Money and its value to certain people
The intrinsic value of money is whatever the person believes. It is used to purchase those items and it shows a form of wealth in most countries. Not all people understand the value of money though. Kids and rich or wealthy people most likely don’t understand the value of having money. Kids do not know what to do with it. Rich or wealthy people just throw it away like it has no value. They buy anything they want and the price tag doesn’t matter to them. In the NPR podcast the host claimed, “Money is not solid, its value could disappear.” The money that goes into the bank that we think is solid is not. That money is non-existent now. We just think it is because it shows up in our accounts. If a person were to go to the bank and ask to see their money they will not be able to. This is because the bank does not have the person’s money. Money’s value is only as good as the person or human believes it is. If a person were to label some gold in their basement it could bring down America’s banking system and put users in a depression because gold is not labeled in the monetary system. If it was labeled there would be a bigger problem with inflation and everyone who has gold would want to sell it causing a depression
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Yap was an island in which people used stone money which was these giant limestone disks used by the people to pay for items and things they wanted. The Yap islanders did not have to move their stones. The value of the limestone again, was whatever the people of Yap believed it was. The stone money represented the idea of money. It seems as though they didn’t need to see any proof of the islanders stone, they just accepted they had a stone and the certain value of it. When Germany took many of these stones and put a X on them, the stone had no value anymore. The Yap did not think it could be used as money. Milton Friedman commented, “The apparently meaningless measure had real results.” The feature of our monetary system that they might believe is the most bizarre is how we actually exchange money. We sometimes give cash to a person to buy an item. The islanders of Yap simply say what stone is and what value it has and they do not have to bring it in person to a store and use it. We always have to make an online transaction using a card or in person transactions using cash or card. The people of the US have to bring their currency and people of Yap do not. They abstract us however by having the same belief that money or currency has a value. The value may differ in both areas but there is still a belief.
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The French also had a problem with money. They were scared about the US conversion of dollars to gold so they converted all their money to gold and put it in the bank. The US would shortly run out of gold and France had a boom. They had lots of gold while the US had almost none and this helped their country out.
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Brazilians stopped believing in the value of their money. They believed their money no longer had any value. The Brazilians no longer believed so the money no longer had any value. In the NPR Broadcast the host claimed, “Everyone stopped believing in their currency.” They stopped believing because of inflation. Brazil was facing inflation percentages up to eighty percent. Things were getting very expensive very quickly. The government wanted to start a new project but didn’t have the money so they printed money which caused the inflation. Brazil’s money began to lose value by the day. The government was able to trick millions of people that their currency had value again. They tricked the Brazilians by getting help from four buddies that went to grad school. They were in charge of the country’s economic situation. The Brazilians trusted the new currency because the four friends had a plan. They said to not create money as quickly. They had to trick the people into a new currency. They made a new currency that was fake and it was called a virtual currency. Everything was listed in URVs. When people were paid it was in URVs but the currency did not exist, they were not actually getting paid. The idea was to make people think in URVs. Inflation went down to as low as forty percent. The URVs made people think the prices they were paying were fair. This is what made the people in Brazil believe in their idea. The recent Fiscal Cliff debate is similar to these problems in Brazil. There is an imbalance in the federal budget and it has to be corrected or our money may not be reliable.
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Crypto currency has risen and completely changed the monetary landscape. With a rise however, it has also seen a fall. Anne Renaut comments, “The price of the virtual “geek” currency had soared through the stratosphere in recent weeks, trading for a high of $266 on Wednesday — only to come hurtling back to Earth in just three days.” It changes the landscape by making a new currency.. A bitcoin is only as valuable as the people who use it believe and that value is more than a dollar. This makes it harder for people to get them and harder for people to sell them. Bitcoin and In-game currency is not as abstract as money or dollars. In-game currency is simply money in a game to get products or items in the game. Most people believe it as that and most likely do not try to use it in real life situations due to that belief. Unity states, “Houses would be the resource that indicated player progression, and coins would be the currency that makes all the transactions in the game possible.” We should be worried about severing the connection between money and nations. The US is not at a good spot with money and inflation is on the rise. These other nations’ strategies or ideas could be helpful in bringing the US back into a good economy. The other nations might be able to help in providing resources so it could be harmful to sever connections.
References
Friedman, M. (1991). The island of Stone Money. Stanford University.
Technologies, U. (n.d.). Building an in-game economy: Unity Gaming Services. https://unity.com/how-to/building-in-game-economy-guide-part-2
The invention of money. This American Life. (2018, February 19). https://www.thisamericanlife.org/423/the-invention-of-money
Yahoo! (n.d.). The bubble bursts on e-currency bitcoin. Yahoo! News. https://sg.news.yahoo.com/bubble-bursts-e-currency-bitcoin-064913387–finance.html?guccounter=1
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Counterintuitive Spring 2024 
We are storytellers, EaglesFan.
The “arguments” we make depend on the art of telling a convincing story.
Let’s look at the way you tell the story of the Brazilian cruzeiro. I’ll break it into narrative sections.
—If you were telling this story on film, how would you indicate distrust in the currency?
—Would it be a transaction in which one pair of hands declines the offer of cash from another pair of hands by “waving it off”?
—In other words, do you see that we’re telling stories here?
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—Nice.
—Cinematically, would it be the sight of shoppers scrambling to stay ahead of the guy with the sticker gun whose job is to raise prices?
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—This may be useful to some other argument, but we don’t need to know how the inflation started. We’re more interested in how inflation created distrust in the currency.
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—That’s a big claim that makes a big promise.
—It might need its own theme music.
—But, you’d better deliver on the “how did they trick them?” question.
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—No. You didn’t.
—You describe some actions, but you don’t reveal the trick, which is what you set your readers up to expect.
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—I find that confusing, EaglesFan, even though I’m familiar with the subject matter.
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—You lost me.
There’s a lot of solid content here, EaglesFan. You churn through the material with confidence.
If this odd “What If You Were Writing a Movie” approach to thinking about Persuasive Arguments is useful to you, I’d be delighted to hear it. And happy to do more of the same if you put this back into Feedback Please.
Grade 82/100
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