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Money Concepts: The Three Types of Money

Money Concepts: The Three Types of Money

Definition

Executive Summary

  • There are three types of money, fiat, commodity, and credit.

Introduction

This quote explains the three types of money.
"Historically, there have been three categories of money: commodity, credit, and fiat. Commodity money consists of some durable material of intrinsic value, typically gold or silver coin, which has some value other than as a medium of exchange. Gold and silver have industrial uses as well as an aesthetic value as jewelry. Credit money refers to the liability of some individual or firm, usually a checkable bank deposit. Fiat money is a tax credit not backed by any tangible asset."
This is a curious explanation of money because virtually no one considers or talks of credit as money or thinks of fiat money as a tax credit.

Source: Soft Currency Economics

http://moslereconomics.com/wp-content/uploads/2018/04/Soft-Curency-Economics-paper.pdf

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