by David Orrell
Free-Libre, Open Knowledge (FLOK), 231
French banknote (assignat), 250n6
frequent-flier program, 190
Friedman, Milton, 107, 144–45, 152, 178, 196, 199
“Full Interview on Anti-trust and Tech” (Friedman), 196
full-reserve banking, 181
fuzzy logic, 48
Gaddafi, Muammar, 21
Gaia theory, 160–61
Galbraith, John Kenneth, 31, 95, 97, 105, 107–8, 249n39, 250n7, 251n17, 251n21
Galileo, 74, 78
games, 29, 83, 242n53
Gaul, 25
GCC. See Gulf Cooperation Council
GDP. See gross domestic product
Geanakoplos, John, 154
gender, 114–17
general public license (GPL), 230–31
Genoa, Italy, 64
Geoffrey Madan’s Notebooks (Gere and Sparrow), 249n29
Gere, J. A., 249n29
Germany, 81–82, 102, 202, 208, 225; credit growth in, 133; currency influencing, 185, 186. See also ordoliberalism
Gessel, Silvio, 70, 185
geuro, 183
GFC. See Great Financial Crisis
Ghent, Belgium, 188
Gibbon, Edward, 28
gifts, 76; certificate, 8; economies, 10, 72, 229–30, 231–32, 233, 234
giving, 228–32
global debt, 119
Global Financial Stability Reports, 120
Global Freecycle Network, 229–30
global supply chains, 28
Glover, Paul, 186–87
God, 62, 72, 78, 121, 124
Goethe, Johann Wolfgang von, 100
gold, 11, 17–18, 19, 54, 59, 75, 76–78, 241n28, 244n31, 247n1; Bitcoin’s similarities with, 116–17, 205–8, 218; in bubble, 161–63, 162; card, 109; France switching to, 249n38; hoarding, 82; Libyan, 21; price of, 161–63, 162, 242n46, 243n10; silver bought by, 89; Smith on, 266n45; supply, 241n21; U.S. as on, 249n38; window, 108
golden chervonet, 182
Goldman Sachs, 123–24, 125, 155, 210, 212, 232
gold standard, 88–90, 95–96, 105–8, 114, 116, 172, 252n45; euro compared with, 133; return on, 251n21
good living (buen vivir), 231
Google, 214
Gottesdiener, Laura, 169, 259n79
governments, 111–12, 228
GPL. See general public license
Graeber, David, 44, 54, 242n54, 244n27, 245n38
graft networks (blat), 233
grain (deben), 19
Great Britain, 8, 59, 122, 193, 198, 225, 259n83; banknotes in, 204; inflation, 145
Great Depression, 8, 106, 144, 185–86, 249n46
greatest happiness principle, 226
Great Financial Crisis (GFC), 2–3, 108, 113–14, 116, 194, 197, 225, 233, 234; Australia responding to, 177–78; Central Europe in, 126; currencies influenced by, 182–83; Eastern Europe in, 126; models influencing, 155–56; NINJA borrower of, 164
Great Fire of 1834, The, 60
Greece, 9, 20–21, 22, 23, 28, 33–37, 50, 77, 227; credit growth in, 133; EU’s negotiations with, 133; IOUs issued by, 183; local currency resurgence in, 186
greed, 115–16
Greeks, 57, 62, 114, 115
Greenback Labor Party, 104
greenbacks, 104, 180
Greenspan, Alan, 105, 116, 155, 216
Gresham, Thomas, 249n31
Gresham’s law, 88
Grexit crisis, 116
Gross, Bill, 120
gross domestic product (GDP), 167
groupthink, 124
growth, 226
Guardiagrele, Italy, 189
Guide to the Merits of Commerce and to Recognition of Both Fine and Defective Merchandise and the Swindles of Those Who Deal Dishonestly, A (al-Dimashqi), 10–11
guilds, 64
guinea coin, 88–90
Gulf Cooperation Council (GCC), 135–36
Gutenberg, Johannes, 19
Guthrie, W. K. C., 35
Ha-Joon Chang, 156, 157
Haldane, Andrew, 153
Hamilton, Alexander, 103
Hammurabi code, 241n25
Hanyecz, Laszlo, 198
happiness, 3, 142, 165–68
hard money, 28–30
Häring, Norbert, 120
harmonies, 34–35
Harper, F. A., 10
Harrington, Keith, 172
Hart, K., 243n8
