Quote from: dinofelis on January 16, 2015, 03:44:23 PM

Quote from: twiifm on January 15, 2015, 06:36:55 AM

This is wrong. You Need to read Graebers History of Money

Maybe you need to read von Mises "the theory of money and credit" ?

Quote

In modern times gold was reserve money and mainly used for international trade but inside the nation, money was largely credit money. Credit money and metal money have always coexisted. Gold itself wasn't the money it's the coins with stamp of the king on it. In essence money has always been a creature of law whenever there is a state

Do you know where "dollar" comes from ? It's a mass unit of gold.

Edit: I'm wrong, it was an amount of silver: 24 grams.

von Mises? Hahaha. Is that a joke? Nobody in economics takes him seriously

So is sterling pound. So what? What does that prove? That Silver was used for coins once? You think you can walk into a shop in London back the old days and pay with a silver dollar? The money aspect doesn't come from the metal it comes from the authority of the issuer