About This Book

- 💰 **Definition of Money**: Money is not just coins and banknotes; it encompasses anything people use to represent value for exchanging goods and services. - 🌍 **Digital Dominance**: Over 90% of the world's money exists digitally, with the total amount around $60 trillion, while physical cash is less than $6 trillion. - 🤝 **Trust as Foundation**: Trust is the essential element that underpins all forms of money, allowing diverse cultures to engage in trade despite differing beliefs. - 🌐 **Cultural Bridge**: Money transcends cultural, religious, and social barriers, enabling cooperation among individuals who may not know or trust each other. - 🔄 **Principles of Money**: Money operates on two key principles: universal convertibility (transforming various values) and universal trust (facilitating cooperation).

Top Highlights

• In fact, even today coins and banknotes are a rare form of money. The sum total of money in the world is about $60 trillion, yet the sum total of coins and banknotes is less than $6 trillion. More than 90 per cent of all money – more than $50 trillion appearing in our accounts – exists only on computer servers. Accordingly, most business transactio...
• Money is not coins and banknotes. Money is anything that people are willing to use in order to represent systematically the value of other things for the purpose of exchanging goods and services.
• Christians and Muslims who could not agree on religious beliefs could nevertheless agree on a monetary belief, because whereas religion asks us to believe in something, money asks us to believe that other people believe in something.
• More than 90 per cent of all money – more than $50 trillion appearing in our accounts – exists only on computer servers.
• money isn’t a material reality – it is a psychological construct.