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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