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user4779
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Gold Is 'Money' Because It Is Plentiful, Not Because It Is Scarce

- Nathan Lewis - New World Economics

3186/181000 = 1.76% (not 2.1%).

Commented 2763 days ago

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Beginning of the headline :Gold, and its brother silver, have always been the basis of money, back to the beginnings of “money,” in the late fourth millennium B.C. Already by 2000 B.C., gold and silver had been “money” for over a thousand years–the entire history of “civilization” on this planet. Gold was still the basis of money in the 1960s, in an unbroken line stretching back to the beginnings of history. One somewhat counterintuitive requirement for “money” is that it does not have a utilitarian purpose; at least, no... Read More

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