Jenni P asked:
Ok, I know that my question is a confusing one, but why does gold have to be considered money? Why can’t we use something more abundant for money so that everyone can be well off?
Ok, I know that my question is a confusing one, but why does gold have to be considered money? Why can’t we use something more abundant for money so that everyone can be well off?
nytebreid
on September 18 2008
The US dollar is no longer based on the gold standard, it is regulated by the Fed. Reserve Bank. But if we were to base money on something more abundant, it would have little value, so we would need more of it. Imagine having to pay $4000 for a gallon of milk.
yay_boxes
on September 18 2008
If we used something plentiful, say potatoes, as a form of currency then everyone would have so many potatoes that you would need an obscene amount of potatoes to get a car.
Having poor people is a necessary part of capitalism. Otherwise the price of food would have no baseline and milk would cost $20 a gallon and keep skyrocketing.
If it wasn’t gold it would be something else. Like rubies. All greenbacks are supposed to have a gold equivalent.
Nate L,or natel if you prefer...
on September 20 2008
Money is what culture has developed in order for it to succesfully evolve, and gold pertains to money because…
1. Gold is shinny and people love shinny things lol, and
2. because America has a Fort Knox that has all the gold in the country, and it represents all the dollars we use in our society. (:
Helio eric
on September 23 2008
gold is a valuable metal that has been used as currency for thousands of years because its a rare metal but not as rare as other metals also most of the value of gold years ago was due to its color but now its used for more than currency and jewelry