贵金属投资技术分析英文版32
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IF SO, then:
❖ How good is our currency as a measure?
8
Measures of money
Lots of aggregate measures of its supply
❖ M0, M1, M2, MZM, M3, etc
But what of the basic unit (of measure) itself?
7
What of the ‘unit of account’?
A standard numerical unit of measurement Used to describe economic activity (e.g. GDP) SO, maybe:
❖ Our measurement of economic performance is only as good or reliable as our ‘money’ is
9
Scientific measurement?
In all scientific endeavours, precision in the definition of the unit of measure has improved
The ONLY exception is economics and, in particular, monetary economics
‘Money’ today, as far as its value is concerned, is based on government fiat, which is itself a highly elastic measure
10
Aggregate measure of money
11
Final thoughts
The present financial crisis is far from over At its roots it’s a belated gold crisis Gold has been exiled internationally from the
monetary system and prevented from discharging its natural function
❖ Nothing to be found in absolute terms ❖ Abundance of data/speculation in relative terms:
• Currency exchange rates • Price level in terms of currencies
The main uses of money are:
1. as a medium of exchange; 2. as a unit of account; and 3. as a store of value.
6
Is this ‘good’ (sound) money?
An example of fiat paper money
So it is prudent to measure one’s net worth in gold units rather than legal tender units
of saleableness of goods and commodities ❖ money is the “unpremeditated resultant” and
“spontaneous outcome” of human actions
4
The role of the state...
people had already decided was money:
❖ caused the state to coin (administrative role) ❖ perfecting use of precious metals as ey?
Money is anything that is generally accepted as payment for goods and services and repayment of debts.
Came much later... Precious metals became money before ‘coins’ Not as a rule, but because of their saleableness No accident or state compulsion effected this State recognition and state regulation of what
3
On the origins of money...
Carl Menger’s essay (1892) is the most important reading source to fully grasp and understand the true origins of money
❖ a social phenomenon of practice/habit ❖ money is... a social (not a state) institution ❖ a gradual realisation of the different degrees
❖ How good is our currency as a measure?
8
Measures of money
Lots of aggregate measures of its supply
❖ M0, M1, M2, MZM, M3, etc
But what of the basic unit (of measure) itself?
7
What of the ‘unit of account’?
A standard numerical unit of measurement Used to describe economic activity (e.g. GDP) SO, maybe:
❖ Our measurement of economic performance is only as good or reliable as our ‘money’ is
9
Scientific measurement?
In all scientific endeavours, precision in the definition of the unit of measure has improved
The ONLY exception is economics and, in particular, monetary economics
‘Money’ today, as far as its value is concerned, is based on government fiat, which is itself a highly elastic measure
10
Aggregate measure of money
11
Final thoughts
The present financial crisis is far from over At its roots it’s a belated gold crisis Gold has been exiled internationally from the
monetary system and prevented from discharging its natural function
❖ Nothing to be found in absolute terms ❖ Abundance of data/speculation in relative terms:
• Currency exchange rates • Price level in terms of currencies
The main uses of money are:
1. as a medium of exchange; 2. as a unit of account; and 3. as a store of value.
6
Is this ‘good’ (sound) money?
An example of fiat paper money
So it is prudent to measure one’s net worth in gold units rather than legal tender units
of saleableness of goods and commodities ❖ money is the “unpremeditated resultant” and
“spontaneous outcome” of human actions
4
The role of the state...
people had already decided was money:
❖ caused the state to coin (administrative role) ❖ perfecting use of precious metals as ey?
Money is anything that is generally accepted as payment for goods and services and repayment of debts.
Came much later... