alloy slowly, especially by oxidation or chemical action: acid corroding metal. , or change through time.
2.) It should be portable. Money holds a great amount of 'worth' relative to its mass and size.
3.) It should be divisible DIVISIBLE. The vulnerability of being divided.
2. A contract cannot, in general, be divided in such a manner that an action may be brought, or a right accrue, on a part of it. 2 Penna. R. 454.
4.) It must have built-in worth Intrinsic Value
1. The value of a company or an talent based on an primary perception of the worth.
2. For call options, this is the difference between the underlying stock's price and the strike price. . This value of money should be independent of any other object and contained in the money itself.
Money, 1,000 years ago
Just humans acceptably solved commensurability with the thought and practice of currency. All through history, we have seen the adaptation of many forms of currency. Here are some examples with relative merits denoted.
One couldn’t treat oil as money since it was not exactly durable and portable. Neither could one use a business (such as a restaurant) as money since it is hardly divisible and ever lasting. Gold has been the choice of money for over 5,000 years because it is valuable, durable, divisible and relatively portable.
Trading possessions on paper
A thousand years ago, the ownership entitlement of a property lot or a business is purely a piece of paper for decorative purpose and a registry for the tax collector. The oldest existing stock certificate was issued in 1606 for a Dutch company (Vereinigte Oostindische Compaignie) seeking to profit from the spice trade to India and Far East. Though very profitable in its day, when the company was dissolved in 1799, it was some 10 million Dutch guilders in debt.
American Stock exchanges This is a list of American stock exchanges. Stock exchanges in Latin America (where Spanish and Portuguese prevail) use the term Bolsa de Valores, meaning 'bag' or 'purse' of 'values'. were introduced in the early 18th century and weren’t prominent until the 19th century, where we saw globalization globalization
Procedure by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation
Of, related to, or being liability securities that are protected with assets. For example, mortgage purchase bonds are secured
by mortgages that have been purchased with the bond issue's profits. and owned by world citizens. Title certificates to commodities stored around the world are changing hands esteemed in the hundreds of billions on numerous commodity exchanges.
Money, today
Oil, which has always carried intrinsic worth nevertheless difficult to amass and exchange for other goods, all of a sudden becomes a viable medium of exchange and store of value through the advent of Oil ETF ETF
See Exchange Traded Fund.
ETF
See exchange-traded fund (ETF). . Oil is stored in a warehouse and your digital ownership certificate is tucked safely in your brokerage account Brokerage Account
An arrangement connecting an investor and a licensed brokerage firm that allows the shareholder to deposit funds with the firm and place investment orders through the brokerage, which then carries out the transactions on the investor's behalf. , which you can practically instantly exchange for anything else you want, whether it be Microsoft, gold, wheat, air ticket, hotel room, for less than 1% of commission. Established, we rely on dollars to calculate the swap over ratios but the role of dollars has diminished greatly in the process as we used it only as an exchange reference (and a lousy one at best) and never kept dollars.
Like oil, many assets when thought to be non-divisible, non-portable, and non-durable are gaining popularity and being saved in lieu of traditional money such as gold and dollars. REIT REIT
See: Real Estate Investment Trust
REIT
See real estate investment trust (REIT). ETF allows you to “store” real estate around the world and sell in any increment you like, S&P spider ETF allows you to own a piece of America’s 500 largest companies with auto rebalancing Rebalancing
The process of realigning the weightings of one's portfolio of assets.
Notes:
For example, if your portfolio's proportion of stock has grown too large for your intended assets weightings and risk tolerance, you might rebalance by selling some stock and putting . You can own Japan, Banks, Wheat, Motion Picture, anything you desire with transparency, liquidity, and low transaction cost.
Those assets are becoming more alluring as store of value with enhanced trading volume Trading volume
The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. , portability, durability and divisibility di·vis·i·ble
adj.
Able of being divided, especially with no remainder: 15 is divisible by 3 and 5.
di·vis .
Fiat currency
Money must be a good store of value by definition.
Fiat manuscript currencies are admired at times since they are convenient and can be shaped at will to gratify the public. Nevertheless fiat currency fiat money (f?`?t, f?`?t), inconvertible money that is made legal tender by the decree, or fiat, of the government but that is not covered by a specie reserve. fails the all important “intrinsic value” test, as its value is solely derived from legal tender laws. The compliance of such law rests on the credibility and strength of the issuing authority. As we know government and political factions can go up and fall faster than pop stars in some cases. It’s no surprise that no fiat currency has ever survived through era, and they can by no means be viable money regardless of technical breakthroughs or other human advances.
The value of a dollar
To recap
What Aristotle described as respectable money 2,000 years before has not changed, sound currency must be a excellent medium of exchange as well as a store of value. Assets such as oil or land once weren’t considered to be good forms of money due to poor physical or liquidity constraints, have received renewed interest thanks to novel ideas and innovative technology. The internet and various pooled products (ETF) on world markets enabled those once immobile and/or illiquid Illiquid
An skill or security that cannot be converted into money very hurriedly (or near prevailing market prices).
Notes:
A house is a good example of an illiquid asset.
See also: Cash, Liquidity
Illiquid
In the background of money. goods to be transacted with ease, speed, transparency and low cost amongst world buyers and sellers.
The function of fiat currency is vanishing. This sunrise, I sold Newmont Mining to book a hotel in Hong Kong without owning dollars for long. I don’t own many dollars, oeuros or yuans. Fiat money carries a immense premium for being a good currency however bad store of value. There is no grounds to keep any currency without intrinsic cost.
My observation on gold from this evolution is mixed. On the plus side, gold will crowd out substandard fiat currencies at a quicker pace. On the minus side, the choices of store of value have expanded vastly, reducing gold’s role to being a fair medium of exchange. Accordingly I don’t see the combination of a $2,000/oz gold price, a crashing stock market and $30/barrel oil. If that happens, I’d be selling gold, storing oil, and paying with oil.
This dazzling article is brought to you by World Money
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