Hidden Secrets of Money
In the four videos embedded below, Mike Maloney reveals the hidden secrets of money. He starts with explaining the difference between money and currency. The defining features of currency are:
o Medium of exchange
o A unit of account
o Fungible (interchangeable)
Money has one extra defining feature, namely Store of Value (over a long period of time). This means that real money represents real (almost timeless) value. However, the ‘money’ we use nowadays is just currency, since its value is just a social construct.