Medium of exchange Quotes

“The objective exchange-value of money which rules in the market to-day is derived from yesterday's under the influence of the subjective valuations of the individuals frequenting the market, just as yesterday's in its turn was derived under the influence of subjective valuations from the objective exchange-value possessed by the money the day before yesterday. If in this way we continually go farther and farther back we must eventually arrive at a point where we no longer find any component in the objectIve exchange-value of money that arises from valuations based on the function of money as a common medium of exchange; where the value of money is nothing other than the value of an object that is useful in some other way than as money.”

“The objective exchange-value of money which rules in the market to-day is derived from yesterday's under the influence of the subjective valuations of the individuals frequenting the market, just as yesterday's in its turn was derived under the influence of subjective valuations from the objective exchange-value possessed by the money the day before yesterday. If in this way we continually go farther and farther back we must eventually arrive at a point where we no longer find any component in the objectIve exchange-value of money that arises from valuations based on the function of money as a common medium of exchange; where the value of money is nothing other than the value of an object that is useful in some other way than as money.”

“The function of money is to facilitate the business of the market by acting as a common medium of exchange.”

“Money here on Earth is more than the paper or the metal that you use for money, more than the rows of figures that account for money. Here on Earth you have given money a symbolism such as no medium of exchange has anywhere else I have ever known or heard of. You have made it a power and a virtue and you have made the lack of it despicable and somehow even criminal. You measure men by money and you calibrate success with money and you almost worship money.”

“Imagine you're alive at the end of the Civil War. You're living in the South, but you're a Northerner. You plan to move home as soon as the war's over. While in the South you've accumulated lots of Confederate currency. Now, suppose you know for a fact the North's going to win the war, and the end is imminent. What will you do with your Confederate money? If you're smart, there's only one answer. You should immediately cash in your Confederate currency for U. S. currency - the only money that will have value once the war's over. Keep only enough Confederate currency to meet your short-term needs. Kingdom currency, backed by the eternal treasury, is the only medium of exchange recognized by the Son of God, whose government will last forever. The currency of his kingdom is our present faithful service and sacrificial use of our resources for him. The payoff in eternity will be what Paul called 'a firm foundation' consisting of treasures beyond our wildest dreams.”