Sometime in the next 24 hours we will be switching European Tribune over to a new layout. This will involve a little downtime and no doubt some teething troubles. Do not adjust your set. - Colman

Store of value,
Accounting unit,
Medium of exchange, ...

We're forgetting one very important function of money which is to serve as a token of state power issued to mobilize resources. This has been in evidence from the time Alexander the Great flooded the Eastern Mediterranean with gold coinage in the process of bankrolling his military campaigns.

Seigniorage is a nonviolent way to commandeer resources, by using the power to issue coinage to appropriate resources in the market.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS

by Migeru (migeru at eurotrib dot com) on Sun Jan 6th, 2013 at 05:36:44 PM EST
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