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To: expat_panama

True, but now we’re getting into what is the definition of “money.”

One of the definitions is this: Money is anything that is widely used for making payments and accounting for debts and
credits.

http://193.6.12.228/uigtk/uipz/hallgatoi/Origins%20of%20Money%20and%20of%20Banking.pdf

As gold is no longer used widely, it fails the test.


50 posted on 12/11/2014 1:57:08 PM PST by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: abb
Money is anything that is widely used for making payments and accounting for debts and
credits.

That's what I've been getting too, that money is a medium of exchange ("trade you $3 for that book"),  unit of account ("owning a car worth $2,000 and a guitar worth $1,500 means my stuff is worth $3,500"), and a store of wealth ("maybe I set aside my $3 for a rainy day").   Land and gold can be used for storing wealth but they don't work well for the other two things.  The link was interesting though the ten things they listed on the first page had a lot of repeats (imho). 

What we were talking about before is how we want the gov't to regulate the dollar's value and pegging on precious metals just didn't work out well.

55 posted on 12/12/2014 5:38:07 AM PST by expat_panama
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