You just placed a fine 3-piece suit on the cashier’s counter, noticing a 1913 calendar under the glass. The $20.00 price tag seems a bit high, but you value the suit more than the one ounce gold piece in your pocket. While the cashier calculates your bill, the year on the calendar advances to 2018. The cashier says: “That will be $509.07 sir.” Welcome to 105 years of federal monetary malfeasance. How did it happen, and what can we do about it?
What is Money?
Money is an agreed upon medium of exchange that requires a number of properties to be useful. It must be durable, portable, uniform, scarce, acceptable, divisible and fungible: durable so that it lasts a long time; portable so that it is convenient to shop with; uniform so that each dollar bill is worth the same as any other; scarce so that it has value; acceptable so that all use it; divisible so that you can buy cheap stuff; and fungible so that a dollar and ten dimes are equivalent. What was our early American experience with money?
American Colonial Experience
During the British colonial period, each American colony circulated …
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(The opinions in this article are the opinions of the author and do not necessarily represent the views of Southern Nation News or SN.O.)