Value for Value
My friend Hugo Salinas Price wrote a short post that I agree with.
Please consider A World that Operates by Cheating Is Doomed
In ages past, gold and silver provided humanity with a system of economic co-operation among productive humans, which was fair to all participants.
With gold and silver, humans were trading value-for-value: what changed hands were amounts of physical gold or silver, or at least, Bills which were unquestioned claims upon gold or silver.
When the exchange had taken place, everyone was happy! The seller because he had gold or silver, in exchange for the goods or services he offered; and the buyer was pleased because he had the goods or services he wanted, and he got them by tendering gold or silver in exchange.
So, everyone was pleased: the buyer because he got the goods or services he wanted, in exchange for his gold or silver; and the seller was pleased because he traded the goods or services he had to offer, tor gold or silver.