Thursday , January 21 2021
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Myth of Barter

Summary:
Here we go with the "myth!" again... but interesting from Clint Ballinger none the less: It is logically not possible, before the tax-credit became a viable base-unit for currencies, to have a credit-system of monetary exchange without first having a unit-of-account to measure that credit in... This "unit" is a typical abstraction (is non-real) created by Science trained people all the time... in order to work with the real...Non science people (B.A. people) would probably not fully understand this... then they claim a contrary view is "myth!" or something...  Just to be clear to anyone wondering why I start 1000 Castaways w a very quick barter story (besides fact I am trying to get general population to "get" MMT). @davidgraeber is simply not correct, overly cited as expert

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Here we go with the "myth!" again... but interesting from Clint Ballinger none the less:

It is logically not possible, before the tax-credit became a viable base-unit for currencies, to have a credit-system of monetary exchange without first having a unit-of-account to measure that credit in...

This "unit" is a typical abstraction (is non-real) created by Science trained people all the time... in order to work with the real...

Non science people (B.A. people) would probably not fully understand this... then they claim a contrary view is "myth!" or something... 

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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