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overtheedge
Member since May 2012
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Gold Is Not Money, Part 2

- Steve Saville - Speculative Investor

Using your definition of "money" would make EBT cards of all varieties money.
They are generally accepted world-wide. Even the IRS will accept balance transfers as money. They will accept checks as well for payment of taxes.
More importantly, EBT cards and checks are not forced upon the populace as the medium of exchange.
If current sampled data is even close, then more people depend on EBT cards of one variety or another more than currency.

Furthermore, a medium of exchange should hold its value for a reasonable period of time. Otherwise the exchange becomes seriously imbalanced. An hour of labor is worth x right now, but before you exchange the so-called money for tangibles, it is worth x/2.

Threat of force and legal tender laws don't turn debt into money. It does make currency aka the current medium of exchange.

Then there is your flawed reading of the Constitution. It is not a series of disjointed statement, but rather a unitized construct. You are right about gold and silkver stated specifically as requirement for the states. But clauses 5 and 6 of Sec.8 of Article I apply as well. Then there is the simple matter that this country is called the United States. Separating the states from the country (founded upon the Constitution) is nonsense that lacks logical argument. That the federal government gets away with stuff in no way sets a precedence that over-rules the Constitution. The reality is no state has taken the legal tender laws to court. To do so would result in the state cutting its own fiscal throat.

Obviously "your" definition of money lacks depth.

Commented 3262 days ago

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Beginning of the headline :I opened a blog post with the statement that gold was money in the distant past and might again be money in the future, but isn't money in any developed economy today. I then explained this statement. The post stirred up a veritable hornet's nest, in that over the ensuing 24 hours my inbox was inundated with dozens of messages arguing that I was wrong and a couple of messages thanking me for pointing out the obvious (that gold is not money today). The negative responses were mostl... Read More

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