Stone money-hiralp365

Everything in this world revolves around money yet it’s nothing more than simply an idea. As long it has value, it doesn’t physically have to be there.  It seems very shocking and unusual for me to learn that something like a stone can be used as money. These pre industralized folks of small Island called Yap by south pacific used large stone as their currency. These people of yap believed that craved stone has currency which they referred to as fei. And they also believed that it  resembles how wealthy an individual is as long its there and anyone can name it to be theirs.

After getting in-depth information from this article called The Island of stone money by Milton Friedman, I realized this historic yap situation is similar to current USA money concept. The yaps believed money existed even after it wasn’t with them after they lost possession it in storm inccident. Similar to today’s world, physically money isn’t taken out it’s simply just numbers changing through wire pulses. It actually made me think and wonder what happened to the money if it’s only digital numbers changing from one account to another to satisfy a payment.

Not only that the Yaps were gullible into thinking that the heavy stones are considered german property because of some black cross placed on it. They really respected the german’s ownership that the yaps agreed to build new roadways just to regain their fei. However USA had done similar thing that it led to the banking panic of 1933.

After further research I learned that money is really worthless and it’s just an idea that makes it going. The NPR broadcast called “The lie that saved Brazil” explained how entire economy of the country  called Brazil was changed just from introduction of a new currency. I realized how important it was for this plan created by Bacha and other men to stabilize people’s faith in money itself. The Brazilians couldn’t grasp the concept that the value of cruzerios didn’t change just the idea of how much they would be able to buy. But this fake currency URV which was totally made up changed their perspective and their expectation of increase in price since the URV was stabled. It gave the spenders illusion that they are not spending too much money.

There’s another currency that had been fluctuating over past year. This new currency is large antique coin which is called bitcoin. It made me more doubtful about this new creation coming in. It had no central bank behind it, meaning it has no monetary value. It’s value had dropped from being high which means it’s currently very unstable. It will take people some time to be acquainted with this new digital currency. According to the articles, there may be hope for success for Bitcoin company.

After researching these articles my idea about money has changed. Money’s worth isn’t from how much quanitity it is but rather from it’s value. Money can be anything as long as population has faith in using it. Also I gained knowledge from something  that I never thought of from these articles which swifted from one topic to another.

work cited

“Bitcoin: What to Expect in 2015.” CNBC. N.p., 15 Dec. 2014. Web. 07 Sept. 2015.

“Bitcoin Has No Place in Your – or Any – Portfolio.” MarketWatch. N.p., n.d. Web. 07 Sept. 2015.

Friedman, Milton. “The Island of Stone Money.” Diss. Hoover Institution, Stanford University , 1991.

“The Invention of Money | This American Life.” This American Life. N.p., n.d. Web. 07 Sept. 2015.

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3 Responses to Stone money-hiralp365

  1. hiralp365 says:

    feedback was requested

    Feedback provided.


  2. davidbdale says:

    hiralp, I am obviously very late supplying you with feedback on your first draft of this assignment. I can only say your comment was hard to find since it arrived out of time order with the other submissions, but still, I should have located it and replied to you sooner. Clearly you’ll have a hard time incorporating this feedback into a strong rewrite before today’s deadline, but do not fear. I will not penalize you for that. Post the best rewrite you can before the deadline, and then revise it at your liesure for another couple of days. I will grade yours last to give you time to improve it to the best of your ability.

    P1. This first paragraph contains far too many unrelated claims. You and I know they are prompted by a single article, but no other reader in the world outside of our class would understand your references. This is unacceptable. Your audience is not me. You must provide background information and a context for readers outside our class to understand your premise.

    —The notion that money is just an idea will strike new readers as outrageous and strange.
    —Following that up with your second claim that “it doesn’t have to be there,” you’ll either totally confuse them or send them looking for something written by a sane person.
    —But that is entirely unrelated to your third claim that a stone can be money. After all, a stone is VERY physical and THERE, so you immediately contradict yourself.
    —Your reference to “these folks” would only make sense to your classmates, not to the rest of the world.
    —Then you get repetitious. Three sentences in a row, you say:
    ——1. stones can be money
    ——2. stone can be used as currency
    ——3. the yap used stones as currency
    —Then you contradict yourself again. Your second sentence in this paragraph said money doesn’t have to be there to have value. Now you say the Yap believed fei represented wealth “as long as it’s there.”

    P2. Your writing bears traces of second-language acquisition, hiralp. You drop articles and make improper preposition phrases. I thought you were just being sloppy, but the errors of P1 are showing up here in P2 also. I will not penalize you for learning a new language, but I will start to correct these errors for you (for a while) if you need to see them corrected. Let me know.

    Your observation that contemporary US transactions are digital not physical is true, but its relationship to the fei lost in a storm is hard to understand, hiralp. You have a larger responsibility to your readers than to point at similarities and wonder aloud about them. An intelligent reader with only your essay to judge from might wonder: “If I lost a huge quantity of cash in a storm, does hiralp claim that I would somehow find US culture understanding so that I would not be impoverished by my loss?” That’s certainly a reasonable interpretation of your “the historic Yap situation is similar to current USA money concept.” See the problem?

    P3. There is no way in the world that a reader outside our class would understand any of this, hiralp. Even readers inside our class would be challenged to follow your telling of the events.

    P4. You’ve picked up the wrong lesson if you’ve concluded that money is worthless, hiralp. It’s possible you mean that fei would be as useless here as dollars would have been to 19th century Yap. But as long as Wawa keeps accepting dollars from me in return for Doritos, my money is far from worthless. To be precise, it’s worth chips.

    Stabilizing faith in money is much closer to the point. Pursue this as your primary claim for the paragraph.

    You’re going to need more than just my notes to help you with your fluency issues, hiralp. I will help as much as you want, meet with you weekly in conferences, offer you detailed notes if you want them, but you should immediately start a relationship with a tutor at the Writing Center (see syllabus for instructions) who can work on sentence structure with you on a regular basis.

    P4. There are no “large antique coins” associated with Bitcoin, hiralp. The new currency is entirely virtual, not in any way physical.

    Let’s be clear about monetary value. If I offer you my CD collection in trade for your motorcycle (do you have one? I’d like to trade) we could say my CD collection had value, but correctly say that it didn’t have “monetary value” because I could only spend it with someone who had a motorcycle to trade. “Monetary value” derives from the principle that when I hand you cash, you can spend it anywhere you like: you don’t have to confine yourself to stores that accept used CDs as currency. SO: Bitcoins have monetary value as long as Bitcoin holders can find enough places to spend their Bitcoin. No central bank is required for that sort of value.

    You seem to believe that an appropriate approach to this assignment is to summarize the readings briefly for an audience of readers already familiar with the originals, but that’s not true, hiralp.

    You need to:
    1. advance a thesis of your own
    2. make your own bold clear claims about the value of money and currency
    3. use purposeful summaries to incorporate support from the readings for your own argument

    P5. The best sentence in your essay is: “Money can be anything as long as the population has faith in using it.” Be sure to say so in P1 of your rewrite and proceed from there.

    I’m willing to accept that I may not have given you clear enough instructions before you embarked on this assignment, hiralp. If you feel you were not well prepared, please let me know. I require feedback as well as anyone else.

    Finally, I want to know how you respond to this critique. It seems severe, I’m sure, and I acknowledge that I did not make many positive comments. I’m sorry to be blunt, but I want to provide clear and certain guidance as early as possible in the semester. We have only a few weeks to radically improve your writing. Please reply.


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