Quote:
Originally Posted by u-Bob
see my comment about money/currency/legal tender.
If the government makes a law prohibiting you from using a shovel to dig holes in the ground, that does not mean your shovel will no longer be a shovel.
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I'm not sure what you mean, one of the requirements for something to be "money" is that it is "a medium of exchange." Gold clearly does not satisfy that requirement, hence it's not "money."
It was considered "money" in the past, could possibly be considered "money" in the future, but today it's just a precious metal like Bernanke pointed out.