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Various precious metals in the past have been used in coinage, and at times certain currency issuers have promised to exchange their currency for gold at a fixe
by dools 11y ago
Various precious metals in the past have been used in coinage, and at times certain currency issuers have promised to exchange their currency for gold at a fixed rate, but at no time has gold been a currency. And yes the distinction matters -- goods do not buy goods. Goods buy money, money buys goods. Money, as a definition, should not be producable through the application of labour
- dear 11y agohttps://en.wikipedia.org/wiki/Gold_standard https://en.wikipedia.org/wiki/Gold_standard Origin "The gold specie standard arose from the widespread acceptance of gold as currency.[7] Various commodities have been used as money; typically, the one that loses the least value over time becomes the accepted form.[8] The use of gold as money began thousands of years ago in Asia Minor."
- dools 11y agoThe terminology is wrong in subtle bu important ways. Here's a great presentation on the origins of money and debt: http://m.youtube.com/watch?v=0zEbo8PIPSc http://m.youtube.com/watch?v=0zEbo8PIPSc and here is the analysis of nominalism vs. Metalism from Randall Wray who is one of the key proponents of modern monetary theory http://neweconomicperspectives.org/2011/08/mmp-blog-12-commodity-money-coins.html http://neweconomicperspectives.org/2011/08/mmp-blog-12-commo...