Commodity money

Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves as well as their value in buying goods; this is in contrast to representative money, which has little or no intrinsic value but represents something of value, fiat money, which has value only because it has been established as money by government regulation. Examples of commodities that have been used as media of exchange include gold, copper, peppercorns, decorated belts, alcohol, cannabis, candy, cocoa beans and barley. Several types of commodity money were sometimes used together, with fixed relative values, in various commodity valuation or price system economies. Commodity money is to be distinguished from representative money, a certificate or token which can be exchanged for the underlying commodity, but only by a formal process. A key feature of commodity money is that the value is directly perceived by its users, who recognize the utility or beauty of the tokens as goods in themselves.

Since payment by commodity provides a useful good, commodity money is similar to barter, but is distinguishable from it in having a single recognized unit of exchange. Described the establishment of commodity money in P. O. W camps. People left their surplus clothing, toilet requisites and food there until they were sold at a fixed price in cigarettes. Only sales in cigarettes were accepted – there was no barter Of food, the shop carried small stocks for convenience, thus the cigarette attained its fullest currency status, the market was completely unified. Radford documented the way that this'cigarette currency' was subject to Gresham's law and deflation. In another example, in US prisons after smoking was banned circa 2003, commodity money has switched in many places to containers of mackerel fish fillets, which have a standard cost and are easy to store; these may be exchanged for many services in prisons. The principles of commodity money inspire modern commodity markets: the effect of holding a token for a barrel of oil must be as close as possible economically to having the barrel at hand, despite its representation by a sophisticated range of financial instruments.

In metallic currencies, a government mint will coin money by placing a mark on metal tokens gold or silver, which serves as a guarantee of their weight and purity. In issuing this coinage at a face value higher than its costs, the government gains a profit known as seigniorage; the role of a mint and of coin differs between fiat money. In commodity money, the coin retains its value if it is melted and physically altered, while in a fiat money it does not. In a fiat money the value drops if the coin is converted to metal, but in a few cases the value of metals in fiat moneys have been allowed to rise to values larger than the face value of the coin. In India, for example fiat Rupees disappeared from the market after 2007 when their content of stainless steel became larger than the fiat or face value of the coins. In the US, the metal in pennies and nickels has a value close to, sometimes exceeding, the fiat face value of the coin. Commodities come into being in situations where other forms of money are not available or not trusted.

Various commodities were used in pre-Revolutionary America including wampum, iron nails, beaver pelts, tobacco. According to economist Murray Rothbard: In the sparsely settled American colonies, money, as it always does, arose in the market as a useful and scarce commodity and began to serve as a general medium of exchange. Thus, beaver fur and wampum were used as money in the north for exchanges with the Indians, fish and corn served as money. Rice was used as money in South Carolina, the most widespread use of commodity money was tobacco, which served as money in Virginia; the pound-of-tobacco was the currency unit in Virginia, with warehouse receipts in tobacco circulating as money backed 100 percent by the tobacco in the warehouse. In Canada, where the Hudson's Bay Company and other fur trading companies controlled most of the country, fur traders realized that gold and silver were of no interest to the First Nations, they wanted goods such as metal axes. Rather than use a barter system, the fur traders established the beaver pelt as the standard currency, created a price list for goods: 5 pounds of sugar cost 1 beaver pelt 2 scissors cost 1 beaver pelt 20 fish hooks cost 1 beaver pelt 1 pair of shoes cost 1 beaver pelt 1 gun cost 12 beaver peltsOther animal furs were convertible into beaver pelts at a standard rate as well, so this created a viable currency in a primitive economy with limited supplies of gold and other kinds of money, but numerous fur-bearing animals.

Long after gold coins became rare in commerce, the Fort Knox gold repository of the United States functioned as a theoretical backing for federally issued "gold certificates" representing the gold. Between 1933 and 1970, one U. S. dollar was technically worth 1/35 of a troy ounce of gold. However, actual trade in gold bullion as a precious metal within the United States was banned after 1933, with the explicit purpose of preventing the "hoarding" of private gold during an economic depression period in which maximal circulation of money was desired by government policy; this was a typical transi

