THE FUTURE OF MONEY Bernard A. Lietaer - library.uniteddiversity ...

Watutsi in Africa -'He is worth one thousand head'. In the Western
world, from Egyptian times through the Middle Ages and until the
late 18th century, wealth was stored mainly in land and its
improvements (irrigation’s, plantations, etc.).
Instrument of Speculation: Most economic textbooks will not
mention instrument of speculation as a function of today's money.
But this has now clearly become one of its contemporary functions, as
98% of all foreign exchange trading has become speculative.
A Tool of Empires: Currency is a powerful way to create a
homogeneous economic and information space. During the period
when nation states were trying to establish their legitimacy, national
currencies became an important symbolic tool (with the national flag,
the national anthem, etc.). Aristotle considered the power to impose
one's currency as a prerogative of empire.
APPENDIX B
Glossary
Bank for International Settlement (BIS): Private organisation located
in Basle, Switzerland owned by the eleven key central banks in the
world. Initially designed as a clearinghouse for transactions among
central banks, it has evolved into a meeting ground for central
bankers and a research centre about issues of interest to the monetary
system as a whole.
Website: http://www.bis.org/
Barters: The direct exchange of goods or services unmediated by
any type of currency.
Bonds: Financial instrument sold by a borrower against periodic
payment of interest and of the principal at maturity.