[OPE-L:1890] RE: electronic money

Chai-on Lee (conlee@chonnam.chonnam.ac.kr)
Tue, 23 Apr 1996 00:27:52 -0700

[ show plain text ]

Michael wrote in [1883];

1. Money is not 'SIMPLY a non-commodity', it is a key category of =
capitalism. (For my approach, the sole autonomous manifestation of the =
value-form.) Less
abstractly it is defined by the unity of its well known functions =
including universal equivalent and store of value (as well as means of =
exchange). What is under discussion here is what, if anything, is the =
systemically necessary connection between money and commodity (given =
commodity-money had an uncontroversial historical role in the evolution =
of capitalist money).

In your conception, the so-called systemically necessary connection =
between money and commodity is that of a token and a commodity. =
nothingelse anymore. =20

2. The electronic signals in my various bank accounts act perfectly =
adequately as stores of value. I fully expect to be able to use them to =
purchase commodities at some future date. This confidence is not =
undermined by the use of electronic media - it depends on my trust in =
the banks, supported by insurance, (self)-regulation, various legal =
provisions, etc, etc., and very little on the banks' deposits with the =
Bank of England, and not at all on the Bank's stock of bullion. So, I =
guess I am not stupid in accumulating monetary units for future =
purchases - which could in principle involve investment in equity, or =
down-payment on my very own capitalist firm, should I come over all =

Please refer to my re-reply to Jerry's which I posted today, in which I =
explained why e-money deprives my freedom. =20

3. I don't think I understand the point about every transactor being in =
balance .. ? I am sometimes in credit, sometimes in debt (and sometimes =
within the terms of my implicit contract with the bank, and sometimes =
outside it) with each individual institution, and overall. I can =
accumulate as much as I want in any account, and if I exceed formal =
credit limits and/or any banks' tolerance of my little idiosyncracies, =
they will simply refuse to allow further electronic monetary units to be =
taken from my account in order to be credited to someone

Please refer to my re-reply to Jerry's which I made today. The Japan-US =
relationship is typical for this case. =20

In comradeship