The Right Stuff: What is money really?
By Jim McCully: Published July 11, 2022
Money is a medium of exchange, something of value for something of value. Historically, money has usually been gold or silver. Regardless, whatever was used people decided it had value in and of itself because they believed it did. In other words, intrinsic. Money took various forms over time. Usually, shiny attractive coins which evolved to attractive printed notes representing a stated value redeemable in precious metals deemed to have intrinsic value. Regardless of what was used, the system was well understood and universally accepted. Paper money was recognized as “real” too because it was backed by gold and/or silver.[..Read More]
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