Word: barter
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...influence but under the American one," says David Cerny, 41, a celebrated if slightly infamous local artist. Cerny wants the U.S. to stick to the missile shield plan. "It would be really sad if this intelligent guy who succeeded Bush, about whom no one had a high opinion, would barter Eastern Europe for a better image of the United States," Cerny says, worrying that Obama is drawing too close to Russia...
Most of us take for granted that those rectangular green slips of paper we keep in our wallets are inviolable: the physical embodiment of value. But alternative forms of money have a long history and appear to be growing in popularity. It's not merely barter or primitive means of exchange like seashells or beads. Beneath the financial radar, in hip U.S. towns or South African townships, in shops, markets and even banks, people throughout the world are exchanging goods and services via thousands of currency types that look nothing like official tender...
...ways to meet those needs," says Peter North, a senior lecturer in geography at the University of Liverpool and the author of two books on the subject. He refers to the "scrips" issued in the U.S. and Europe during the Great Depression that kept money flowing and the massive barter exchanges involving millions of people that emerged amid runaway inflation in Argentina in 2000. "People were kept from starving [this way]," he says. (Find out 10 things to do with your money...
...rules vary from country to country. In the U.S., any business transaction must be recorded and reported to the IRS; tax levies apply as if the trade were made in cash. As Squires puts it, professional services are subject to income tax, but for noncommercial transactions, barter rules hold. "If I bake a cake for you, that's not a taxable event," he says...
...Chinese came in with bags of rice, and they were trading this rice for the Koreans’ marine products,” Eckert said. “A market had developed, a barter kind of trade was taking place...