Gold has always been the best money

Forbes/Nathan Lewis

photo of Croesus lydia stater the first widely circulated gold coin“This brings us to today. ‘It’s a yellow rock!’ scream legions of PhD-bearing central banker wannabees. True —and that yellow rock has been wiping the floor with the likes of you since the beginnings of recorded history. Actually, the funny-money people destroy themselves, while gold just sits quietly inert. We say of things that are stable, solid and reliable, that they are ‘like a rock.’ This is a good thing. This is what we want money to be, and gold is the best approximation of this ideal that we have — and approximation that, while never perfect, has always been Good Enough.”

USAGOLD note:  An engaging walk through monetary history that includes stops in ancient Greece, the Byzantine Empire, China, the British empire, the 17th and 18th-century European continent, and the golden age of the United States. For those who have little knowledge of the history of paper money and gold, Lewis’ article will be an eye-opener and a source of some solid grounding on the principles of money and inflation.

Repost from 8-14-2020

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