Currency is what people think its worth because it is merely an extension of barter.
It could be written on a note enforceable in a court of law.
"Sell me your cow today and I will deliver to you 40 plump hens tomorrow."
That's a contract.
Currency is a contract.
It is a promissory note which doesn't have to be backed up by gold...just a promise and an experience of delivery on that promise.
Look around you. We are not on the gold standard and the world is just effin fine.
“We are not on the gold standard and the world is just effin fine.”
Sure, sure. Wages have stagnated for almost 50 years and meanwhile we have endlessly increasing government debt and federal spending, and the government propping up the stock market by pumping money into it so the rest of the economy doesn’t crash. Doing just effin fine.
Well, except for that 20 trillion in admitted debt and that 100 plus trillion of unfunded liabilities. That stuff is going to hit the fan someday. (unless of course we inflate it away.)
The Beautiful thing about specie currency is that you can't endlessly borrow out of thin air.
Well put. We’ve never been on a gold standard, but the economy has been hurt by the delusion that we are.
Quite incorrect. Currency is easily divisible. Barter is not. Gold adds value to currency. Deflation is healthy. Inflation is fraud.
The rich vs middle class split has its origin beggining at 1971. Clear as day.
No gold standard is criminal, benefitting the wealthy asset class.
FU Richard Nixon. Damn you to hell.