10 houses from Dezeens Pinterest boards that offer ideas for outdoor dining:
People are getting rich slinging overpriced Ethereum rigs on Craigslist
The future of the Air Force is fighter pilots leading drone swarms into battle
WATCH: Schumer dances to Diana Ross at New York party
Elected officials attending Koch summit in Colorado Springs this weekend:
Foo Fighters give Glastonbury tribute to fan who died of cancer after social media campaign
Civilians flee final battle for Mosul
Creating a Smart, Resilient Water Future
GOP senator: US should push for regime change in Iran
Seven die in cable car crash in Kashmir, 150 rescued
Ready to reboot your diet? We did all the work to choose your healthy food apps for you
These five whiskeys will make you forget about Pappy
Schaeuble says hes open to German parliament discussing Greek deal
Time May Be Nearing For #ECB Stimulus Exit: Weidmann | @Reuters |
Albanians vote in test for democracy, EU membership
Federer demolishes Zverev to win ninth Halle title
The CIA is in secret talks with Oman, Obamas favorite Arab back channel
Is the best sport coupe a Porsche, Jaguar, or Mercedes?
How are British companies coping with Brexit? Were following four CEOs through the process
Still no economic evidence that immigrants are stealing from Americans paychecks
Senator Rand Paul says would consider partial repeal of Obamacare
Civilians rescued as #Iraqi forces push into Old #Mosul
Ambassador who resigned over Paris deal exit: Trump is threatening US global leadership
How a $455 million specialty pill is like paying too much for your Goober: #WastedMedicine
Manhattan prosecutor: Im sure ISIS supports GOP concealed carry bill
Trumps Carrier deal is not living up to the hype — jobs still going to Mexico via @CNBC
Top Trump economic adviser: ‘Coal doesn’t even make that much sense anymore’
Lifetime is betting big on professional women’s soccer
Eddie Izzard takes part in first Run for Jo event in memory of murdered MP Jo Cox
The GOP is running its anti-abortion playbook against voting rights — and it’s working
Adults and kids agree that Blockitecture is the coolest.
Chinese Authorities Target Major Overseas Acquirers
Charity football match played in memory of Manchester Terror Attack victim Kelly Brewster
Have had worse views at dinner if Im honest.
TSA considers forcing airline passengers to remove books from carry-ons
India: Price inflation slows as de-monetisation effect starts to wear off. #SMI
Fractivists Use Pennsylvania Supreme Court As Weapon
Overcapacity and the price of oil by Dr. Daniel Fine
The next recession will probably start much like the last one
Dem lawmaker: If America was Rome, Pelosi would be Julius Caesar
Finally at #money2020! Let the #FinTech-ing begin! Where is everyone else? Cc @JuliaFuredi @devie_mohan
Le bulletin Popescu - Le chaos aux Etats Unis est positive pour l’or et l’euro
@psb_dc Insurance giant Aviva ready to splash the cash on AI to remain on top
Ten ways to get a good return on your cash without getting near the stock market
Istanbul police enforce ban on gay, transgender pride march
Casey Hughes Architects adds twin-peaked extension to refurbished LA home:
We Should be Glad the US is Out- Paris Climate Treaty
Money Talks
Turkeys Erdogan says Arab demands on Qatar unlawful via @Reuters
Supreme Court to rule on key religious rights case
Trump breaks with tradition, wont hold Ramadan dinner
Woman suffers life-changing injuries after acid attack on her 21st birthday
Democrats ready a ‘bold’ economic plan in a bid to end their losing streak
very specific graffiti
Still missing: evidence of Trump-Russia collusion
Health insurers concerned by dramatic Medicaid cuts in Senate GOP bill
Malan leads England to series win over South Africa
How Dropbox bounced back
Irans President Hassan Rouhani condemns siege of Qatar via @AJENews
Iranian President Hassan Rouhani condemns unacceptable siege of Qatar
Watch a Navy robot submarine launch a drone
Xi is no stranger to Hong Kong from two decades of frequent visits
