4 ms·
The price of gold is only relative to the dollar. We don't spend money in the current economy with ounces of gold. We do know how much stuff should roughly cost
by GaryNumanVevo 3y ago
The price of gold is only relative to the dollar. We don't spend money in the current economy with ounces of gold. We do know how much stuff should roughly cost in US dollars (or local currency). So if I go to the barber, I'll get a hair cut on credit, to be paid later by either direct barter or from credit that I paid someone else.
Roman currency (both the coinage and the numeric value promixal to goods) lasted for years after the empire fell. It was just easier to use that relative value, and rely on local credit