What is Money? Medium of exchange Store of value Unit of account End in itself? Island of Yap and Fort Knox What is modern money? Interest.
Current Events To Reassure Investors, Fed Stresses It Will Not End Stimulus buying $85 billion a month in Treasury and mortgage- backed securities.
Vertical money Gov’t forces us to pay taxes; we must accept money or go to jail Our economic production backs money supply.
Economy as Biophysical system Laws of physics Can’t make something from nothing, or vice versa Can’t do work without energy Entropy increases.