Mega foreclosure reaches NYC Billionaires Row via @business
FX Daily, June 21: Heavy Oil Weighs on Yields and Lifts Yen #FXTrends
Saudi-Led Demands ‘Difficult’ for Qatar to Meet, Tillerson Says via @bpolitics
Clashes as Turkey bans Gay Pride in Istanbul
Spicer: Reporters only want on-camera briefings to boost their reputations
Istanbul police enforce ban on gay, transgender pride march
Chelsea Manning participates in first Pride march
Global Price Inflation Slows in June. #SMI
Meanwhile in other news....
Italy winds up Veneto banks, deal could cost up to 17 billion euros via @Reuters
CFTCs sole Democratic commissioner to step down early over frustrations with lack of quorum
First Nations front and centre this Pride. #PrideTO
SpaceX will launch 10 satellites from Vandenberg Air Force Base today
Germany reach semis as referee needs VAR double-take
Inside the hidden cycles that rule markets, history... and everyday life
These are the worlds best steakhouses
13 courtroom drawings that captured history
.@SenSchumer: Democrats better stand for something #ThisWeek
Are Hong Kongs rooftop rebels more than thrill seekers? via @AJWitness
The importance of brain flexibility
Pence officiates Mnuchins wedding
Why people think Justice Kennedy may retire
3 Habits That Can Make American Democracy Great Again
GOP senator urges Republicans to have integrity and delay vote on healthcare bill
Sou Fujimotos Bookchair doubles as both storage and seating:
Millennials might not love stocks enough @MylesUdland
Dubai retail firm launches happiness movement initiative
What secrets will physics hold beyond the “God Particle”, the Higgs Boson?
Popescu Report - Chaos in US is bullish for #gold and the euro
Sanders: FBI investigation of my wife wont be a distraction
Russian tourists love NATOs next member, much to Moscows annoyance
Stabbing victim died in his parents arms on way home from night out 
Key Republican Collins has serious concerns on healthcare bill
Second World War veteran takes to the skies in light aircraft for first time 70 years
GOP senator defends Planned Parenthood: It makes no sense to defund it
Power can do terrible things to a brain
For renters, the housing crisis never ended
Deportation is going high-tech under Trump, writes @alvarombedoya.
Someone takes things too literally.
Mayor, AFN Chief Bellegarde share a laugh awaiting start of Pride parade. #PrideTO
Kasich: Most vulnerable people wont be served by GOP healthcare bill
Key Republican Collins has serious concerns on healthcare bill
Schulz accuses Merkel of running scared over debate
An appeal to the band that woke my soul to the Palestinian crisis
Important issue! Why now? #finteech #insurtech #sexism @sarahbuhr #womenintech #VC
Is Lithuania still homophobic? @EleanorMargolis and her girlfriend held hands to find out
Hundreds evacuated in southern Spain as forest fire enters famous nature reserve
PODCAST From Baywatch to Bieber, we debate the best (and worst) of the summer silly season
Second wild boar encounter over weekend as four animals subdued in Aberdeen, Hong Kong
25 June 1967 - The Beatles record All You Need Is Love.
The disgraceful secrecy of the GOPs health care process was almost unprecedented.
How the village feast paved the way to empires and economics. From the archive:
#Diplomacy: #Qatar demands difficult to meet, now says US - @BBCNews
@Beppeley Trump urged to cut Bears Ears monument to smallest area possible #BearEars
At least 1,500 people evacuated as forest fire in southern Spain hits Donana National Park
Latin America: Price inflation eases further in June to a 6 month low. #SMI
Raise the Flag High: Queer Farming in Rural America #LoveIsLove
Glitch porn makes being naked on the internet interesting again
Why Morse code is actually a really weird way to communicate
Why the Chinese Yuan Won’t Be the World’s Reserve Currency - @vxschmid via @epochtimes
12yrs after Kelo decision, Susette Kelos neighborhood is an empty field
Trump advisers deny Trumpcare bill cuts Medicaid
Michael Bloomberg: Trump gave me his cell phone number, but he hasnt called me
