Money vs Currency. Explaining Gold.

[Black Flag]

Rothbard pegged money with 6 characteristics. FRN's are not uneasy to counterfeit and they are not a store of value. FRN's are simply currency.

Nothing is a store of value - you can't store what must be imputed.

[Black Flag]

I sure as hell wouldn't use FRN's starting the day after competing currencies were legalized.

Nothing is stopping you today, then.

[joshnorris14]

Abundance is the opposite of scarce. That was my point. Meat is a scarce commodity in the world, yet if I own 10 cattle, and 10 pigs, then meat is not scarce for me. Scarcity, like value, is based on the individual. No two individuals share the same scarcity or value.

How is this relevant to scarcity?
No, I wouldn't take it.

You wouldn't buy something that is not scarce... You also wouldn't own it, but so much for trying to show you what scarcity actually is.

[joshnorris14]

Nothing is a store of value - you can't store what must be imputed.

You damn well know what I mean. There are certain assets people use to maintain their wealth (IE stores of value), they can't do that with FRN's.

[Travlyr]

And FRBN does that just fine, too.

Fine for you. I don't like them at all.

[Travlyr]

Nothing is stopping you today, then.

My local store will not accept silver.

[Travlyr]

You wouldn't buy something that is not scarce... You also wouldn't own it, but so much for trying to show you what scarcity actually is.

I raised them from Cows and Sows. I didn't buy them. They are not scarce to me. What am I missing?

[Travlyr]

Nothing is a store of value - you can't store what must be imputed.

If I saved 100 silver dollars and 100 FRBN's in 1968 the silver would be worth $2600 FRNB's today and the FRNB's would still be worth $100.

[joshnorris14]

I raised them from Cows and Sows. I didn't buy them. They are not scarce to me. What am I missing?

If they weren't scarce you wouldn't raise them either. You wouldn't exert any economic effort into them. That includes time and labor.

[Travlyr]

If they weren't scarce you wouldn't raise them either. You wouldn't exert any economic effort into them. That includes time and labor.

Makes sense. They were scarce to me before I raised them. Now that I have an abundance, they are no longer scarce to me. They are valuable.