Michael asks:
1. Why can non-commodity not be an asset?
and adds
2. The crucial point about hoarding is that money validating already created
value is diverted into a non-productive circuit - that is, one in which it is
not available to initiate another productive circuit of capital. Bullion in the
hands of the non-banking sector (ie under the mattress) could act as a hoard;
but in doing so it has sloughed-off any claim to acting as full capitalist money
- which is condemned to circulate.
Chai-on replies:
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1. Yes, it can. I simply said that if the e-money were not an asset, it would not be used as an object of hoarding.
I think e-money can replace real money in part. And as long as the replacement is partial, the e-money can also be used as the means of hoarding.
2. No disagreement for me.
In solidarity,
Chai-on