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Message:: [QUOTE="ErolGarip, post: 2867730, member: 88736"]An article mentioned by [USER=15062]@davidh[/USER] in another thread, about the US monetary system and its history: <a href="https://web.stanford.edu/~rehall/Gov%20and%20Monetary%20Unit%201981.pdf" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://web.stanford.edu/~rehall/Gov%20and%20Monetary%20Unit%201981.pdf" rel="nofollow">https://web.stanford.edu/~rehall/Gov and Monetary Unit 1981.pdf</a> Some related parts in the article to the "unit": "...Congress, in 1792, created a new monetary unit called the dollar..., defined in terms of weights of gold or silver..." (page 6) "... The dollar was unambiguously 0.04838 of an ounce of gold or the equivalent amount of silver..." (page 7) "... The last vestige of the gold definition of the dollar disappeared in 1971 when the U.S. discontinued sales of gold to central banks... For the past decade, the U.S. has operated a purely fiduciary monetary system... " (page 9) --- So, as seen in these sentences, the dollar (like any other currency in the world) was based on the gold, that's, the dollar was not the standard, gold was the standard, that's, the reference was the gold, was not the dollar. This was formally so till 1971. That the commodity or metals such as gold as references tells that the "monetary unit" mentioned in this article and also everywhere is the "commercial unit" which may be different than the "unit" of money "itself". This is like that, by analogy: You can use a handful of wheat grain in commerce and you can call that "handful" as "unit". What was done in the new creation of the dollar in 1792 (by some ounce of gold instead of handful of grain) was like that and continued till 1971, however, it didn't end, still more or less same even if it called "fiduciary" (or "trust") monetary system. That article, written in 1981, is simple and very informative about the US currency history, but, while there are hundreds of the word "dollar" in the article, there is no any mention about the cent, not even single one word "cent" exists in the article. It is understandable as this article too, like 99,9999999% of articles, is about the money&economy, not about the money itself. Now that, since 1971, it is said that the monetrary system is purely fiduciary system in which the gold is not reference anymore, "commercial monetary unit" has become meaningless, that's, calling the dollar as unit has become meaningless (like that handful of wheat grain has no meaning anymore.) Then, question arises: What is the reference of monetary system now? Whole World are still searching some new resources as new references, eg, petrolium in last decades, but, been failing as all such attempts are related to the commerce again and the commerce is not based on the "trust" and this non-trust contradicts with the claimed so-called "fiduciary" monetary system. If it is fiduciary/trust based monetary, then, it should be scientifically objective. Although the commerce too can be called science, this scientific objectivity in the money under consideration should be non-debatable if it is fiduciary/trust. That means, the money "itself" should be questioned before talking about its relation with the commerce. Then, the question arises: What is the reference in the money? Scientifically, if there is an indivisible unit in the money, it is the reference. And, yes, there is. It is the cent and only and only the cent.[/QUOTE]

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