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Gold – an independent money?

Occasionally, someone will describe me as “a gold bug”. I shouldn’t be surprised. My usual answer when someone asks me why I always have an ounce of silver in my pocket is, “I can’t afford to lose an ounce of gold.” The truth is that the debate over commodity-backed money is just one of the axes along which scholars of money and banking take different views. A good money must have a number of important qualities — durability, divisibility, recognizability, […]

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