Commodity money: Difference between revisions

Revision as of 08:31, 20 December 2022

Commodity

A commodity is "a raw material or primary agricultural product that can be traded, bought and sold, such as copper or coffee."

Line 1. "Commodity money" may be just weights or measure, dry or wet. It is a commodity like a sack of grain or pile of lumber or block of silver.

Line 2. I can stamp one ounce 999 fine silver or red write winter wheat harvested 2013 100 pounds on the bag of wheat, or 2x4x8' Doug Fir on the lumber.

Have I made a note determining value?

Why is that important?

Are these things "money"?

Are these things "mediums of exchange"?

Why do I ask?

We can exchange them but they are not "mediums" of exchange.

Money is "a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively."

A medium of exchange is "anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region."

The list in line one is not money because they are not anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region.

Their value is intrinsic and present in the thing where ever it goes. Its value is determined by the individual and changes by personal determination. It is not coined or stamped with a value.

The list in line two is not money either because they are just stamps based on weight and measure and not stamps concerned with standards of value and are not a "measure" of wealth.

You issue their value in your own head only and everyone else must do the same.

Your opinion concerning value is not a standard but may change in any present moment.

Commodity money is money whose value comes from a commodity of which it is made.

Commodity money consists of objects that have value in themselves.

So in one sense Commodity money is money but in another sense it does not qualify as "money" as a "medium of exchange" nor a standard value and not in a particular country alone.

Present Value

A man grows wheat he cannot eat.

What he cannot eat in one sense has no value to him so he finds someone who finds value in his wheat to trade for what he does not have or produce or may see a value in that is greater than the wheat he cannot eat or use.

What is the value of his wheat?

The person who wants it issues the value and makes an offer for one transaction only.

A brewer makes beer he cannot drink from wheat he gets from a wheat grower who cannot eat all his wheat.

The beer he cannot eat has no value unless he can find someone who will give him something for it.

He trades some beer for silver from a miner who cannot make jewelry, teeth, bottles for oil, r stoppers for glass bottles, or silverware, or silver cops to drink from or silver discs to put in your milk to keep it from spoiling or colloidal silver or medicine or silver staples for wound stitching..... from all the silver he mines.

Right now a cold beer has more value to the miner than the silver he has.

The brewer gets lots of silver from the miner who has a powerful thirst for cold beer.

The brewer takes the silver and trades it to a barrel maker who made barrels from wood he cut in the forest. He also trades some silver to the bottle maker who wants to make silver stoppers for his bottles. The brewer then bottles he beer for later.

Every trade has value to one party but what is given has little or no value to the one who trades it away nor is its value standard in a particular country nor is it expected to continue to circulate.

Who issues the value?

There is no stamp or command of value...

There was no "money" used that could be called A medium of exchange or in other words "anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region."

None of those things have a stamped "standard of value" but all those things have value.

Without Commodity money there is not free market or free trade..

Leviticus 19:35 Ye shall do no unrighteousness in judgment, in meteyard, in weight, or in measure. 36 Just balances, just weights, a just ephah, and a just hin, shall ye have: I am the LORD your God, which brought you out of the land of Egypt.
Proverbs 16:11 A just weight and balance are the LORD’S: all the weights of the bag are his work.

Then there is the phrase "in a particular country or region". Someone has the authority to stamp a "standard of value" then they must be a god....

Some say "Money – In usual and ordinary acceptance it means coins and paper currency used as circulating medium of exchange, and does NOT embrace notes, bonds, evidences of debt, or other personal or real estate."^[1]

What " paper currency " is not a note?

That definition did say "circulating medium of exchange" which would not fit commodity money.

Collateral

"Collateral" is a "security pledged for the payment of a loan:"

A commodity is not "security pledged for the payment of a loan:"

Promises to hold value for others as collateral is not a proper way to do things. It is being a surety for others and there is much about this in the Bible for good advise. ^[2]

Even if the note you carry saying that there is a weight of value in a store house somewhere there are warnings about that too.

Deuteronomy 25:14 Thou shalt not have in thine house divers measures, a great and a small.

We were not to let the sun set on a debt. Each transaction between brother is to be settled in the present.

The word debt is seldom in the bible and there is more than one word translated debt.

