Listen carefully to the following podcast:

https://www.thisamericanlife.org/423/the-invention-of-money

In the podcast "The Invention of Money", Ira Glass and Jacob Golstein talk about "fei", a stone currency used on the island of Yap in the South Pacific. Based on their description of the stone money, answer the following questions:

1. What are some of the potential problems of the fei currency? Explain.
2. Is it commodity or fiat money? Explain.
3. What does its usefulness as money ultimately depend on?
4. What characteristics of an asset make it into a good medium of exchange? A good store of value? Explain clearly.