A currency serves three functions: providing a means of payment, a unit of account and a store of value. Gold may be a store of value for wealth, but it is not a means of payment. You cannot pay for your groceries with it. Nor is it a unit of account. Prices of goods and services, and of financial assets, are not denominated in gold terms.
Nouriel RoubiniRelated topics
account assets currency gold goods groceries nor pay payment store three unit value wealth meansRelated quotes
To crave wealth and honor, to demand power, to pile up riches, to gather all those vanities which seem to make for pomp and empty display, that is our furious passion and our unbounded desire.On the other hand, we fear and abhor poverty, obscurity, and humility, and we seek to avoid them by all possible means.
John Calvin
The Labour Party is a democratic socialist party. It believes that by the strength of our common endeavour we achieve more than we achieve alone, so as to create for each of us the means to realise our true potential and for all of us a community in which power, wealth, and opportunity are in the hands of the many, not the few.
Tony Blair
Patriotism means equipped forces and a prepared citizenry. Moral stamina means more energy and more productivity, on the farm and in the factory. Love of liberty means the guarding of every resource that makes freedom possible--from the sanctity of our families and the wealth of our soil to the genius of our scientists.
Dwight D. Eisenhower
We need financial regulation that allows businesses and the banks they use to have access to the tools that help keep prices of consumer goods - like groceries and home heating oil - steady, while ensuring that the taxpayers are never again on the hook for the types of wild bets that helped crash the economy in 2008.
Jim Himes
Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of its value. Gold will store its value, and you'll always be able to buy more food with your gold.
Peter Schiff