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...]
The Stock-to-Flow Ratio
This is based on the original article, but has been slightly modified to form Chapter 3 of Dawn of Gold. PB Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold. Leo Nikolaevich Tolstoy If it is true that stability of value is the crux of monetary matters, then an understanding of the stock-to-flow ratio is of supreme … [Read more...]