Food For Thought
"Every single piece of gold ever minted by any government or made by private hands - anywhere and at any time - still has value"More than you can say for fiat currency.
Thursday, July 16, 2015
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2 comments:
Absolutely true, and a not-insignificant consideration. However...99% of homes built more than 300 years ago (and, I'd wager, more than half of homes built 75 years ago) are no longer standing. However, it would be wrong to conclude from this that homes have little value. Rather, they serve a purpose for a time, and decay or are replaced. Fiat currencies serve a purpose. That they decay in value over time (and are replaced) is no surprise; they do, however, facilitate the transfer and in some cases creation of value, in many circumstances better than gold does.
That's a good point, ADL.
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