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What is credit? What is debt? “Once I was the credit to my credit card. Spent what I hadn’t got, wasn’t hard.” — Peter Gabriel, Waiting for the Big One. While we have previously discussed money, an asset, here we focus on the liability side of the balance sheet. Many of the words to describe […]
With a rapidly changing financial system, even a simple question like, ‘what is money?’ can become complex. With new financial apps and rise and fall of various flavors of digital currency, it seems that anything or maybe everything could be money. Abstractly, one can think of money as a medium that stores value that is […]
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