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If I taught an econ class, I'd rec @CMacCaba's first chapter of "Money" as a must read
His definition of money:
His definition of money:
Explaining how money as intrinsically valuable through its commodity value was a shift in thinking due to the collapse of Roman state authority
Explaining how the military was the conduit for distributing increases in the money supply (rather than banks today).
Also that paper in China was just as suitable as commodities.
Also that paper in China was just as suitable as commodities.
Explaining how banks create credit and thus new money in the same denomination of state currency readily acceptable.
This doesn't have to be the default but was a quirk of medieval Europe.
Led to things like bankers funding wars.
This doesn't have to be the default but was a quirk of medieval Europe.
Led to things like bankers funding wars.
Explaining the transformation of a royal's debt into a public debt.
Explaining the current 20th century paradigm of US debt being the monetary standard of the world.
As a side note on the last post, more elaboration can be found from Michael Hudson's "Super Imperialism"
