What is not abstract about American money, we can go online or to the ATM machines and type in a PIN number and we can see the amount of money that is in our bank accounts. There is no way of physically touching this money; we only know that the balance that comes out on our receipts is our property. In the article, “What Really Backs the US Dollar”, author Harry P. states, “Ever since gold was removed as the backing of our currency, your personal labor and property has taken gold’s place as collateral for our national debt.” Americans are able to buy houses, cars, and take out loans with money that is abstract. In “The Island of Stone Money”, Milton Friedmen, described the 19th century country of Yap, where the currency consisted of stones that were referred to fei. The people of Yap traded fei with neighbors for goods. The integrity that the people of Yap had with trusting their neighbor’s word is imitated in America
Americans imitate one part of “The Island of Stone Money”, Milton Friedmen the most, the richest family of Yap who owned the largest fei but it sunk to the bottom of the ocean during a ship accident. In America there is more than one family with the biggest rock of Yap at the bottom of the ocean. This is where the similarities of America and Yap end because the people of Yap did not carry out loans, and this is what made the Yap system successful for the time being. American banks loan money us citizens by checking credit scores which is also another source of abstract money that is determined with what you spend and how we pay back the abstract money that is given to us on the credit cards. The irrational part about this is the banks’ loan money to us citizens who in no way have a way to pay back this money. Banks hope that when they loan money to us citizens are fei isn’t at the bottom of the ocean and no one has ever seen it before.
In actuality what is the US dollar really backed by? I believe our money is tried to be backed by honesty. Although our money is not backed by anything physically it is backed by the integrity of America like the people of Yap. The debt of America is backed by the dishonesty and irresponsibility of us its citizens and our government. The real question is what will happen when there is not enough integrity to back America’s money? Will we use the Japanese method of creating “Urgent Economic Spending”?
The Japanese government spent 12 yen, which is translated into 136 billion US Dollars, to help the Japan secure its future as a top country. In the article “Abe Seen Spending 12 Trillion Yen to Boost Japan’s Economy”, it explains why the Japanese government chose to take out such a large amount of yen. The money that is being spent is to “boost the nation’s economy”, reported Japanese media. With yen also not being backed by anything physical the inflation and shrinking the economical debt depends on the honesty and integrity of the people and its government. Japan is using their ‘fei’ to help end the deflation by giving themselves a boost within.
Through these different examples of money it all goes back to the same concept; that fluctuation of money is dependent on the people who are using it. Whether it is fei, US Dollars, or yen the way it is spent is dependent on the integrity and honesty of its people. The world is now more like the people of Yap than ever before because money is not backed by anything physical, it is backed by the common need for a successful and strong economic system.
alwaystired247
AnonymousStudent
azntaco
beforeverge
BigBabyBaller
bitagaming
breakingbad1820
Caravan
cinderella1013
davidbdale
Yankeelover18
fatboy489zt
giantsfan224
glacierfreeze21
gobirds17
green0728
gymrat230
Gir
jerseymikes1106
jesusisking1738
jetsfan806
Kenneth Alex Krug
manipulator66
mercythyhealer14
McCormick Karner
mochaatrain
oni
powerranger
peanut2348
pinkcottoncandy4
princess01430
redbird1123
rubes1256
shxrkbait
sillyinternetperson
soulpond47240
spatel8267
stingingcrib5
tacotyphoon
thepersonindisguise
usmnt23
worldofjuice999
xephos1
Counterintuitive Fall 2022 
Can I please receive feedback.
Feedback provided. —DSH
Hey, Troi. Finally, feedback for Money Rewrite!
P1. You ask too much of readers to start with a negative about abstraction, Troi. Those who aren’t already thinking about whether money is tangible or intangible (that would be everybody) need a little preparation for the idea, don’t you think? If you started with a general statement that most of our interactions with money are abstract, that we carry only a small portion of our wealth in our wallets, and even then a lot of it is digitized on magnetic strips, then your comment that one part of the category money is NOT abstract would be more meaningful.
—Punctuation. Commas ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS go inside the quotation marks. . . . US Dollar,” author
—And again later: . . . Money,” Milton FriedmAn,
Your point is almost clear, but could be even more counterintuitive, Troi. Americans can buy houses and cars by spending money based largely on the value of the houses and cars in America.
—I don’t think you really want to describe Yap as a 19th-century country.
Those last two sentences of yours are very clumsy.
P2. Worse, this bit at the beginning, from “Americans imitate” to “ship accident” isn’t a sentence at all. Wow, the second sentence makes a very vague analogy; then the third says you’re done making analogies (after you spent three sentences prepping for the big payoff). Please let’s talk about how to prioritize your material and make it work for you, Troi. The rest of the paragraph sounds like a transcript of you talking in class. Writing is not talking, and without your body language and vocal inflections, this ramble makes very little sense. It COULD. The Yap most likely didn’t borrow and we have built our entire economy on debt, so very clear differences can be drawn here, but we’ll need to craft your sentences much more carefully to accomplish that.
P3. At the sentence level, this paragraph also doesn’t work, Troi. It can’t sustain itself against attacks like “is tried to be backed by” and the contradiction between “it is backed by the integrity” and “is backed by the dishonesty and irresponsibility.”
P4. 12 yen equals 136 billion dollars? !!!
When you say “In the article . . . it explains” you’re actually saying “In the article . . . the article explains,” right? Please in future try “The article “Abe Spends Trillions” explains . . . .
by “take out such a large amount of yen” you imply that the yen were in a reserve somewhere to be tapped. But isn’t the reality that they simply printed 12 trillion new yen so they could go on a spending spree?
You’re not enough in command of your syntax to experiment with “With yen also not being backed,” Troi, and there are much easier ways to be understood. Here’s the whole sentence simplified and therefore improved:
P4. I get the impression that because you’re an easy talker, you start writing your sentences without knowing how you’ll reach the end, and then you don’t revise if you hit a snag, Troi. That “With yen” sentence above is followed immediately by your “Through these different” sentence. What is its subject? It’s not examples. It’s not money. It’s not the concept. It’s “it.” But “it” means nothing. Therefore, your sentence is in trouble.
Your next sentence can make the point it already makes, that the more trustworthy the economy of a country, the stronger its currency.
You have plenty of good ideas here in handcuffs, Troi. Want more help at the sentence level? We could meet.
Grade recorded.