Forgive the narcissism -- have to recognize The Strand bookstore in NYC for their unusually comprehensive collection
Push on with the great unwinding, BIS tells central banks
Creationist Ken Ham blames atheists and ‘fake news’ for failing Ark Encounter theme park
Biotech can finally catch a break, as long as Trump leaves it alone
This suitmaking startup is reinventing a stylish preppy staple
What is a hop-free beer? And why is it so delicious?
A warning from a former propagandist: Dont underestimate the power of disinformation
Urban Innovator of the Week: Karla Henderson
Eric Trump: DNC chair Tom Perez is a nut job
Over 50? Trumpcare Will Raise Your Premiums $4,500. via @kdrum
... but in the end it turns out, the mist was inside me the whole time.
Vitamin D could be much more important to your #health than you think
Intesa Sanpaolo board tasks CEO with completing purchase of Veneto banks assets
The European city where a smog mask is now an essential accessory
Seven lessons from @Ritholtz about the supply-side meltdown in Kansas
Saudi-led demands will be ‘difficult’ for Qatar to meet, Tillerson says
Gazas electricity crisis
NEW: Senate Republicans want more to time review healthcare bill before voting
A former Twitter exec @NathanCHubbard explains why ‘Zuck isnt running for President’
Not anti-science, just pro-myth
Bernard Plossu
Al-Wasat newspaper, which was closed down by Bahrain, fires staff
Two decades after handover, scant love for China among Hong Kong youth
Make America a reliable ally again
Namibia in Mourning for Independence Leader Herman Andimba Toivo Ya Toivo: #Namibia
Isnt it time to abolish the Electoral College?
British opposition leader Corbyn puts politics centre stage at Glastonbury Festival
Gardens separate rooms wrapped in brick, stone and wood at this Mexican courthouse:
Car hits six people leaving #Eid celebrations in #Newcastle, #England
US military families fear cut to care for children with autism
GOP ObamaCare repeal bill could send insurance markets into death spiral
Who is Treasury Secretary Steve Mnuchin’s bride Louise Linton?
Stories From the Students’ Rules: Simple Diet and Proper Bearing
No Goggles at the Pool? Just Use Your Hands
Will #Brexit put at risk the peace process in Northern Ireland? Full interview →
Trump slams wind and solar but red states are embracing them
Vietnam exiles dissident Pham Minh Hoang to France after revoking his citizenship
Price claims GOP ObamaCare repeal bill will absolutely bring premiums down
.@cori_crider on the meaning of Yemens secret prisons
An oldie but a goodie: A Timeline of Failed Tech Predictions Full #infographic:
UAE president receives Eid al-Fitr greeting in rare appearance since 2014 stroke
CEO of Raytheons cybersecurity unit eyes IPO: Boersen-Zeitung
Does a 50¢ burger really cost the environment $200 to make?
The #AHCA will harm millions of Americans.
Blue Jays closer Osuna reveals struggles with anxiety off the field
State Department allowing Russian diplomats to roam free in US: report
Bulgarian leader backs EU prospects of Balkan states
South African Business Confidence Plummets in June. #SMI
Will the law treat opioids more like cigarettes or handguns?
Health insurer Anthem will pull out of two more state Obamacare markets
60 tower blocks have now failed cladding fire safety test after Grenfell Tower disaster
Istanbul police enforce ban on gay, transgender pride march
All successful investors share these 4 basic traits, analyst Ned Davis says
Conway on GOP healthcare bill that cuts Medicaid: These are not cuts to Medicaid
The ancient Greek Temple of Poseidon, the god of the sea in classical mythology. Sounion, Greece.
SpaceX has proven it can reuse its rockets—now what?
Frances Macron mulls convening parliament in Versailles palace
Vietnam exiles dissident after revoking his citizenship
Popular Nigerian Church in Abuja Gutted By Fire: #Nigeria
When Will Your Tesla Model 3 Be Delivered? Ben Sullins May Know.
Researchers design sounds that can be recorded by microphones but inaudible to humans
