The value of currency
As you know, the United States, at different points in its history, has attached its currency to some seemingly ubiquitous and eternal mineral resource. At first it was gold, then there was a "bimetallism" movement at the turn of the twentieth century. And for thirty-plus years we've been trying to convince the world that the U.S. dollar is worth its weight in oil, "black gold," -- the so-called "petro-dollars."
My question is this: Has any other country, to your knowledge, ever tried to attach its currency to some seemingly ubiquitous and eternal mineral resource?
This question can only really be asked because one does not understand how money came to exist.
Luckily, a trusted economist has an article about the origins of money. You could check out my own "Evan's Easy Economics" for an explanation (I'm pretty sure I have one called "The origins of money" and another titled "good money" -- check them out).
Here's the link to Robert Murphy's discussion of the origins of money.
http://mises.org/daily/1333/The-Origin- … -Its-Value
by Evan G Rogers6 years ago
Hey everyone,The dollar lost about 1~2% of it's value today.http://www.kitco.com/kitco-gold-index.htmlGold shot up $17/ounce due to the weakening of the dollar, but lost a total of $1.80 from predominant selling (a net...
by GA Anderson3 years ago
I stole this from another thread, so the topic could be discussed without further hijacking the thread it was on. I hope that was OK.John, I am not putting forth criticisms for you to defend. I do not know enough...
by rhamson5 years ago
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