Quote from: netrin on July 14, 2011, 04:08:08 PM

Quote from: Giraffe.BC on July 14, 2011, 02:12:51 AM

Quote from: Nescio on July 14, 2011, 01:51:53 AM

Quote from: Giraffe.BC on July 14, 2011, 12:57:31 AM

So....what's wrong with saying gold isn't money?

That's not the question. The question is why Mr. Bernanke wants it not to be money. That's not really a question either, but I digress.

I heard he doesn't want candy to be money either! Why does he hate candy? What's his angle???

I love bashing the Fed as much as any long bitcoiner, but really, I have to agree with Bernanke on this one. Do you think gold is money? No. Do you think T Bills are money? No, they're assets. This is true. We HOLD gold, we don't use them as a medium of exchange. We have and will, but today, we generally do not.

I agree, I think it's realistic to say anything of value is an asset, however, the liquidity of that asset is the real issue. I can send Gold, BTC, a small business, and cash. However, which asset is most liquid (or to say it another way) which asset is easiest to spend?