The word for debt sometimes was nashah and meant to lend, be a creditor.^[3]

We see this word for debt appear in many forms.^[4]

We were to keep our produced value within our control and not make others responsible for our wealth. Wealth is a representation of our life. We are given life to learn to give life to others. We should not loan our life but give it or keep it according to our conscience. That is our responsibility. We carry our responsibility in our own purse, being.

Deuteronomy 25:13 Thou shalt not have in thy bag <purse> divers weights , a great and a small.

Bernard Von Nothaus's “warehouse receipt” in his Liberty Dollar scheme was a debt. And it was therefore less weight than the coin. Even the coin was less than a dollar, a flaw he remained blind to. He was trying to be a surety for others which is flawed thinking.

Deuteronomy 25:15 [But] thou shalt have a perfect and just weight, a perfect and just measure shalt thou have: that thy days may be lengthened in the land which the LORD thy God giveth thee.

Footnotes

↑ Black’s law 5th:
↑ * Proverbs 6:1 ¶ My son, if thou be surety for thy friend, [if] thou hast stricken thy hand with a stranger, Thou art snared with the words of thy mouth, thou art taken with the words of thy mouth. 3 Do this now, my son, and deliver thyself, when thou art come into the hand of thy friend; go, humble thyself, and make sure thy friend. 4 Give not sleep to thine eyes, nor slumber to thine eyelids. 5 Deliver thyself as a roe from the hand of the hunter, and as a bird from the hand of the fowler. 6 ¶ Go to the ant, thou sluggard; consider her ways, and be wise: 7 Which having no guide, overseer, or ruler, 8 Provideth her meat in the summer, and gathereth her food in the harvest. 9 How long wilt thou sleep, O sluggard? when wilt thou arise out of thy sleep? 10 Yet a little sleep, a little slumber, a little folding of the hands to sleep: 11 So shall thy poverty come as one that travelleth, and thy want as an armed man.
↑ 05383 ^השׁנ^ nashah \@naw-shaw’\@ a primitive root [rather identical with 05382, in the sense of 05378]; v; AV-exact 3, lend 3, lend on usury 2, creditor 2, extortioner 1, taker of usury 1, usurer 1; 13 1) to lend, be a creditor 1a) (Qal) 1a1) to lend 1a2) creditor (participle) (subst) 1b) (Hiphil) to lend
↑ Exodus 22:25 If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer <05383>, neither shalt thou lay upon him usury. Deuteronomy 15:2 And this is the manner of the release: Every creditor that lendeth <05383> ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the LORD’S release. Deuteronomy 24:10 When thou dost lend <05383> thy brother any thing, thou shalt not go into his house to fetch his pledge. Deuteronomy 24:11 Thou shalt stand abroad, and the man to whom thou dost lend <05383> shall bring out the pledge abroad unto thee. 2 Kings 4:1 Now there cried a certain woman of the wives of the sons of the prophets unto Elisha, saying, Thy servant my husband is dead; and thou knowest that thy servant did fear the LORD: and the creditor <05383> is come to take unto him my two sons to be bondmen. Nehemiah 5:7 Then I consulted with myself, and I rebuked the nobles, and the rulers, and said unto them, Ye exact <05383> usury, every one of his brother. And I set a great assembly against them. Nehemiah 5:10 I likewise, and my brethren, and my servants, might exact <05383> of them money and corn: I pray you, let us leave off this usury. Nehemiah 5:11 Restore, I pray you, to them, even this day, their lands, their vineyards, their oliveyards, and their houses, also the hundredth part of the money, and of the corn, the wine, and the oil, that ye exact <05383> of them. Psalms 109:11 Let the extortioner <05383> catch all that he hath; and let the strangers spoil his labour. Isaiah 24:2 And it shall be, as with the people, so with the priest; as with the servant, so with his master; as with the maid, so with her mistress; as with the buyer, so with the seller; as with the lender, so with the borrower; as with the taker of usury <05383>, so with the giver of usury to him. Isaiah 50:1 Thus saith the LORD, Where is the bill of your mother’s divorcement, whom I have put away? or which of my creditors <05383> is it to whom I have sold you? Behold, for your iniquities have ye sold yourselves, and for your transgressions is your mother put away. Jeremiah 15:10 Woe is me, my mother, that thou hast borne me a man of strife and a man of contention to the whole earth! I have neither lent on usury <05383>, nor men have lent to me on usury <05383>; yet every one of them doth curse me.

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Brother Gregory
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