P1. Money originated from a string of shared beliefs in Yap, a small group of islands in the Pacific Ocean. A large, cylinder-like stone, referred to as a rai stone, was used as a source of currency to pay for trade amongst the Yap Islanders. In his article, “The Megalithic Money of Yap”, Stella Novus said, “the rai stones were special, reserved for things like a bride’s dowry or exchanged when one tribe came to the aid of another in time of war and hardship”. Although the massive stones rarely moved, the system assumed ownership regarding a trade based on these large stones. In this respect, America’s banking system collapsed based on of the Yap ideas of ownership. As French gold reserves grew, the United States gold reserves plummeted, thus causing the downfall of the U.S. Economy. Ownership of the gold allowed France to feel a sense of dominance over the United States even though their gold was based in the United States. This idea of ownership based on a mark or label really baffles me. I have difficulty understanding the ability to own something that may not be in your physical presence. I feel an overwhelming sense of distance from the things that I “own” such as my car or television. Having thought in depth about the concept of money, my perspective on currency and the things that I supposedly “own” has drastically changed.
P2. Furthermore, the 21st century is very complex when it comes to cash management and movement. Technology has taken ‘money’ by storm in terms of physical storage and distribution. Online banking started in New York in 1981 with the help of large banks such as Citibank. New York set a platform for the online banking system, which may have been strange for the Yap Islanders. However, a connection could be made in terms of ownership between the Yap Islands and people of the 21st century as the Yap Islanders may have not seen their stone they were trading for, but they knew someone on the island must own it. Similar to earlier banking, people may not see their cash and earnings, but they know that it is safe in a bank based on a computer record and added government regulation. After hearing about these concepts my mind is filled with questions and ideas about the intrinsic value of money. The Yap Islanders based all of their trades on something that was not in their possession. I gained a great deal of knowledge from the birth of money and how the banking system was created. Although the concept of money is tough to wrap my head around, the Yap Islanders gave me a whole new perspective on the innate value of money.
P3. The public’s faith in the value of currency allows an economy to maintain stability. Once the public establishes a little bit of faith, the value of currency develops. In 1994, during the presidency of Itamar Franco, Edmar Bacha used a “Unit of Real Value” to gain the public’s trust. In the article, “Brazil-The Real Plan”, Country Studies said, “The Unit of Real Value did not depend on general price and wage freeze to stop inflation”. Bacha used this false idea of money to make it appear that Brazilian’s were not facing a constant rise in inflation. However, the Unit of Real Value differed in cruzeiros, which meant the Brazilians were still paying different amounts depending on the day. Once Brazilian’s bought into the URVs, people never bothered to question the price in cruzeiros — the economy turned around based on blind faith in something fictitious. In relation to the Yap Islands, I find it extraordinary that money can be presented in various different ways representing different values nearly at the same time. I strongly believe that money is fictitious. Bacha was able to gain the Brazilians’ trust even though his idea of money was not real. Brazil’s belief in a Unit of Real Value gave their banking system stability and helped them to avoid major debt, unlike Japan. Japan’s plan to rebuild their economy has many advantages such as fixing inflation, developing new technologies, supporting finance firms overseas, etc., but their major problem lies with Europe. If other countries adapt similar strategies, Japan could be in for a currency war across Europe. Therefore, I believe that it is important for Japan to really sell its financial ideas to the people in order to be successful. As Edmar Bacha believed, the people are the foundation for an effective economy.
Works Cited
Country Studies. “Brazil- The Real Plan.” Brazil- The Real Plan. U.S. Library of Congress, 2012. Web. 13 Sept. 2016.
Friedman, Milton. “The Island of Stone Money.” Diss. Hoover Institution, Stanford University, Feb. 1991. Web. 13 Sept. 2016.
Novus, Stella. “The Megalithic Money of Yap.” Ancient Origins. Ancient Origins, 04 Jan. 2013. Web. 12 Sept. 2016.
“The Invention of Money.” 423: The Invention of Stone Money. This Is American Life, WBEZ. Chicago. 7 Jan. 2011. Web. 13 Sept. 2016.
Rowan Counterintuitive 
You have a fine and careful voice, Philly321. Readers of your first paragraph, for example, will feel in good hands as you guide them into complex and abstract territory.You stumble halfway through, but by then you’ve established that you can be a reliable source.
As you know, you’ll receive quick grades in four grading criteria: Argument, Rhetoric, Mechanics, Scholarship (ARMS). Grades can always be improved by revision. To understand your grades, you need to know your Grade Code, which I will share with you in class MON SEP 19. I’ve numbered your paragraphs for easy identification. Additional feedback is always available upon request.
Argument (Grade Y)— Your essay appears to have no thesis, Philly321. Could you summarize in a sentence what you hope to prove, demonstrate, or persuade readers to believe?
In P1, your argument does not swing well on the sentence that should hinge it, Philly321. That “In this respect” sentence assumes too much and doesn’t guide readers well to the analogy you intend. Furthermore, nobody who hasn’t read the original material could possibly understand what you mean by most of your claims about France’s gold, its location, or how it pressed its ownership demands. Yes, it’s complicated, but the obligation to provide your readers with the background to understand this argument is yours.
The last sentences of P1 deserve a paragraph of their own, but they also need clarification. I share your unease with the concept of “owning” distant “possessions,” but readers who don’t already feel that unease will find nothing in your paragraph to discomfort them.
