Michael Badnarik Federal Reserve
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10:00
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@foggymedia Two very good examples of that were tally sticks and colonial scrip. Tally sticks were used as currency for nearly 500 years. What makes money valuable is whether or not it is accepted for the payment of taxes. I agree with your statement about the store of value. Also, what has made gold precious is a cultural majority accepting gold as precious or valuable. Other cultures value silver more than gold, and some do not think either is valuable. But, I still like Michael Badnarik.
SHNUCAU 3 months ago
@SHNUCAU I agree completely since money can operate simply as a purchasing token without having any inherent value itself.
But I would go further. The "store of value" idea is nonsensical. For example, an object can be precious and it's a property of that object. You can't somehow divorce the preciousness from the object and place it in your cookie jar. Gold can have value but to say it is a store of value is a logical absurdity. No one somehow put value into gold as a storage place..
foggymedia 3 months ago
I disagree with one of the three characteristics of money as Michael presents them. Money does not need a so called store of value (if I understand what he means correctly). Money does not need to be made of some commodity that has value by virtue of its constitution or design. Money can be worthless for any other function than the purpose for which it was designed
SHNUCAU 4 months ago
I alway's love hearing michaels lectures. He's awesome
jhamrman 5 months ago
Thank you thank you thank you . I cant put into words what this video means to me .
TheWilderwun 5 months ago