Hayek, Friedrich, 149, 194
heads, 38, 243n8
Hearn, Mike, 211
Heckman, James, 155
hedonometer, 166
Henry I (king), 60
Henry VIII (king), 69, 78
Heraclitus, 31, 34
Hercules, 22
herd mentality, 166
Herodotus, 20, 52
High Middle Ages, 72, 234–35
Hirsch, Todd, 29
History of Monetary Systems (Del Mar), 7
History of Money: From Ancient Times to the Present Day, A (Davies), 248n16, 249n32, 249n39
hoarding, 56, 82
Hobbes, Thomas, 215
Hodges Genuine Bank Notes of America, 103
Holland, 81–82
Honduras, 209–10
Hong Kong, China, 194
House of Lords, 60
House of Morgan, 122
House of Representatives, U.S., 74, 104
hryvnia, 134
Hudson’s Bay Company, 12
Hu Jintao, 129
Hume, David, 144, 240n3
Humphrey, Caroline, 15
Hureai Kippu, 188
hybridity, 132
hyperinflation, 96, 101–3, 249n46, 250n7
Iamblichus, 34
IBM. See International Business Machines
Iceland, 181
imagined communities, 134
IMF. See International Monetary Fund
immaterial monism, 34–35
Incas, 75
India, 22, 26, 56, 89
Indians. See Native Americans
Industrial Age, 237
Industrial Revolution, 8, 94
Inferno (Alighieri), 63
inflation, 78, 80, 82, 87, 145, 248n16, 249n46
information, 170–71
Information Awareness Office, 121
Ingham, Geoffrey, 29
inheritance, 224
Innes, A. Mitchell, 55
Inquiry into the Principles of Political Oeconomy, An (Steuart), 83–84
Inside Job, 152
Institutional Risk Analytics, 123
insurance contract, 246n20
intellectuals, 62
interbank interest rate, 110
interest (máš), 18, 38, 110, 111; as negative, 70, 184–86, 228; rate, 241n25
International Business Machines (IBM), 265n37
International Monetary Fund (IMF), 3, 21, 108, 120, 130, 182, 231, 240n14
Internet, 230, 233
Internet of Things, 210
intrinsic value, 86–88, 153–54, 205–6
inventions, 19
invisible hand, 141, 161, 223, 234, 255n2, 266n9
I owe yous (IOUs), 67, 127, 183, 245n38
iPhone, 193
Iraq, 16–17
Ireland, 113
Islam, 56–57, 116
Israel, 61
Italy, 35, 56, 59, 81–82, 189, 242n42. See also Florence, Italy; Genoa, Italy; Venice, Italy
Ithaca Hours, 186–87
Jackson, Andrew, 103
Japan, 178, 188, 189, 194, 203
Jaspers, Karl, 22
Jefferson, Thomas, 38, 90, 104
Jerusalem, Israel, 61
Jesus, 23
Jevons, William Stanley, 11–12, 15, 19, 20, 141–42, 163, 172, 233, 269n45
Joachimsthal, Czech Republic, 79
jobs, 171
Joshi, Dhaval, 225
JP Morgan, 123, 193, 210, 232
Jubilee, 18, 263n41
Judas, 23
Judea, 22
Juno Moneta, 24, 115
just price, 62–63, 72, 78, 80, 234, 236
Kahneman, Daniel, 166, 167
Kashkari, Neel, 123
Keen, Steve, 165, 257n31, 258n60, 263n41
Kelly, Brian, 214
Kelton, Stephanie, 30
Kelvin (lord), 40
Kennedy, Joseph, 123
Keynes, John Maynard, 15, 106, 148–50, 223–24, 256n21
Key to Wealth, or, a New Way for Improving of Trade: Lawfull, Easie, Safe and Effectual, The, 84
Khanna, Parag, 131, 183
Kindleberger, Charles Poor, 246nn23–24, 247n1, 249n34, 249nn26–27, 250n2
King, Mervyn, 30, 150
King of Siam, 15
King of Wu, 32
Kirman, Alan, 153
Klein, Naomi, 222, 256n27
Knapp, Georg Friedrich, 42–43, 216, 244n29
Knight, Frank, 181
knights, 61, 68
Knutson, Brian, 41
Kocherlakota, Narayana R., 30
Kohl, Helmut, 132
Kolbert, C. F., 28
koruna, 183
Kreider, Tim, 10
Kreuzberg, Germany, 208
Krugman, Paul, 165, 266n45
Kublai Khan, 64–65
Kuhns, 122
Kumhof, Michael, 257n31
Kuwabatake Sanjuro, 199
labor, 140–41, 187–88, 218, 242n44
land, 58
Latvia, 134
Laurium, 23
law (nomos), 27–28, 246n14
