[Marxism] CHavez threatens to stop oil to EU over racist immigration policies

Ruthless Critic of All that Exists ok.president+marxml at gmail.com
Fri Jun 27 20:44:04 MDT 2008

On Sat, Jun 21, 2008 at 6:52 PM, Walter Lippmann <walterlx at earthlink.net> wrote:

> Please explain this term "fungible".
> In more than one word, por favor.

>From Wikipedia:

"Fungibility is the property of a good or a commodity whose individual
units are capable of mutual substitution.

Fungibility is different from liquidity. A good is liquid and tradable
if it can be easily exchanged for money or another different good. A
good is fungible if one unit of the good is substantially equivalent
to another unit of the same good of the same quality at the same time
and place.

Fungibility does not imply liquidity, and liquidity does not imply
fungibility. Jewels can be bought and sold (the trade is liquid), but
individual diamonds are not interchangeable (diamonds are not
fungible). Zimbabwean dollar bank notes are interchangeable in London
(they are fungible there), but they are not easily traded there (they
are not liquid in London)."

Oil is fungible but iron ore is not fungible. Why? Because iron ore
isn't traded on a global exchange; its price is set in direct deals
between producers and consumers. Oil is traded on a global exchange.

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