Value of Currency, Gold vs. Fiat; The Genuine and Spurious

Money is a verifiable document commonly admitted as payment for goods and services or repayment of debts. It functions as a standard of exchange, a unit of account, a reserve of value, and seldom a deferred payment standard. For the economist, money is an economic unit that works as a generally recognized medium of exchange for transactional purposes. Money makes the world go around. Even though a document or paper’s value as worthless as a piece of paper was once considered the representation of another fictitiously valued commodity, i.e., Gold. Nonetheless, it backs even more fictitious things that don’t have…...