5min chapter

The "What is Money?" Show cover image

An Examination of Central Banking with Joseph Wang (WiM234)

The "What is Money?" Show

CHAPTER

The One Thing Gold Lacks Is Portability

I see this explosion of debt based money in the world as a augmentation of gold, basically. Let's put all the gold in one place and then put an application on top of it called currency. And then that makes gold much faster, much more portable, let's say. But you not have to trust the bank or the custodian. And that's been pretty bad bet in many places and many times across history. So I guess my question is this: If gold could be moved at the speed of light, do you think banks or central banks would have ever come into existence? Absolutely.

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