Anatoly Samoilenko

Anatoly Mykhailovych Samoilenko is a Ukrainian mathematician, an Academician of the National Academy of Sciences of Ukraine, the Director of the Institute of Mathematics of the National Academy of Sciences of Ukraine. Anatoly Samoilenko was born in 1938 in the village of Radomyshl district, Zhytomyr region. In 1955, he entered the Geologic Department at the Shevchenko Kyiv State University. However, the extraordinary gift of Samoilenko for mathematics determined his destiny in its own way, instead of a known geologist, science got a prominent mathematician. In 1960, Samoilenko graduated from the Department of Mechanics and Mathematics at the Shevchenko Kyiv State University with mathematics specialization. At the same time, his first scientific works were published. In 1963, after the graduation from the postgraduate courses at the Institute of Mathematics of the Academy of Sciences of the Ukrainian SSR, Samoilenko defended his candidate-degree thesis "Application of Asymptotic Methods to the Investigation of Nonlinear Differential Equations with Irregular Right-Hand Side" and began his work at the Institute of Mathematics of the Academy of Sciences of the Ukrainian SSR under the supervision of Academician Yu. A. Mitropolskiy.

In few years of diligent research work, Samoilenko became one of the leading experts in the qualitative theory of differential equations. In 1967, based on the results of his research in the theory of multifrequency oscillations, he defended his doctoral-degree thesis "Some Problems of the Theory of Periodic and Quasiperiodic Systems", the official opponents of which were V. I. Arnold and D. V. Anosov. In 1965–1974, Samoilenko worked as a senior research fellow at the Institute of Mathematics of the Academy of Sciences of the Ukrainian SSR and gave lectures at the Shevchenko Kyiv State University. In 1974, he obtained the professor degree. In 1978, he was elected to become a Corresponding Member of the Institute of Mathematics of the Academy of Sciences of the Ukrainian SSR, his monograph brought him worldwide recognition. This monograph was written by Samoilenko together with his teachers, Academicians N. N. Bogolyubov and Mitropolskiy. Thirty six years Samoilenko reminisced, "In Kyiv, at the Institute of Mathematics, great scientists were my teachers...

In many fields of science, they were'trendsetters' on the scale of the Soviet Union. It is important for a young scientist to belong to a serious scientific school. Only in this case he has a chance to obtain results at the world level; the atmosphere of a good scientific school itself stimulates a young scientist to carry out his research work at the cutting edge of modern science. And if he opens a new direction in science his name gains recognition". In 1974–1987, Samoilenko headed the Chair of Integral and Differential Equations of the Department of Mechanics and Mathematics at the Shevchenko Kyiv State University; these years were marked by high scientific activity of the chair. Based on results of the research in the theory of differential equations with delay performed at that time, the monograph of Mitropolskiy, D. I. Martynyuk was published. At the same time, together with his disciple M. O. Perestyuk, published the well-known monograph devoted to the theory of impulsive differential equations.

These monographs are cited in scientific literature. Since 1987, Samoilenko has headed the Department of Ordinary Differential Equations at the Institute of Mathematics of the Academy of Sciences of the Ukrainian SSR, since 1988 he has been the Director of the Institute of Mathematics of the National Academy of Sciences of Ukraine; the beginning of this fruitful creative period was marked by the fundamental monograph devoted to the qualitative theory of invariant manifolds of dynamical systems. This monograph served as a foundation for the construction of the general perturbation theory of invariant tori of nonlinear dynamical systems on a torus; the English version of this monograph is well known. Three years the monograph of Samoilenko was published. In this monograph, in particular, the method of Lyapunov functions was used for the investigation of dichotomies in linear differential systems of the general form; the results of many-year investigations of constructive methods in the theory of boundary-valued problems for ordinary differential equations carried out by Samoilenko together with M. Ronto are presented in monographs.

Constructive algorithms for finding solutions of boundary-value problems with different classes of multipoint boundary conditions were developed by Samoilenko, V. M. Laptyns'kyi, K. Kenzhebaev. Complex classes of resonance boundary-value problems whose linear pan cannot be described by Fredholm operators of index zero were investigated by Samoilenko, together with O. A. Boichuk and V. F. Zhuravlev, in monographs; the monograph of Samoilenko and Yu. V. Teplins'kyi is devoted to the theory of countable systems of ordinary differential equations; the monographs of Samoilenko and R. I. Petryshyn cover a broad class of qualitative problems in the theory of nonlinear dynamical systems on a torus. At present, Samoilenko is the author of about 400 scientific works, including 30 monographs and 15 textbooks, most of which have been translated into foreign languages, his monographs made an important contribution to mathematical education. According to MathSciNet, t

