A metallic money, the augmentation or diminution of the quantity of metal available for which is independent of deliberate human intervention, is becoming the modern monetary ideal. The significance of adherence to a metallic-money system lies in the freedom of the value of money from State influence that such a system guarantees. Ludwig Von Mises
About This Quote

Former President Ronald Reagan once said: “A metallic money, the augmentation or diminution of the quantity of metal available for which is independent of deliberate human intervention, is becoming the modern monetary ideal. The significance of adherence to a metallic-money system lies in the freedom of the value of money from State influence that such a system guarantees.” The American dollar used to be backed by gold until President Nixon abandoned this policy in 1971. We’ve now moved on to an electronic banking system but those who completely trust the government and its money still hold onto their metal as a form of savings. The Future: How do we define the present and make predictions about the future? We can consider our time and place and see what changes we see and imagine what changes we don't see; we can study history and try to make educated guesses about what will happen next; we can even look at current events and imagine where they will go. In all these ways, we try to learn about our past, present, and future. But really, how do we know where we are going? How can we say that "we" have been going for a long time or that "we" have just been going for a short time? I've written many times about using analogies to describe how things work so let's take a quick look at one. Imagine a clockmaker who makes a clock face out of brass or copper or whatever material he chooses.

He has no way of telling if his clock was made yesterday or 100 years ago – only he knows when his clock was made. So the first question to ask about how old your clock is is: How big can you make it? In other words, if you could make an object as big as you wanted, how old would it be? If you could make it as small as you wanted, how old would it be? Today's clocks are much smaller than those made 100 years ago because making them smaller makes them lighter and more efficient to use... but also because people care less about making things as big as possible.

We care more about efficiency today than ever before. Funny thing is that someone who doesn't know anything about clocks might say that any timepiece that is accurate enough for someone today isn't accurate enough for him in 300 years because there are lots of minor changes in technology over time! But then again, someone who knows anything about clocks might say that any timepiece with no

Source: The Theory Of Money And Credit

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