This is an old joke the generation that was born after 1970 may not know–An Englishman, a Frenchman, a German and an Indian were asked to study the Elephant and write an essay on it. The Englishman came up with one page write up titled "Elephant Hunting", the Frenchman came up with four pages titled "The Love Life of Elephants", the German wrote ten pages for his "An Introduction to a Complete Study of Elephants" and the Indian came up with a forty pages long "The Elephant Act (Regulation and Control). In early 1980s, when R Venkataraman was Finance Minister in the Indira Gandhi cabinet, in one of the receptions by the Federation of Indian Chambers of Commerce and Industry, this joke was told to him and his response sought. He replied, "Maybe the Indian was studying Rogue elephants" with equal chutzpah. You can have a good laugh except for the fact that the joke was actu
Money has functions four: a medium, a measure, a standard, a store This famous couplet sums up what money or currency is. Money is the measure of value, medium of exchange, the standard of value and a store of value. From the time of the Vedas till the present day, whatever humanity chose to use as money, whether they are Cows or Bitcoins, they did so because the commodity so chosen could perform the above four functions, some to a larger and some to a smaller measure. It is interesting to notice what was used as Money down the ages: Cattle The oldest form of currency was cattle. The Upanishads mention Cows with their horns adorned with gold coins being given to Brahmins at the end of the sacrifice. It is continued to this day, as a payment for conducting the funeral rites, though the priest seeks a cash equivalent of the cow, preferably as a UPI transfer! Dowries were paid in India, till recently, in cows and other livestock. Ancient Roman records show that fines