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Gold/Mining/Energy : Gold Price Monitor
GDXJ 109.23+3.7%Nov 28 4:00 PM EST
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To: E. Charters who wrote (69158)5/15/2001 5:37:16 AM
From: Zardoz  Read Replies (1) of 116789
 
Answer one question. What is money?
Credit.

Actually you get part marks for that answer.

Actually I got 100% for that answer.

You said:'Let me help you. although money is distributed as credit it is subtly different. It is not certain kinds of credit, it can only be one kind. Redeemable credit"

Money is credit, nothing more.... Currency is a form of money, but is not truly money. Currency is back by fiscal and political policies. Your comments are based on currencies and not money.

Ref:"Well it is all. Money is an instrument of redemption of value. In it most redeemable form it is a thing of value in itself. In other words it has intrinsic value in its best form. It depends on what you trust. Some people trust letters from people. It is a form of neurotic dependence. Society must work with this trust however. But it is subject to adulteration."

Currencies intrinsic value comes from Society, Governments, and foreign powers. Money in itself has no intrinsic value, since it has no basis to form an intrinsic basis. This is why GOLD is not a currency and thus can act as a proxy for money over a short period of time. But GOLD is also not MONEY. To trade Gold for an item is to enter into a Barter System You are trading a perceived {undefined} gold value with a know piece of work {Item}. Money systems require a state where inflation and monetary supplies has no effect on the Currency.... therefore true money does not exist. If in your world you perceive silver and gold to be both money, they the ratio between them would ALWAYS remain fixed. Thus neither gold or silver are money. Money is a system of equlity... you get out what you put in.. nothing more; nothing less.

Hutch
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