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Here are some reasons why money is not a medium of exchange:
1) Whereas any medium of exchange must not be personal property and must instead be public property (meaning then that it must not belong to individuals but belong to the people of the country itself), the fact that it is also a commodity that is used ( money though is not used because it is public property) by hordes of people daily to help them secure the use of other commodities and services, shows persons that these and other factors are having significant bearing on why M has been made by social conduct to be the only commodity that has its own remuneration costs/benefits of use, whilst at the same time serving as a means of remuneration. It is another substitute for remuneration in houses, cars, shoes, food, etc.
2) There is no mathematical equation ( or any thing close to that) that links it with commercial items in such ways that there is compatiability of rights of ownership that are transferable from, say, M, which has no persons having rights of ownership to it, to certain goods – which themselves almost all of them persons are having rights of ownership to them, or from certain goods to M – and also in such ways that when such are being conducted (transferred) that there is consonance in the transferrals of the rights of uses of these items from, say, M, which has only got very narrow uses and therefore very narrow rights of uses, to certain goods – which themselves can have so many different uses and therefore multifarious rights of uses, or from goods to M. There must be the equation – not inequation – of rights of exchange between the goods that are to be eventually exchanged and the medium of exchange. Therefore, the only links that M has outside of the material that actually makes it- is with other dependent variables in the commercial market processes, like income, payments, transfers, revenues, costs, expenditures, debts, debits, credits (the nominals), and their qualitative and quantitative variations (some more nominals).
3) The fact that money is absolutely seperate from goods and services in the market place in Barbados and elsewhere, and from the beginning of money this has been so, shows that persons only make money function in relationship to itself, to the kinds and amounts of uses that they have for it ( as remunerations, etc), their movements with it (as in having it to spend in normal and abnormal circumstances) and the different expressions and variations in use, BUT NEVER in relationship (numerically or otherwise) to goods and services. While it is true that millions of people across the globe are constantly pre/disposed at the same time to being desirous of money, goods and services, psychologically, mentally, actionally, for whatever reasons, the fact that there is still not and could never be any relationships between M and goods and services means that M is no medium of exchange.
4) Even though income, payment, transfer, revenue, cost, expenditure, debt, debit,credit, etc values and numbers can be used to express commercial goods/services, or vice-a-versa, M cannot be used to express commercial goods/services, or vice-a-versa. Cheques and other bills of exchange however come close to being mediums of exchange, since they are expressions of those kinds and amounts of values and numbers, and vice-a-versa. Also cheques and other relevant bills of exchange give expression to money and money to them. Had cheques not been having nominal denominations from other sources – these being numbers based on any amounts of savings in banks in Barbados – they would have been mediums of exchange.
5) M is a criss-crossing disarticulated set of numbers that many persons use in providing for the use of various combinations of these numbers from zero to infinity, in so far as it relates to the business of transfiguring/configuring of these numbers from money to incomes, payments, transfers, revenues, costs……..debits and credits, via the production distribution and use of goods and services settings, and from income, payments, transfers……….etc back to money to material to nothing. It is very factual to have lifeless abstract numbers in money but still money will be no medium of exchange simply because numbers juxtapose reformulate in multifarious ways and via means of expression ( one $ BDS will in the minds of many people find significance in the number contained in the 1,2,3 boxes of biscuits, or the reverse ( and not the actual physical items or their uses), without anything being exchanged there and then, or at any other time, therefore M having on them these same numbers must also juxtapose or reformulate constantly in various ways and esp.through various other languages and symbols, without being exchanged with anything!!. However, without these numbers on money, it would have been impossible to have incomes, payments, and transfers (nominal) GIVEN ( not exchanged with anything either) to the respective individuals, or groups of individuals, by others in or not of similar motivations attitudes, etc in anticipation of the formers’ use of M and their own cost of use of M (the context being again work or business done with or for whomsoever).
6) Any medium of exchange – it must be theorized by the PDC – is any vehicle, mechanism, being through which different commercial goods are exchanged by different people – one for another eventually and even across borders too without the medium of exchange itself – having in its functioning – in relationship to the goods to be exchanged – to be dependent on, or to be compromised by the said person/entities – so-called buyers and sellers – kinds of uses of the said goods themselves (for it to be used as such), and without their dependence on, or compromisation by, any amount or amount of use of it, there and then or not, in order to have the goods exchanged. Rather a medium of exchange must have its functioning grounded in its own internal logical systems, and exchange of goods by people grounded in the uses of the relevant people for them. Any medium of exchange must be given – by its users – to having its own independence of circulation rather than it being dependent on the movement of goods and services in the country for it to happen.
The major reason for the PDC writing this piece is to assist in destroying the downright myth and false assumption held by some people in Barbados that money is a medium of exchange that has been used by persons on the presupposition that there is this inevitability/finality of many persons exchanging goods with money, when in truth and in fact there is very little internal trade that has long been taking place in the country, as exemplified by a few thousand goods being exchanged among the different owners of goods yearly but without the intentions of those to do so. However, such unintentions are replaced by the intentions of these owners of goods to get as many people as possible in Barbados, and sometimes using whatever marketing, psychological, financial, etc approaches and techniques, to ultimately get those people to give them a great deal of money for these owners to use and at the same time only circulating or giving them back only as much money ( this is the very lopsided exchange of money that is taking place at the national level between persons with access to much money and those that do not have much access to money) as would get them just essentially enough goods for their own survival from these owners of these goods (this is the real absence of exchange between those who have goods to trade and those who do not) and which is reflected today in the growing disparities in remunerations and wealth among the various classes in this country.
David, this was intended to be our first post to you in a very long time via submission of confidentiality messages, but we do not know what has happened because our submit ‘button’ seems not to be working. So we have had to use this medium. Can you do the normal thing from this angle for us? Thank You.
PDC