December 2014
Intermediate to advanced
312 pages
11h 59m
English
Content preview from The Monetary System
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
CHAPTER 4 The Contemporary Basis for Money Expression: Accounting Ledgers
“Money calculation reaches its full perfection in capital accounting. It establishes the money price of the available means and confronts the total with the changes brought about by action and by the operation of other factors”1
— L. Von Mises
BOOK BALANCES ARE EITHER MONEY OR POTENTIAL MONEY
In describing the evolutionary changes surrounding “today’s money” (see Chapter 3), we implicitly found that the expansion of its functional role across all layers of society had changed in nature, and now encompassed diverse financial instruments – including those packaged in specialized legal vehicles. Within this ensuing chapter, we will see that the actors in today’s financial sector no longer refer to disappearing metal coinage or scripted money on the balance sheets of banks, but rather to financial instruments and comprehensive accounting statements2 that reflect their implementation. The resulting balances of each of the postings on the accounts relevant to monetary elements become the crosshairs of their legally defined intersection. The importance of the relationship between these elements on the way they are posted and the financial statements disclosed is such that we need to discuss their origin and importance – as well as the manner in which their functional interplay is set.
A SINGLE WORLDWIDE LANGUAGE; ACCOUNTING AND FINANCIAL STATEMENTS
Without the support of a tangible precious metal, but ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.