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I didn't say either Air Miles or Club Card points were convertible/fungible: both are proprietary currencies.

Air miles is fundamentally not a currency. It's a kickback. The institutional support structure that maintains it is kept in working order because it's backed by the marketing department of a major corporation.

It's not a way to build a monetary system - it's a tool to introduce principal/agent problems in other organisations.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Jan 3rd, 2010 at 09:31:35 AM EST
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