Alf Hornborg

“The shift from precious metals to paper in retrospect clarifies that artifacts serving as money tokens are no more than representations of abstract exchange value—they are thus ultimately coveted for their potential use in social transaction, nor for some imagined, essential value intrinsic to the money tokens themselves. If it were not for international agreements such as those of Bretton Woods, gold could conceivably be as useless a medium of exchange in some cultural contexts as seashells are to modern Europeans.

This understanding of money, however, simultaneously implies that there is no such thing as intrinsic value. If value ubiquitously pertains to social relations, any notion of intrinsic value is an illusion. Although the European plundering and hoarding of gold and silver, like the Melanesian preoccupation with kula and the Andean reverence for Spondylus, has certainly been founded on such essentialist conceptions of value, the recent representation of exchange value in the form of electronic digits on computer screens is a logical trajectory of the kind of transformation propagated by [Marco] Polo. It is difficult to imagine how money appearing as electronic information could be perceived as possessing intrinsic value. This suggests that electronic money, although currently maligned as the root of the financial crisis, could potentially help us rid ourselves of money fetishism. Paradoxically, the progressive detachment of money from matter, obvious in the transitions from metals through paper to electronics, is simultaneously a source of critique and a source of hope.”
― Alf Hornborg, Global Magic: Technologies of Appropriation from Ancient Rome to Wall Street