history of money

[Max Sawicky]

Re: Grimes and:
Like any version of history, it is important to note what is left out,
as well as what is mentioned. . . .

The folks at the Levy Institute, particularly Randy Wray
(Now at U of Missouri), have gone into this in a big way.

Their take, much boiled down and simplified, is consistent
with CG but explicit in a different way.  Their thesis is
that money arises not as a medium of exchange but as a means
of administering debt.  It is created by and for the rentier,
sometimes under the auspices of government.

This is not to say a medium of exchange is without use,
but puts a different cast on the story.  I have no idea
if it is true but it is entertaining and offers a
pleasingly malign interpretation.

mbs