It is "Measurement" of Value that Matters

Statement

I am replying only to you, since I am sure the group is growing tired of this.

I agree with the gold and silver detail, but my whole point is that when you say "gold" you mean specifically "one ounce of gold" (or "one gram of gold" or "one grain of gold") and that is something beyond just the element/metal of gold.

It is a measurement of gold, and that creates the Unit of Accounting. All of "money" is based on accounting. You used to be a CPA? I used to be an economist and I decided, over the years, the accountants had a better grasp on reality than we economists had.

Then I read Mises' "Theory of Money and Credit" and my eyes opened to the concept of "money substitutes."

Now I see the modern world of electronic banking, and I look forward to a future of liquid "asset barter" denominated in grams of gold. I read in a Heinlein novel about 30 years ago something like that.

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Thanks, Joe Cobb
Glendale, Arizona
www.JoeCobb.com

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