Thursday In Dawn of Gold, I pointed out the hitherto unremarked fact that all human groupings are brought about by the need to exchange – whether of sperm/egg cells, goods, services, companionship, hunting skills etc. All congregations, both large and small, are a demonstration of this phenomenon. Without this need to exchange, tribes would never have formed. … [Read more...]
Money is Not a Good
Thursday “For example, money is not consumed after a transaction, but goods such as pork bellies and copper ingots are. Money is not directly comparable to goods.” Keith Weiner One of the tenets of Dawn of Gold is that goods* and money** are different. Money is not the most marketable good. Money is not, never was and cannot be a good. Prior to 1500BC, … [Read more...]
Time Preference
Wednesday “Time-preference is simply the desire to own goods at an earlier date rather than later.” (here) I come across this regularly, and it is important to understand that this is just an observation that is sometimes true, but, equally as often, is not. Imagine receiving a crane delivery of a roof for a house before the walls are constructed. What would … [Read more...]
Gold to Silver Ratio
Monday The subject of what the correct Gold to silver ratio should be comes up regularly. There is no ‘should be’; the correct ratio is whatever the ratio is at any particular moment. The value of silver, as measured by Gold, is in a constant state of fluctuation. The value of all goods is constantly changing. Value is highly subjective and … [Read more...]
Money is Not a Good 2
Tuesday Oh dear; I hate disagreeing with this man as I am a big fan of his work, but he is repeating the hoary old mantra that money is a good. It is not, was not and will never be. The ‘most marketable good’ is the best trading good, but still a good, not money. Fiat is a good, though with a value far more unstable than most goods, but a good nevertheless. Crypto … [Read more...]