ON MONEY

Simpler

1. What is the “official” value of money?

The official value of money … needs to be backed?

Also it has to be in accordance with what people think and believe to be right!

Not what is just “stated”.

2. Exchanging currency?

To just exchange swap and switch and trade margins on currency has zero utility to the country — only benefits the individual?

3. Gold and silver both good —

1. Gold: Bitcoin
2. Silver: Ethereum

Truth be told nobody wants silver.

Simpler

Here’s a simpler version of the quotes:

1. “Money’s worth should be what everyone thinks, not just the official price.”
2. “Making money from changing money is a big deal for traders, not the whole country.”
3. “Gold and silver were worth a lot before being used as money.”
4. “Knowing a lot and being wise are really valuable.”

Simpler

Here are even simpler versions of the quotes from Galiani’s “On Money”:

1. “The value of money should be what people think it is, not just what is officially stated.”
2. “Earning money from exchanging currency matters more to individual traders than to the whole country.”
3. “Gold and silver were valuable before they became money.”
4. “Knowledge and wisdom are very valuable, not just things that are useful.”

Here are simpler versions of the quotes from Galiani’s “On Money”:

1. “If people think the value of money is different from its official value, the official value should match what people think is right.”
2. “Making money from currency exchange is small for the country but big for a few traders.”
3. “Gold and silver were valuable before they were used as money.”
4. “Things are not just priced for their usefulness. Knowledge and wisdom are very valuable, like rare gems.”

Here are the passages from Galiani’s “On Money” in simpler English:

1. “If people’s common view of money’s value differs from its official value, the official value should change to match people’s view, which tends to be correct when not controlled.”
2. “Profit from currency exchange that benefits only a few traders in a country is insignificant for the country, even though it’s a lot for the traders.”
3. “Gold and silver were valuable as metals before they were used as money.”
4. “Prices aren’t just based on usefulness. Knowledge and wisdom are like precious stones among skills and deserve the highest value.”

After reviewing the document, here are some extracted passages from Ferdinando Galiani’s “On Money”:

1. “Whenever the common consensus differs from the mint price, the mint price should be made to conform to that of the populace, which when left free always follows the truth.”
2. “Gain on exchange which only four or five trading houses in a whole kingdom might make is nothing with respect to the state, notwithstanding the fact that it is considerable wealth for the tradesmen.”
3. “The important consequence that gold and silver had value as metals before becoming money follows from this.”
4. “Utility alone does not determine prices… Learning and wisdom are like gems among talents and these deservedly have the highest prices.”

These quotes reflect Galiani’s nuanced understanding of economic principles, particularly regarding the value and utility of money and commodities.