Law, John, 91–92, 97, 107, 113, 148, 215
law of supply and demand, 89
Laws of Eshnunna, 17
Laynez, Diego, 67
League of Nations, 131
left hemisphere, 9, 40–41
Legal Tender Act, 103–4
legionary, 242n44
Le Goff, Jacques, 63, 71
Lehman Brothers, 178
lender of last resort, 92–96, 113–14
LETS. See Local Exchange Trading System
Levitt, Arthur, 124
Lewis, Nathan, 194
Liber abaci. See Book of Calculation
liberty, 9
Libor. See London Interbank Offered Rate
libra. See pound
Libya, 21
Lietaer, Bernard, 44, 116, 169, 176, 188, 194, 252n45
light, 217
Limited (peiron), 35
Lincoln, Abraham, 100, 103–4, 122. See also greenbacks
Linton, Michael, 187–88
Lipsey, Richard, 14
lira, 189
Lithuania, 132
Liu, Jack, 192
livre, 59
loans, 111, 114, 241n24
lobbying, 124–25
local currencies, 185–90
Local Exchange Trading System (LETS), 187–88
Locke, John, 87–88, 98–99, 140–41
Loebs, 122
logging camps, 8
logic, 9
London, England, 86, 95
London Gold Fixing, 39
London Interbank Offered Rate (Libor), 149
lottery, 10, 85
Louisiana, 100
Louis IX (king), 59
Louis XIV (king), 98
Louis XV (king), 98
Lovelock, James, 160–61
loyalty programs, 190–91
lubricant in exchange, 10, 29–30
Lucas, Robert, 152, 156
Lucke, Bernd, 183
Luyendijk, Joris, 124, 125, 182
Lydia, 2, 20, 38, 52
Lyon, France, 66
Madan, Geoffrey, 249n29
Made Beaver, 12
main currency, 181–83
Maine, 105
male principle, 37–38, 114–17
Manchester University, 172–73
Mandelbrot, Benoit, 37
Manhattan, New York City, New York, 17–18
Mantega, Guido, 128
Maria Theresa thaler, 79
Maris, Bernard, 143
marketers, 166
market exchanges, 229
markets, 13, 22, 153–54, 155, 156
market value, 46–47
married couples, 165–66
Marshall, Alfred, 40, 157
Martin, Felix, 44
Marx, Karl, 7, 68, 97, 141
Massachusetts Bay Colony, 100–101
MasterCard, 109
material monism, 34
mathematics, 9, 56–57, 78
Matthew 20:2, 242n44
Ma Twan-lin, 95
Maximinus, 242n44
May, Tim, 203–4
Mayans, 75
Mayer, Thomas, 183
Mayweather, Floyd, Jr., 232
McCaleb, Jed, 203
McGee, Alan, 178–79
McGilchrist, Iain, 40–41, 121
McKinsey Global Institute, 119
McLeay, Michael, 94
McLuhan, Marshall, 1, 45, 100, 176, 179, 238, 256n13
McNamara, Frank, 109
media, 256n13
Medicis, 71, 75
Medium is the Massage, The (McLuhan), 176
medium of exchange, 3, 8–9, 42, 43, 159, 165
medium-sized businesses, 184
memory, 30
Menger, Carl, 13, 29, 141–42
“Mephisto” (fictional character), 100
mercantilism, 82–84
Merchant of Venice, The (Shakespeare), 64
Mesopotamia, 20, 22, 28, 39, 42, 56, 241n24; overview of, 15–18; primary creditor, 67
message, 235–38
metal, 77, 82, 140, 161, 248n25
metallism, 42, 217, 244n29
Metaphysics (Aristotle), 34, 48
Mexico, 75–78, 265n36
“Micawber” (fictional character), 58
Midas (king), 20
Middle Ages, 54, 55, 58, 61, 73, 77, 234–35; accounts during, 60; bill of exchange system in, 67, 159; black money during, 59; gift economy in, 72; virtual currency period, 115
migrant workers, 201–2
Miletus, Greece, 33–37
military, 21–22, 24, 26
Mill, John Stuart, 143, 167
Million Adventure, 85
mind, body versus, 35–39
mining, 8, 199–200, 202, 208–9, 212
Minsky, 258n60
Minsky, Hyman, 164–65
mint, 59
Mint, U.S., 79, 79–80
minting, 32
mints, 11, 24
Min Zhu, 108
Mises, Ludwig von, 96
Mississippi Company, 99–100
Mitchell-Innes, Alfred, 14–15, 44
Mithras, 86
mobile phones, 192–93, 266n3
Moctezuma II (emperor), 76–77