The Girl in Blue

The Girl in Blue is a novel by P. G. Wodehouse, it was first published in the United Kingdom on 29 October 1970 by Barrie & Jenkins, in the United States on 22 February 1971 by Simon & Schuster, Inc. New York. In the novel, cartoonist Jerry West falls in love with air hostess Jane Hunnicut, but before Jerry can marry her, he is faced with the task of recovering the titular painting, a missing Gainsborough miniature. In New York, Duane Stottlemeyer of Guildenstern's Stores tells corporation lawyer Homer Pyle that Homer's sister, Bernadette "Barney" Claybourne, has been arrested for shoplifting, despite being rich; the company will not press charges. Duane proposes that Homer keep his sister away from department stores by sending her to an English country house that takes paying guests, suggests Mellingham Hall, near the village Mellingham-in-the-Vale. Homer agrees. Homer brings his sister to London to make the arrangements. In London, comic cartoonist Gerald "Jerry" West attends jury duty, falls in love with a fellow juror.

An intelligent girl, she leads the jury deliberation to a unanimous vote. Jerry speaks with her afterwards, she is an air hostess on leave. They make plans for dinner that week at Barribault's, though Jerry forgets to ask for her name, he soon remembers that he is engaged, to the beautiful yet critical Vera Upshaw, a writer. Vera wants Jerry to demand his inheritance, supposed to be held in trust for three more years, from his trustee, his uncle Willoughby "Bill" Scrope. Bill's older brother, Crispin Scrope, struggles financially to maintain the manor he inherited, Mellingham Hall, to pay off a broker's man from a repair company, obtains a loan of two hundred pounds from Bill, a wealthy lawyer. Bill is a miniature portrait collector, has acquired a Gainsborough miniature of a direct ancestor, titled The Girl in Blue. Homer Pyle thrilled to meet her in a book shop. With the encouragement of her mother, actress Dame Flora Faye, Vera leaves Jerry to pursue the wealthier Homer. Barney says to Homer that her shoplifting was a one-time experiment, but Homer fears she will steal The Girl in Blue and warns Bill.

Homer hides it in a desk at Bill's house. He tries to inform Bill's secretary about this but the message is lost; the girl Jerry loves happens to be contacted by Bill's legal firm about an inheritance. Jerry is disheartened. Crispin gambles half his loan from Bill on Brotherly Love. In Mellingham-in-the-Vale, Constable Ernest Simms informs Crispin that he has been disrespected and threatened by Crispin's uncouth butler Reginald Chippendale, but Crispin cannot fire Chippendale, since he is the broker's man. Bill discovers the miniature believes Barney stole it, he offers Cripsin two hundred pounds to steal it back from her, but Crispin likes Barney and refuses. However, after Brotherly Love loses, coming in second, Crispin agrees to split the reward fifty-fifty with Chippendale, who will search Barney's room. Bill agrees to let Jerry receive his inheritance early. Homer goes to Mellingham Hall, with Vera following by paying to stay at the house. Jane pays for a stay as well. Jane tries to tell Jerry he does not need money to marry her.

Jerry and Chippendale both search Barney's room. Jerry is hit by Barney on the head, while Chippendale escapes. Barney donates an inexpensive miniature portrait to a church jumble sale, but Crispin mistakenly believes she donated The Girl in Blue and Chippendale buys it, he will give this miniature to Crispin. Crispin tells Barney enough about the situation for her to volunteer to push Simms in for him. However, this miniature proves worthless. Willoughby learns from Homer that The Girl in Blue is in his desk, does not pay Crispin. However, he does let Jerry get his inheritance. Jerry and Jane are both happy to hear that the legacy Jane received will be reduced because of the deceased's unpaid taxes, so it will not come between them. Brotherly Love was awarded victory since the winner was disqualified, so Crispin can pay off the broker's man. Homer wants to marry Vera. Barney and Crispin get engaged, so do Jerry and Jane; the dust jackets of the first UK and US editions both feature the same design on the front by Osbert Lancaster.

Both dust jackets have the same photograph on the back by Tom Blau, Camera Press, of Wodehouse walking with a dog. Lancaster and Blau are only credited in the US edition; the story was serialized in The Australian Women's Weekly from 16 December 1970 to 30 December 1970. A condensed version of the story was published in the Canadian magazine Star Weekly, a weekend supplement of the Toronto Star, on 24 April 1971; the Russian Wodehouse Society's page, with a list of characters