(OPE-L) Re: on money substance and abstract labor

From: Gerald A. Levy (Gerald_A_Levy@MSN.COM)
Date: Tue Jun 08 2004 - 06:38:31 EDT

Hi Claus.

It's good to hear from you again.

(Paul C wrote:)
> > 3. The Pound Sterling had multiple  representations in common use:
> >      a) Bank of England Notes.
> >      b) Bank of Scotland Notes.
> >      c) Bank notes of other commercial banks.
> >      d) Cheques drawn on these banks. <snip, JL>
(Claus replied, in part:)
> This list is not of equal 'representations' of the Pound Sterling. It is
> the Pound Sterling that was the representation or the official name of the
> unit of the money material. All kinds of Bank notes and of cheques, as
> well as the bills of exchange that originated them, were just certificates
> of debt of amounts of money units (Pound Sterlings). They are all
> technically forms of credit money, not of money.

A couple of brief questions about the last sentence above.

1) Why isn't credit money a form of money?

b) Does the above mean that you don't think that credit money
     is part of the money supply?

In solidarity, Jerry

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