Actually money is whatever we choose to use as a trade medium. Some societies use beads as money. Bernanke may be an idiot, but in this case he has a point. Gold is a precious metal against which we measure value. When gold was removed as our standard it was selling for $35 per ounce. What did he say it is now? $1500?
An old boss of mine once told me that things don't get more expensive, money is just worth less. People used to complain that "In 1900 you could buy a steak dinner for a quarter". Then I found out that in 1900 $30 per month was considered a good wage. Then my old boss pointed out that if you had a 1900 quarter it would still buy you a steak dinner.
But Ron Paul is the best. Too bad he's seventy-six years old.
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“Never do anything you can't take back.”
—Rocky Russo
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