When you say that someone has “big money,” you really have no idea. Here are the Yap Islanders of Micronesia in a ceremonial strut with one of their many coins, called Rai. This is an excellent mini-tutorial for your son or daughter, as it amply demonstrates that all money, whether gold or greenbacks, shekels or stone is a product of peoples’ willingness to believe in social order and the economic power of their governments.
What is money?
Fiat money, as government-denominated currencies are called, is simply a medium of exchange, value for value. The Yap money is valued because it not only has size and weight, but each “coin” has a special tribal history which marks its value. The Yapese also liked the glittery quartz from Palau, just as we are drawn to shiny gold.
Another reason to diversify your assets. Fiat money has a “fool’s gold quality about it. Not to worry…as long as we all believe.
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