I understand the story of Brazil’s real is very hard to describe, but you have to agree, Philly321, your sentences don’t do the job, even for readers already familiar with your source material: “Edmar Bacha used a “Unit of Real Value” to gain the public’s trust. In the article, “Brazil-The Real Plan”, Country Studies said, “The Unit of Real Value did not depend on general price and wage freeze to stop inflation”. Bacha used this false idea of money to make it appear that Brazilian’s were not facing a constant rise in inflation.” For readers who didn’t hear the NPR story, this would make no sense at all.
In P2, you suggest the Yap would have been mystified by new money developments. (New York set a platform for the online banking system, which may have been strange for the Yap Islanders. However, a connection could be made in terms of ownership between the Yap Islands and people of the 21st century as the Yap Islanders may have not seen their stone they were trading for, but they knew someone on the island must own it.) Wouldn’t it be more effective to suggest that the Yap would have understood implicitly what we find harder to accept? They invented that concept of paperless transactions long before Citibank did.
From P3, this is an unclear claim: “In relation to the Yap Islands, I find it extraordinary that money can be presented in various different ways representing different values nearly at the same time. I strongly believe that money is fictitious.” What it means to present money to represent value is very mysterious.
Rhetoric (Grade Y)— Phrases such as “when it comes to” and “in terms of” should ALWAYS be replaced by more precise, less sloppy syntax. For example:
NOT: Furthermore, management and movement of cash is very complex in the 21st century is very complex when it comes to cash management and movement.
BUT INSTEAD: Furthermore, management and movement of cash is very complex in the 21st century.
NOT: Technology has taken ‘money’ by storm in terms of physical storage and distribution.
BUT INSTEAD: Physical storage and distribution of money have been revolutionized by technology.
FILLER MATERIAL (Too often you resort to “talking about” claims instead of making claims.):
—I feel an overwhelming sense of distance from the things that I “own” such as my car or television. Having thought in depth about the concept of money, my perspective on currency and the things that I supposedly “own” has drastically changed.
—After hearing about these concepts my mind is filled with questions and ideas about the intrinsic value of money.
—I gained a great deal of knowledge from the birth of money and how the banking system was created. Although the concept of money is tough to wrap my head around, the Yap Islanders gave me a whole new perspective on the innate value of money.
Mechanics (Grade A)— Commas and periods ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS go inside the quotation marks.
The 2nd Person is banned. We do not use phrases like “something that may not be in YOUR physical presence.”
Quotation marks are ALWAYS “double” marks, never ‘single’ marks with only one exception: quotes within quotes. “Please read ‘The Invention of Money’ tonight,” our professor told us.
APOSTROPHE PROBLEM: Once Brazilian’s bought into the URVs, . . . .
Technology has taken “money” by storm.
Scholarship (Grade Z)— You are citing reasonably well and for the most part mechanically correctly, but making use of sources also requires that you provide useful and purposeful summaries of your source material. An example from P3: “Japan’s plan to rebuild their economy has many advantages such as fixing inflation, developing new technologies, supporting finance firms overseas, etc., but their major problem lies with Europe. If other countries adapt similar strategies, Japan could be in for a currency war across Europe.” You expect your readers to know too much. Without having read the articles you read, readers will have no idea what you mean
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America’s idea of wealth is centered around a small, thin sheet of paper encompassed by various symbols and numbers. In many ways this piece of paper is like a horse. Early Native Americans recognized the worthiness of a horse’s capabilities. A horse’s legs allow them to carry heavy items such as supplies and food. The horse’s speed enabled Native American’s to both move and catch their prey swiftly. All of these attributes were seen as assets giving a horse value to Native Americans. In America, a small ticket with numbers and letters has the same or greater value than a horse. Because the public has an established faith in a slice of paper, money has gained power and admiration for its worth. Money gives its holder the ability to buy multiple horses. The intrinsic value of money stems from a string of shared beliefs. On Yap, rai stones were used as a source of currency to pay for trade amongst the Yap Islanders. The rai stones were reserved for a bride’s dowry or exchanged when one tribe came to the aid of another in time of war and hardship. Although these massive stones rarely moved, the system assumed ownership regarding a trade based on these large stones. The Native American’s value placed upon a horse correlates directly to the Yap Islanders portrayal of the rai stone. After all, a horse is incapable of performing if the Native Americans never recognized their significance as an asset. The public’s faith in the value of currency allows for a functioning economy. Once public faith is established, the value of a currency develops. For example, a sandwich could have cheese, turkey, and mayonnaise, however, without bread the sandwich is incomplete and unworthy. This idea of paper having a sense of worth comes from the people and their beliefs. A paper is simply a piece of paper unless someone determines that it represents something of value to behold. Once a majority of people feel that a green slip has the ability to buy a horse, the sandwich is complete. The people are the missing bread to a complete sandwich. Without the belief system in Yap, a rai stone would have no real significance. Their precious stones would simply be a part of the environment. As Edmar Bacha believed, the people are the foundation for an effective economy. Therefore, an item develops value from how people perceive its worthiness.
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Your analogy is hilariously complicated, Philly; however, I greatly admire that it results in this delicious sentence: “Once a majority of people feel that a green slip has the ability to buy a horse, the sandwich is complete.”
Coded Grade: X
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