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<p>[QUOTE=&quot;jackeen, post: 2488376, member: 5683&quot;]The theory and practice of money is one of history&#039;s great stories. People seldom fully understand the differences between the major types of money - commodity, fiduciary and fiat. People also get confused because sometimes money is a simple accounting artifice, and sometimes it&#039;s a means to conserve wealth. And most of the time it&#039;s something in-between.</p><p>The concept that gold is the only real, immutable form of money is nothing more than a social convention. There has never been enough gold in the world to be a stable and universal type of money. Less than 100,000 cubic yards of gold have been mined in all of history. That&#039;s an amount that could be stacked on the floor of a typical high school gymnasium, without coming close to the ceiling. No need to put any on the bleachers, either. Are we really going to run the world on the basis of who owns how much of that pile?</p><p>While one contemplates the wisdom of making the world&#039;s economy an inverted pyramid standing on a tiny point of gold, he might also contemplate the fact that it&#039;s a point of basically useless matter. Modernity has brought a few, limited uses for gold in electronics and nuclear physics, for most of history its main use has been as something for those who own some of it to lord it over those who didn&#039;t.</p><p>That and mostly hideously tacky jewelry.[/QUOTE]</p><p><br /></p>

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