When we look at a gold coin we see a face value but what we are more interested in, is its nominal or bullion value. When we accept a dollar we do consider its face value but in times of inflation its real or potential value is of greater concern. Commodities have value. Money has fiat value because of the law but it also has a market value, and this is because liberal currencies are always a commodity. Conservative money has no value, it is simply a unit of account. For liberals this is a bizarre idea. For conservatives the idea of using a modified commodity as a medium of exchange, ought to be strange but too many conservatives have embraced liberal modes of thought. No where is this more true than in the way we think about money.

Ver todos los episodios