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TheLonger Term Implications of Basel III (January 2013) - Gold's Triumphant Return?
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<p>[QUOTE="medoraman, post: 1604837, member: 26302"]"Money" to me is your medium of exchange. What do you get paid in? What is your saving accounts listed in? What is the "thing" stores will accept in payment for your purchases? In the US all of those answers are the USD. Its the only payment legally obligated to settle any debts. </p><p><br /></p><p>Today, the USD can take many forms, from currency to coins to electronic payments. However, if a car costs $20,000, how many ounces of gold does that car cost? To answer that you FIRST have to see how many DOLLARS an ounce of gold is worth at this very second. In that example it PROVES the USD is the only "money" in the US, as it is the "scorecard" in which everything is compared to.</p><p><br /></p><p>How would your definition of "money" differ?[/QUOTE]</p><p><br /></p>
[QUOTE="medoraman, post: 1604837, member: 26302"]"Money" to me is your medium of exchange. What do you get paid in? What is your saving accounts listed in? What is the "thing" stores will accept in payment for your purchases? In the US all of those answers are the USD. Its the only payment legally obligated to settle any debts. Today, the USD can take many forms, from currency to coins to electronic payments. However, if a car costs $20,000, how many ounces of gold does that car cost? To answer that you FIRST have to see how many DOLLARS an ounce of gold is worth at this very second. In that example it PROVES the USD is the only "money" in the US, as it is the "scorecard" in which everything is compared to. How would your definition of "money" differ?[/QUOTE]
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