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Category: Currency, Digital Media, Gold & Precious Metals

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

3 Responses to “History of Money”

  1. Futuredome says:

    Actually, the US was basically on a silver standard to the 1830′s, little gold.

  2. NoMiddleInit says:

    There’s a bit of popular mythology in this “history,” owing probably to the influence of a certain 18th-century Scotsman. Anthropologists have scoured the world studying primitive societies, unearthing the ruins of ancient civilizations. Turns out there’s no evidence, and no example ever discovered, of primitive people having become specialized in their labor, who in consequence resorted to barter for the everyday exchange of goods between members of the same community.

    Barter is historically found only between members of hostile communities where there’s a lack of trust, or in societies (such as prisons or post-Soviet Russia) where people are already familiar with the concept of money but they haven’t got any.

    Instead it turns out the precursor to coinage is *credit,* virtual money kept in accounts at the local temple or seat of government. Coins only become necessary in periods of upheaval and conquest, when soldiers need portable wealth to spend in far-off lands where their credit is no good.

  3. MidlifeNocrisis says:

    I find the history of money to be a fascinating subject. Fiat currency is very, very good at being a medium of exchange and facilitator of payment systems. I believe where people go wrong (in their thinking) is that they believe (or wish) that it is also a store of value… which it is not.