Modern monetary theory - Mitchell and Wray Q10

[rphaigh]

At first it is puzzling the professors never talk about the role of the medium of exchange as a store of value. To avoid reference to a fiat currency as a fiat and to rename it a sovereign currency is to obscure the role of the currency as a store of value.

Because gold requires man-hours and capital equipment to create it, its value is inherent in itself. It is no one elses liability.

[axe863]

@rphaigh Value is derived by subjective dynamics, economists stopped being objective theorists after Marx.