{"id":386523,"date":"2018-11-25T19:00:08","date_gmt":"2018-11-25T18:00:08","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/why-gold-is-money-lewrockwell\/"},"modified":"2018-11-25T19:00:08","modified_gmt":"2018-11-25T18:00:08","slug":"why-gold-is-money-lewrockwell","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/why-gold-is-money-lewrockwell\/","title":{"rendered":"Why Gold Is Money – LewRockwell"},"content":{"rendered":"
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

It\u2019s an unfortunate historical anomaly that people think about the paper in their wallets as money. The dollar is, technically, a currency. A currency is a government substitute for money. But gold is\u00a0money<\/em>.<\/p>\n

Now, why do I say that?<\/p>\n

Historically, many things have been used as money. Cattle have been used as money in many societies, including Roman society. That\u2019s where we get the word \u201cpecuniary\u201d from: the Latin word for a single head of cattle is\u00a0pecus<\/em>. Salt has been used as money, also in ancient Rome, and that\u2019s where the word \u201csalary\u201d comes from; the Latin for salt is\u00a0sal<\/em>\u00a0(or\u00a0salis<\/em>). The North American Indians used seashells. Cigarettes were used during WWII. So, money is simply a medium of exchange and a store of value.<\/p>\n

By that definition, almost anything could be used as money, but obviously, some things work better than others; it\u2019s hard to exchange things people don\u2019t want, and some things don\u2019t store value well. Over thousands of years, the precious metals have emerged as the best form of money. Gold and silver both, though primarily gold.
\n\"\"<\/a><\/span><\/span>
\nThe New Case for Gold<\/a><\/span><\/span>
\nJames Rickards<\/span>
\nBest Price: <\/span>$1.00<\/span><\/span>
\nBuy New <\/span>$6.00<\/span><\/span>
\n(as of 02:05 EST – Details<\/span>)<\/span><\/span>
\n<\/a><\/span>
\n<\/span><\/p>\n

There\u2019s nothing magical about gold. It\u2019s just uniquely well-suited among the 98 naturally occurring elements for use as money\u2026 in the same way aluminum is good for airplanes or uranium is good for nuclear power.<\/p>\n

There are very good reasons for this, and they are not new reasons. Aristotle defined five reasons why gold is money in the 4th century BCE (which may only have been the first time it was put down on paper). Those five reasons are as valid today as they were then.<\/p>\n

When I give a speech, I often offer a prize to the audience member who can tell me the…<\/p>\n<\/div>\n

Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s an unfortunate historical anomaly that people think about the paper in their wallets as money. The dollar is, technically, a currency. A currency is a government substitute for money. But gold is\u00a0money. Now, why do I say that? Historically, many things have been used as money. Cattle have been used as money in many […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-386523","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/386523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=386523"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/386523\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=386523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=386523"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=386523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}