The value of money is an artificial thing. It only works if everyone agrees that a dollar bill is worth having & trading. In times past when there was no single US currency but rather local and state currencies, the value of a bill was different depending on where you try to spend it because it wasn't universally redeemable.
Even precious metals aren't an absolute value. In the past, some countries experienced inflationary pressures even when using gold/silver currency.
There are still people in the US who want to go back to a gold standard but they are a very small niche.
Even precious metals aren't an absolute value. In the past, some countries experienced inflationary pressures even when using gold/silver currency.
There are still people in the US who want to go back to a gold standard but they are a very small niche.
Why is it so?
~Julius Sumner Miller
~Julius Sumner Miller
