The value of currency

  1. wingedcentaur profile image83
    wingedcentaurposted 6 years ago

    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?

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  2. Evan G Rogers profile image76
    Evan G Rogersposted 6 years ago

    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

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