Money by definition is a medium that can be exchanges for goods and services and is used as a measure of their values on the market. Money includes among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account. Money […]
From 1879 to 1933 the United States was on a gold standard. There were two forms of money at the time. Paper bills were convertible into gold, and gold was easily converted back to paper bills by the bank. A person could have a $20 bill in their pocket as well as a $20 gold […]
Gold has been used as money for thousands of years. Egyptian pharaohs were buried with their gold; the Roman Empire used gold as money during its reign as a world power; Spanish conquistadors pillaged the New World for gold; the California Gold Rush attracted people from all over the world. During times of chaos, many […]
Last week was the 75th anniversary of the Bretton Woods agreement. The agreement was collapsing in the 1960s and finally ended during the 1970s when the US abandoned the gold standard. Since then the price of gold has risen to over $1,350 an ounce from the value at the congressionally set price of $35 per […]
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