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What money ought to be

“Oresme wrote that it is ‘disgraceful and everywhere foreign to the nobility of a prince to prohibit the circulation of good money in his country, and, for the sake of gain, to order and even compel his subjects to use his own which is poorer, as if to say that good is bad and his bad is good.’ He was flexible in case of emergencies, such as during periods of war, or to pay ransoms with ‘bad’ or debased money, or to help liberate a kidnapped king. But the bishop added, ‘If the community should in any way make such an alteration, the money ought to be restored to its proper basis as soon as possible, and the making of gain in that way should cease.’” – Alejandro Chaufen, Forbes

Dr. MoneyWise says. . . This essay cites notables on the subject of money – Aristotle, Thomas Aquinas and Copernicus – to name a few.  All had similar views.  It talks about what money ought to be, the right and wrong of it, and ends up with a couple words on Bitcoin – caveat emptor.  We academics do love our Latin.

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