Post
Topic
Board Economics
Re: Bernanke explains why gold is not money.
by
libertyzeal
on 20/07/2011, 13:09:32 UTC
Offload it for what?  Cash?  If you have to take your money to a special store to exchange it for cash, it's hardly money.

This argument is nothing but semantic masturbation.

1)  I don't see any popularity/circulation criteria in the definition of money.  It seems like people are holding up some weakly defined concept and calling it "money" and applying it like a badge of honor upon certain mediums while using it as a club to smash other mediums, within the context of their own narrow idealogical definitions.

2) If you want to play that game, there are 348 merchants in the DFW area alone ( http://www.opencurrency.com/directory/marketplace/regmerch3.php?rid=135 ) that accept AOCS rounds (gold/silver/copper) in exchange for goods and services.

3) From a historical perspective, if you find "money" in a box that's been buried for 200 years, and have to take it to a special store to exchange for cash (ie, a collector of historic memorabilia), it's hardly money.