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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: blazenzim who wrote (76642)3/21/2008 6:16:42 PM
From: Mike Johnston  Read Replies (2) of 116555
 
Your definition of money is not correct.
You omitted the last sentence.

"Money is any token or other object that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts. Money also serves as a standard of value for measuring the relative worth of different goods and services and as a store of value. Some authors explicitly require money to be a standard of deferred payment."

Money is not only a medium of exchange, but a store of value.

The dollar does not fit the definition, because it is only a medium of exchange, it has ceased to be a store of value due to reckless and fraudulent monetary policies.

Gold is a store of value and a medium of exchange ( but not widely used ), therefore it is money.
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