Money and Currency
Most people confuse money and currency as being the same thing
. They are not. According to Webster's dictionary three criteria must be met in order for something to be money. It must be an accepted or a medium of exchange, it must be a store of value, and it must be the unit of account. This is the three criteria for money.
According to Webster's dictionary only one criteria need be met for something to be currency. It only needs to be accepted as a medium of exchange. In most cases it is also a temporary store of value, but not a permanent store of value. In the United States the currency is Federal Reserve Notes. For those of you who think that's money in your wallet, pull any bill out and read what it says across the top, and so forth. It reads, "Federal Reserve Note" and "Legal Tender."
It is worth noting that the government stopped printing money years ago around the time of WWI, I believe. Therefore, the Bank of England along with the Federal Reserve, a group of international bankers, operate as government clients and charge more in interest than the amount thee currency is worth hence the economy is bankrupt and under this system, always will be bankrupt due to interest charges outweighing the value of the dollar, etc. When the government gave up their most important function, the printing of money, our nation became bankrupt.
There are really three types of money: hard money, soft money and no-money. Hard money would be gold, silver, or platinum. These are the noble metals and are called hard money because they are hard assets with real universal value.
Soft money would be paper money backed by hard money.
Remember when our government banned its citizens from holding real money or real gold around the time they gave up their soveriegn duty of printing real money and Nixon took our currency off the gold standard in the 1970's ? This would include silver or gold certificates which were backed by silver or gold. It would also include greenbacks. Federal Reserve Notes are often referred to as greenbacks but they are not. Greenbacks were only issued by the Treasury Department at the request of then President Lincoln during the first American civil war. They were backed by silver and were extinguished after the war was over. We do not use hard or soft money anymore.
The third type of money is no-money. That is paper money backed by nothing of value. Hence credit companies can literally create money out of thin air when they give you a limit of 12,000 dollars. This is also called fiat money. Really it is not money at all, it is currency or nothing at all.
Currency can take many forms. It is anything accepted as a medium of exchange. The currency of the United States is the Federal Reserve Note which is backed by nothing of value. Checks, money orders, credit cards, and cigarettes if you are in prison, are all accepted mediums of exchange, but they aren't money either.
We have currency, we have fiat money, yet we do not have real money!
Even real estate is owned by the government. If you don't believe me, stop paying your taxes and we'll see real quick who really owns your property.
So how do we create money? What about the trillion dollars worth of minerals and almost noble metals or hard money in the Afghan mountains? You know the material Russia found but could not capitalize or communize ? They retreated. Will America get at this hard money? What other kinds of monies are out there ?
If by monies we mean assets. A job is an asset, an income producing business is an asset, a self-employed individual working for positive cashflow is an asset, stocks that are positive in value that give you an income can be an asset and any other thing that puts money in your pocket is an asset.
So that means my car is not an asset, my house is not an asset, my clothes are not an asset because they do not put money into my pocket rather only take money out of my pocket ? Yes.
Money and Currency
By: Troy Coulon
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