[OPE-L:1920] RE: electronic money

Michael Williams (100417.2625@compuserve.com)
Tue, 23 Apr 1996 16:02:43 -0700

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Chai on writes:
As long as your money is not an asset, it cannot be an object of hoarding.

Michael asks:

1. Why can non-commodity not be an asset?

and adds
2. The crucial point about hoarding is that money validating already created
value is diverted into a non-productive circuit - that is, one in which it is
not available to initiate another productive circuit of capital. Bullion in the
hands of the non-banking sector (ie under the mattress) could act as a hoard;
but in doing so it has sloughed-off any claim to acting as full capitalist money
- which is condemned to circulate.