• Deprecated function: Optional parameter $path declared before required parameter $arg is implicitly treated as a required parameter in include_once() (line 1439 of /var/www/quickstart.cals.arizona.edu/includes/bootstrap.inc).
  • Deprecated function: http_build_query(): Passing null to parameter #2 ($numeric_prefix) of type string is deprecated in media_oembed_default_callback() (line 64 of /var/www/quickstart.cals.arizona.edu/profiles/ua_quickstart/modules/contrib/media_oembed/plugins/providers/default.inc).

What is Money?

That may seem like a really simple question, but it’s actually kind of complicated. Paper bills and coins, or currency, is obviously money. But it doesn’t end there. Technically, “money” is anything that is a widely accepted means of payment. This has changed throughout history. Once upon a time, cattle could be considered money. Or cowry shells. Today, cryptocurrencies like Bitcoin are being added to the mix. Given that there’s no set definition for what makes a commodity money, there are a few measurements for the U.S. money supplies. The first, MB (or “monetary base”) measures currency and reserve deposits. This is what the Fed has the most direct control over. Our next stop will be fractional reserve banking and the money multiplier.