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Home Forums 68kMLA The Current 128K Phenomenon — #24
Post #24 by Paralel
Source Forum68kMLA
CategoryPeripherals
Post DateSat, 8 May 2010 - 05:41
Original URLhttps://68kmla.org/bb/threads/the-current-128k-phenomenon.20521/
Post
...No it isn't, and it hasn't been for many decades...
Bunsen is right about this. "Money", as the term is generally used in 1st world societies, is a fiat (soft) currency with no intrinsic value which is not backed by anything other than the faith people place in the government printing the money. Gold is a "hard" currency and a store of wealth, but no, it is not "money".

Gold coins created by the government complicate the matter because they have a fiat equivalent face value but they also have a "hard" value in terms of the quantity of gold from which they were made. As such, gold coins issued by a government actually have two separate values which are not linked to one another. In this case, gold, in the form of a coin issued by the government, is indeed "money". However, this is the only exception where gold is "money" in a society that issues fiat currency, as gold not issued by a government as an object with a fiat equivalent face value is not "money".

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