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kevthorne
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Why It's Important to Define Money Correctly - Frank Shostak -

A quote: "Money is gold, and nothing else" - J. P. Morgan, 1912. There is an important definition within that statement.
Nowadays, many repeat it wrongly, putting the cart before the horse, so to speak, as: 'gold is money'. With this interpretation, so too could Euros, Dollars and all other fiat currencies be classed as 'money', as in 'Euros are money' etc.
So, anything else, other than money, (as defined by Mr. Morgan) must be a currency, its value defined only by the circumstances of its time and place in the world - a temporal thing.
Gold - eternal.
QED

Commented 2339 days ago

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Beginning of the headline :Most economists hold that, since the early 1980s, correlations between various definitions of money and national income have broken down. The reason for this breakdown, it is held, is that financial deregulation has made the demand for money unstable. As a result it is held the usefulness of money as a predictor of economic events has significantly diminished.To fix the instability of the demand for money, economists have introduced a gauge of the money supply known as the Divisia monetary indic... Read More

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