Invention of Money – Adam Tutolo

Before hearing about the Yap this past week and other stories I never really thought about how controversial money really is to the world. There is no set value to money it varies from place to place. In reality money is fiction. You can work all your life in the pursuit of wealth. These days your wealth is measured in the amount of paper bills you have in your bank account. What happened in Brazil in the 1990s just goes to show that your hard earned money can become worthless in a short amount of time and you can not do anything to change that. The people of Brazil were content with believing that their money was worth something, then the government decided who cares about our people’s money lets build a city and print money to do it. This caused hyper inflation and we all know what happened after that. So i asked myself who was more organized with their money? The government of Brazil or the people of Yap. I would say Yap they were fine living like they were until the Germans came along.

Most people in this country do not see or feel their money because it isn’t their for them to see or touch. A number on a computer screen represents the money they own. I guess we have developed an extreme amount of trust for these banks that hold our money. In this sense this concept is exactly like Yap. When the Yap would make large transactions they wouldn’t be able to lift the heavy fei. So the fei would stay on the former owners lawn, but it would really belong to this other person. The person doesn’t physically have the stone in his posession, but he owns it. In a sense this is how are banking system works.

The bottom line is you need money in this world to survive. No matter how illogical the idea of money is the fact is you need it. One day our money might become useless and there will be people saying “I told you so”.

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5 Responses to Invention of Money – Adam Tutolo

  1. davidbdale says:

    Adam, you’ve published your post to no Category, so you and I will have a hard time finding it almost immediately. Open it in Edit mode, please, and add it to two categories: the assignment and your name.

  2. adamtwths says:

    Professor can you please leave me some feedback so i can get started on my rewrite.

  3. davidbdale says:

    First of all, Adam, I don’t want anybody thinking he has to wait for me to provide specific feedback to start revising. The classroom lessons are designed to send you back to your assignments looking for ways to make them more compelling and persuasive without individualized notes.

    Second, please go to the Assignment A03 to read the expanded advice there on many revision topics. Then return here for your own notes. They’ll make more sense after reading the general advice.

    P1. For example, having read the Assignment, you know you’re going to eliminate these personal comments about what you learned from reading about the Yap and substitute more generalized comments about money’s abstractions. The first statement you make that I care about is: Money is fiction. But you immediately lose my interest by following that with “You can work all your life in pursuit of wealth.” Please do not write a moralizing essay about the true value of human endeavor and the insignificance of wealth. The subject matter we’re considering here does not support that argument.

    Instead, we’re interested in the fictional nature of money. You were right. What happened in Brazil is much more interesting than that money can become worthless. The Brazil story showed that money is always changing value, against commodities, and against other currencies. It also proves that money is a social contract requiring everyone’s cooperation to prop up the value of the exchange system.

    Sorry. You cannot say “we all know what happened after that.” Your readers have not read what you have read. You need to provide them with the necessary background to understand your arguments.

    P2. How well did that trust in banks go when the world’s biggest banks failed in 2008, or would have if we hadn’t bailed them out. They actually needed our money after we’ve given them everything we had already. That’s not like the Yap at all. They didn’t bank their money with third parties who invested it in ventures that might fail and cost them their wealth. Our systems have similarities, but that’s not one of them.

    It is certainly true that virtual ownership of physical objects changed hands without anything moving. What’s more like that in our culture?:

    • I finance a car without handing over any cash and drive the car off the dealer’s lot, keep it for years, and sell it to someone else if I choose?
    • or: I buy a house I won’t be able to pay off for 30 years, based on nothing but the likelihood that I’ll be able to make payments. Meanwhile, I can live in the house and make whatever changes I like to it because I “own” it although somebody else actually paid for it?

    See, Adam? You’re really writing about credit. Good luck!

  4. adamtwths says:

    Thanks for the advice, you made me realize that i had some big mistakes in my essay. After reading your feedback it was easier for me to revise my essay and have it low better.

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