This Whale Breaching Right Next to a Boat is Like Something Out of Jaws
Spicer: Trump threatening Comey with non-existent tapes helped the truth come out
Someone inserted Theresa May into “Monty Python The Holy Grail” and it’s perfect
Six children killed after trying to play with explosive in Pakistan
Trump calls for unity with Democrats, rehashes derisive nicknames for party leaders
How Warren Buffett and Jeff Bezos beat Wall Street @serwer
Republican Collins has serious concerns over health bill
Amazon is trying to control the underlying infrastructure of our economy
Schumer: Democrats must unveil a bold new economic message before 2018 midterms
Thousands in London forced to evacuate homes
career insurance at work
Illinois may soon become the first state on record to have its bond rating cut to junk
Italy commits up to $19 billion to keep Veneto Banks afloat
Democrats are readying a bold economic plan to win over voters
Seven trees photographed over two years
Is Spotify ready for the big time?
Ricciardo wins chaotic Azerbaijan Grand Prix, Vettel penalised
Energy-efficient lighting has resulted in striking cost savings for Americans
Merkels SPD rivals rally in search of German election rebound
Italian actress Sophia Loren posing for the photographers, Lido, Venice, 1958.
Dem Pelosi critic: Our party has a damaged leader
Trump: GOP Health Care Bill Needs ‘a Little Negotiation’
Frances Macron mulls convening parliament in Versailles palace
Japans biggest brokerage has chosen Frankfurt as its EU base after Brexit, sources say
What to expect when SCOTUS acts on Trumps travel ban
Vision and screwdrivers - Macron and Merkel converge on Europe
The arrow of time? Its all in our heads:
The Money You Get From ATMs is Disgusting
Hope you find time to listen for a little of this today
Turkey police break up Gay Pride parade in Istanbul
Tillerson: Qatar is working on requests made by countries blockading it
Apples new campus sucks according to Wired magazine:
STUDY: Up to 5.7 Million non-citizens voted in past presidential elections.
.@Europarl_EN MEPs monitoring #Greek programme visiting Athens on Monday, Tuesday
The deadly conflict tearing Nigeria apart (and it’s not Boko Haram): (@irinnews)
Why do men like to drive fast and risk their lives, scientifically speaking?
Only one housing market is hotter than Charleston and Raleigh right now
Heres how an Ohio judge is using #rideshare apps to combat drunk driving.
Price: Republicans ObamaCare repeal is a patient-centered bill
Italy commits up to $19 billion to keep Veneto banks afloat via @ssirletti
@integritydude @DavidLammy One from the locals abt a week ago
Many American households have multiple devices – especially smartphones.
2020 Tokyo Olympics Plan For Self-Driving Cars
Italy commits up to $19 billion to keep Veneto banks afloat via @ssirletti
TSA considers forcing airline passengers to remove books from carry-ons
Italy could pay as much as 17 billion euros to wind down Veneto banks: minister
The only TED Talk Id pay to see
5 things experts want you to know on #WorldRefugeeDay
Here’s who could lead Uber out of its scandals @JPManga
An oldie but goodie: A #FederalReserve preview - What happens in 2018?
Ramadan erased the problems between us Remembering Ramadan in Raqqa
How to beach-proof your phone
Released in cinemas on 25th of June 1982: The Thing and Blade Runner.
Iced Coffee Day was declared at the World’s Fair, this day in 1939.
Uber’s moral crisis: When your values are the wrong ones
Collins: Its hard for me to see the GOP ObamaCare repeal bill passing
Many Americans fail to follow cybersecurity best practices in their own digital lives
.@IronStache dishes on his bid to oust speaker of the House, Paul Ryan.
The alt-right thinks ‘Wolfenstein: The New Colossus is racist to white people
The rise of the green mayor: @india_bourke on Sadiq Khan and the politics of clean energy
Trump: I dont see Obama as the leader of the resistance
The EUs Greatest Achievements, According To Europeans
☁️9⃣


