Greenspan's Fatal Conceit - By Jonathan M. Finegold Catalan (28/7/11) PDF Print E-mail
Jonathan M. Finegold Catalan   
Thursday, 28 July 2011 09:25

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Chairman Bernanke, Is Gold Money? - By Rod Rojas (28/7/11) PDF Print E-mail
Rod Rojas   
Thursday, 28 July 2011 09:21

Mises Daily

Last week, when Ron Paul asked the question, "Do you think gold is money?" Fed chairman Bernanke's answer was a resounding no. So, what is money, anyway?

In the simplest terms, money is a commonly used medium of exchange — one that is widely accepted and that serves as an intermediary for trade. As I explained in a previous article,

If you are a plumber, you don't really need money to live (you can't eat money); money just makes it possible for you to indirectly exchange your plumbing services for groceries. If money weren't there, each time you needed food you would have to find a grocer that was in need of plumbing services so that you could barter your services for food.



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Why Boehner Cries - By Alan Grayson (27/7/11) PDF Print E-mail
Alan Grayson   
Wednesday, 27 July 2011 09:15

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Dow-To-Gold And Greece-To-Gold - By Willem Weytjens (27/7/11) PDF Print E-mail
Willem Weytjens   
Wednesday, 27 July 2011 09:12

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The Trickiest Characteristic of Sound Money - Examining The Inherent Problems Of “Intrinsic value” - By Joel Bowman (26/7/11) PDF Print E-mail
Joel Bowman   
Tuesday, 26 July 2011 09:40

Daily Reckoning

Gold is not money. So says Ben S. Bernanke, the maker of “money”...at least as he defines it...and at least for now.

If gold is not money, then, what is?

First, let us look briefly at why we desire money in the first place. Before cash, credit cards and PayPal, before money itself, there was barter. A barter system is one of direct exchange. It does not require money to function.

But the barter arrangement is primitive, at best – suitable only for relatively simple transactions in which both buyer and seller desire the exact good offered by the other. Therefore, in a complex economy, “my three pigs for your one cow” is not a viable monetary system.



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Last Updated on Wednesday, 27 July 2011 21:14
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