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News Link • Economy - Economics USA

Understanding the Crisis - by Llewellyn H. Rockwell, Jr.

• Llewellyn H. Rockwell, Jr.

1 Comments in Response to

Comment by Ed Price
Entered on:

Money points:
1. Fiat money doesn**Q**t usually have much value in itself, but only in what it may represent (if that even);
2. Real money - money that has value in itself, such as gold and silver - can be virtually anything of value, from land to salt to metal to food - you name it;
3. The real value of money is in the eye of the user - the grocer values fiat paper greater than the groceries he has in his store; the grocery consumer values the groceries more than the fiat paper; a transaction comes about;
4. When money that has real value in itself - gold coin, silver coin, land, salt, produce, clothing, cars, etc. - is swapped, it is called barter;
5. When fiat money - no real value in itself - is swapped for some form of money with value in itself, it is called buying and selling;
6. Money is really stored up labor - labor of human beings who are willing to work for the money. Intentional inflation is really theft of human labor by those who cause the inflation.

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