JP Koning
On currency
9 days ago





David Birch recently grumbled about people's sloppy use of the term legal tender, and I agree with him. As Birch points out, what many of us don't realize is that shopkeepers have every right to refuse to accept legal tender such as coins and notes. This is because legal tender laws only apply to debts, not to day-to-day transactions. If someone has borrowed some money from you, for instance, then legal tender laws dictate a certain set of media that you cannot refuse to accept to settle that debt. These laws have been designed to protect your debtor from a situation in which you demand payment in a rare medium of exchange, say dinosaur bones, effectively driving them into bankruptcy.

Conversely, they also protect you the lender from being paid in an inconvenient settlement medium. In Canada, for instance, a five cent coin is legal tender, but only up to $5. If your debtor wants to pay off a $10,000 debt using a truckload of nickels, you can invoke legal tender laws and tell them to screw off—give me something more convenient.

Joining in with Birch in the grumbling, I'd argue that people make just as many errors with the term currency as they do legal tender. When we use the word currency, we use it to mean a grab bag of paper money, coins, deposits, and cryptocurrencies, or we use it to describe national units of account such as dollars, yen, pounds, pesos, ringgits, bitcoin, etc. But the word currency shouldn't be used so sloppily. 

Henry Dunning Macleod, a monetary theorist who wrote in the 1800s, has an interesting discussion of the etymology of the word. Macleod was a unique character in his own right. Trained as a commercial lawyer, he signed up as director of the Royal British Bank which failed in 1856 due to questionable loans and self dealing. Macleod went on to write a number of large tomes on monetary theory,  history, and law, including the Elements of Economic, on which I am drawing from for this post. Perhaps his main contribution to economics is the coining of the term Gresham's law, writes George Selgin.

According to Macleod, currency used to be used an adjective, not a noun. Certain types of goods or instruments were considered to be "current" in the eyes of the law and common business practice. They were said to have "currency," but were not themselves currency.

Property that had been granted currency had a different legal status from property that didn't. Let's assume that a good has been stolen and sold by the thief to a third party, a shopkeeper, who innocently accepts it not knowing that it has been stolen. For most forms of property the original owner could sue the third party and get the stolen article back. But not if that good is one of the few to be considered by society to have currency, wrote Macleod. When an article is said to have currency, or to be current, the original owner cannot chase the third party to recover stolen property. So in our example, our shopkeeper gets to keep the stolen good, even if its stolen nature has been proven in court.

Over the course of the 1700s, British common law jurists granted currency status to a series of new financial instruments, including banknotes, bills of exchange, stock certificates, exchequer bills, bonds, and more. (I went into this here.) This illustrates that an item didn't have to be money to have currency (e.g. bonds were considered to be current), nor did it have to be government-issued to be current (banknotes and bills of exchange were privately-issued).

Granting currency-status to a select group of instruments provided them with some useful mercantile properties. Consider first the converse: when the law did not grant currency to a certain good, any transfer of that good came with strings attached. For instance, if you tried to pawn off an expensive gold ring on a shopkeeper, the possession of that ring in your pocket would not be sufficient for the shopkeeper to establish title. If the ring had been stolen, and he/she accepted it, the shopkeeper might be forced to give it back to its original owner, leaving the shopkeeper out of pocket. So they would be wary at the outset about accepting the ring from you, perhaps requiring a time-consuming verification process before agreeing to the deal.

On the other hand, the shopkeeper would not hesitate to accept a gold coin. Because coins were current according to the law, anyone who received them in trade would not have had to worry about returning them to an angry victim down the line, and therefore could avoid costly verification procedures. This would have encouraged trade in these instruments, rendering them much more liquid than items that weren't current.

According to Macleod, it was only after these early court casess that people started to directly refer to banknotes, coin, yen, dong, pounds, krona, and the like as currency-the-noun, a linguistic switch which Macleod angrily blamed on Yankee "barbarism":
"It is quite usual to say that such an opinion or such a report is Current: and we speak of the Currency of such an opinion or such a report... But who ever dreamt of calling the report or the opinion itself Currency?... To call Money itself Currency, because it is current, is as absurd as to call a wheel a rotation, because it rotates...Such as it is, however, this Yankeeim is far too firmly fixed in common use to be abolished."
It is interesting to note that while not all instruments that had currency were money (i.e. bonds), likewise not all money was granted currency status. According to Macleod, bank deposits did not have currency because, unlike banknotes and coins, deposits could not be dropped in the streets, stolen, lost or transferred to someone else by manual delivery. If you think about it, each movement of a bank deposit requires direct contact with the banking system in order to process the transfer. This effectively weeds out transfers of lost or stolen property, especially in Macleod's day where banking was conducted in person at a branch. Since anyone receiving bank deposits in payment needn't worry about a deposit being dubious, there was no need for the law to grant currency status to deposits.

All of this still has relevance today. Take the case of private cryptocurrencies and CBDC, or central bank digital currencies. Because law makers have not been very clear about their legal status, bitcoin and other forms of crypto don't have currency, at least not in the Macleodian sense of the term. This means that a storekeeper who accepts bitcoin (or a future Fedcoin) may also be taking on the liability to give said coins back if they are proven to be stolen. And this lack of currency-status can only handicap a cyptocoin's ability to freely circulate.

If this post achieves anything, it's to illustrate that a special amnesty was once granted to a small set of financial instruments. This amnesty used to be referred to as currency. While we don't have to go back to the old practice of using of the word currency to refer to this special amnesty, we should at least be aware that this amnesty is still present and relevant.