The Difference Between Speculating and Investing

In the old days, dollar bills were backed by gold sitting on the reserve in the banks. J. P. Morgan had basically issued its own county. Today with the technology that we have where everything is electronic, I don't think that would ever be a problem. You would have rating agencies that would basically tell you which banks basically have reserves. And which banks don't. But the essence of the system is that banks issue currencies. Banks issue currencies. It's not the government that issued the currency to the bank. The only way people take those currency seriously is if the bank has something behind the currency. That is, if the bankhas something to exchange for the country that's tangible