Poor Jeff after all these years (I once picked up a book in flea market published in the early nineties quoting Jeff as a "guru") still hasn't worked out the difference between Money and a Currency. I'll keep it simple for you Jeff; Money is a durable item that as accepted by the market place as a store of value; a Currency is an abstract (sometimes represented by pieces of paper or polymer) that is accepted by the market place as facilitator for the exchange of goods, services and in the recording of accounts. They have different purposes and perform poorly for uses they were not intended.
Although I do agree with Jeff, Gold Standards don't work as they are run by governments and not the market. The only gold and silver standard that would ever work is a system of coins and units of account denoted in grams of fine metal instead of coins stamped with a currency value or accounts settled in a currency designation.
No comments:
Post a Comment