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Money - What is it?

FreedomFight said:
A century ago, money was a pretty easy-to-define product. Many countries chose to back their money with hard-currency (gold bullion), giving money a relatively stable value. In an effort to bring more liquidity (and government control), money is now controlled somewhat arbitrarily by interest rates and direction injection by the Fed. The value of money is primarily determined by the money already out there, and then by those two factors.

Now, with paper bills representing only a fraction of the market, I ask:
What is money to you?
Is it even essential?
Who should control the money supply(should it be backed or not)?

I tried to make this as concise as possible, because the reality is that money... is quite a complex subject.
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I think when a currency is just being created, some sort of backup is essential to prevent early onset inflation, which happens in oh so many cultures. But when you're at the point where everyone accepts the bills to have value, you have a stable currency. You can still have inflation, though, at this point, like the US. When there's a standard, it's much more difficult for inflation to happen.
 
A standard of trade, it's only worth what you can trade it for. I have a shoe box filled with Zimbabwe dollars which isn't worth the paper it's printed on, yet almost the same paper, which only has different pictures on can buy almost any tangible good. it money is a convent medium for trade, to pay debut and for a standard value.
 
The way I have always thought is that if you do something for someone then they owe you. But certain things you do for others are work more. If you work you make money, and that money is usually meant to be a direct reflect of how hard you work and what your work is worth.

So money is like a representation of what others owe to you.
 
money is merely an object.
Money is also often viewed as a tool or source to buy or attain happiness, but i disagree.

capper4lyf said:
Its what makes the world go round, with out it i think everyone would be screwed.
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Theres plenty of people, not just in the US, but around the world that survive without it.
 
The Black Sun said:
Theres plenty of people, not just in the US, but around the world that survive without it.
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It's not just about surviving. It's about living in a nice house, driving a nice car, eating good food, etc.

You can't have a good living standard in the modern world without money.
 
Schnell said:
It's not just about surviving. It's about living in a nice house, driving a nice car, eating good food, etc.

You can't have a good living standard in the modern world without money.
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You also dont HAVE to live in luxury. People that arent as fortunate as some are still content with their lives.
 
The Black Sun said:
You also dont HAVE to live in luxury. People that arent as fortunate as some are still content with their lives.
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That is my point. You're talking about basic natural needs, while I'm talking about modern society. You don't need a house, you don't need to drive a car, you don't need to buy food that others gather for you, you don't need cooked food, you don't need clothes.

The point is that humans excel from other animals in the way they live. To achieve the level of civilization we have in the modern world, trade has to be standardized. This would not be remotely possible otherwise.

Basic survival and the life of a modern human are two different things.
 
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