models, 155–57, 163, 260n94
Modest Enquiry into the Nature and Necessity of a Paper-Currency, A (Franklin), 101
momentum buyers, 161
Monetae cudendae ratio. See On the Minting of Coin
monetarism, 144–45
monetary crisis, 32
monetary experiments, in Great Depression, 185–86
monetary policy, fiscal policy as more important than, 148
monetary transactions, 9
money (nomisma), 246n14, 252n36; adoption of, 9; characteristics of, 8–10; creation of, 10–11; definitions of, 7, 42–46, 52; demand for, 137; exactness of, 9; fiat, 30, 42; finality of, 9; first, 12–13; force, 46; as hard, 28–30; illusion, 144; invention of, 10–11; magnet, 31–54; as message, 235–38; metal, 77, 82, 140; as new, 176–95; origins of, 7–30, 16, 23; overview of, 1–5, 7–30, 16, 23, 235–38; points, 39; power, 78, 103–5, 118–38; properties of, 8–10, 31–54; quantum nature of, 174–75; rationality of, 9; as stable, 120–23; status of, 78; supply, 55, 111, 251n30; as veil, 141
“Money” (Stein), 1
Money: A History (Eagleton and Williams), 250n7, 250n9
Money and the Mechanism of Exchange (Jevons), 12
moneychangers, 64
moneyfication, 146–47
“Money is Memory” (Kocherlakota), 30
moneylenders, 25, 56, 64
Moneyless Man, 227, 267n26
“Moneyless Man, The” (Boyle), 267n26
moneyness, 49–50
money objects, 45–48, 53–54, 66–67, 161, 216, 244n31; creation of, 120; forms taken by, 50, 52
Money: Whence It Came, Where It Went (Galbraith), 97, 249n39, 251n17
More, Thomas, 221, 227
Morgans, 74, 122
Morgan Stanley, 232
mortgages, 61, 146–47
Mosaic, 210
M-Pesa, 192–93
Mt. Gox Bitcoin exchange, 203
multiplier, 93–94
Mun, Thomas, 83
Munchau, Wolfgang, 165
Mundell, Robert, 131–32
Mundus Novus. See New World
Muscatell, Keely, 73
music, 34–35
Muslims, 61
Mystery of Money, The (Lietaer), 116, 252n45
Nakamoto, Satoshi, 196, 197–98, 201, 204, 218
Napster, 213–14
NASDAQ, 108
National City Bank of New York, 122
nation-states, 82–84
Native Americans, 11, 12, 19
natural economy, 29
natural resources, 259n80
negative feedback, 161
negative numbers, 56–57, 137–38
neochartalists, 15, 111–12
neoclassical economics, 3, 138, 142–43, 151–52, 222, 234
neo-classical utility theory, 266n10
Nerburn, Kent, 126
networks, 216, 218
net worth, 41
NeuCoin, 208–9, 218
New Economics Foundation, 124
Newton, Isaac, 88–90, 91–92, 98–99, 105–6, 217
Newtonian physics, 142, 144
New World, 73, 74–96, 79
New World (Vespucci), 75
New York, 17–18, 103, 186–87
Nicomachean Ethics (Aristotle), 32
Nietzsche, Friedrich, 118
Nigeria, 109
Nike, 192
NINJA borrower. See no income, no job, no assets borrower
Nixon, Richard, 102, 105–8, 112, 114, 127–28, 194
Nobel Prize in Economics, 155
no income, no job, no assets (NINJA) borrower, 164
nomina. See bonds
nomisma. See money
nomos. See law
nonbanking competition, 192
Nordberg, Donald, 168
Normandy, France, 247n34
North, Dudley, 84
North America, 11, 12, 19
Northern Party, 189
Notre Dame, 61
Novartis AG, 167
Nucleus, 205
numbers, 34–37, 43–44, 50–54, 70; Arabic system, 57; economics fascination, 156–57; importance of, 243n8; negative, 56–57, 137–38; physical world as, 78; power of, 40–42; Roman system, 57; square, 57; value’s relationship with, 229–30, 243n8; as wrong, 226–28; zero, 57
oasis, 228–32
Observer, 2
obverse, 38
Odum, Eugene, 221–22
OECD. See Organisation for Economic Co-operation and Development