Gold Is Money While Currencies Today Are “IOU Nothings”
Now that the international monetary system we have long known has broken down, and the world is groping through monetary reform for a new one, it is time to consider some fundamentals.
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What is money anyway?
First, it is a means of payment or medium of
exchange. I prefer that first phrase. It is simpler. We
all use money to pay our bills, to buy goods and
services. We also accept money when we sell.
Second, it is a standard of value. We quote values of goods
and services in terms of it. The resulting ratios are
prices.
Third, it is a store of value. We hope to avoid
loss by holding it. Money holds its value if it is
scarce and remains