History Is on Gold’s Side
Last week, Peter appeared on Bankless, a Youtube channel that promotes cryptocurrency. Hosts Ryan and David question Peter on why he thinks gold is superior to Bitcoin, and the trio discuss other issues, such as the origin and meaning of money, the stock market, and abolishing the Federal Reserve.
Peter starts the interview by reminding the audience that gold is a time-tested money that functioned well for millenia:
“Gold is real money. So for all the people who are rightly concerned, like I am, about fiat currency, about central banks and inflation and all the debt, and they’re looking for an alternative that they want a real store of value that can also be, you know, a medium exchange and a unit of account. You don’t have to reinvent the wheel. Gold works just fine.”
The reason gold became money is because people were willing to use it in indirect exchange as a medium of exchange:
“Gold is the most marketable commodity. Because you have to look back at the origin of money. Where did it come from? Eventually societies discovered that you could take one commodity that everybody could accept in exchange for whatever they had. And so that was the inv
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LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.