By Ronald-Peter Stoferle, Incrementum AG Lichtenstein
Gold Is Money, Nothing Else
December 13 (King World News)
Many a (more or less) big philosopher has racked his brain as to why money has value. Aristotle was of the opinion that good money should come with very high production costs so as to induce people to attach value to it. He claimed that everybody would have to accept it as means of payment, value store, and value benchmark. Along those lines presented by Aristotle, basically an ancient gold bug, the only materials that would fit this description were gold and silver. Marxists would hail the reference to production costs, but Plato found a better explanation: from his point of view, money had no intrinsic value except the one that it was given by people. This reminds us of the marginal theory of value proposed by the Austrian School of Economics.....