It doesn't matter if people need gold or not. It has physical form, it's scarce and the supply is relatively constant. It's a great object to build currency around because it's stable.
You are viewing a single comment's thread from:
It doesn't matter if people need gold or not. It has physical form, it's scarce and the supply is relatively constant. It's a great object to build currency around because it's stable.
So gold is the continent or city and currency is the country. Gold is real, but the idea of currency is in our head, at least going by the logic of this article, which I happen to agree with.
Yes. Gold has real value, but if nobody accepts that as payment it has failed as a currency. Cities, land and physical landmarks have value but laws and the state don't do anything unless they're recognised.