Money Wisdom #106

After "moneyness" has been established by the issuer's money of account and embodied in a particular form (metal, paper, electronic impulse, etc.), only then does it take on the status of a commodity that may be bought and sold, for example, in foreign exchange markets. In other words, once money has been produced, then economic analysis is applicable, but it is essential to understand that it cannot explain the existence of money. [my bold]

Geoffrey Ingham The Nature of Money (2004) p.198