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What is Money?

- Peter Schiff - Euro Pacific Capital

I feel compelled to point out one more thing. Not only is money not the product of government, rather the product of civil society as you conclude, Peter, I am quite certain that sound money (ie species-backed currency that is a true and stable measure of value) is essential for civil society to develop and to persist.

The decline of civility and society always follows the corruption of the money-system. Note we had two world wars, one cold one, and endless skirmishes since Jekyll Island.

The money-system is always one of the first areas of society attacked when a coercive authority seeks to co-opt society for some purpose.

History is riddled with these examples. Is it that we do not learn, or that, as Bertrand Russell would say, we are intentionally educated from ignorance into stupidity? I submit the latter. Keep teaching truth, Peter.

Commented 4335 days ago

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Beginning of the headline : Today, we're accustomed to thinking of small greenish paper rectangles as the definition of money, and we think of the US government as the only source of money.To honestly discuss sound money, we need to realize where our current money customs came from. At first, it was every man forhimself... Read More

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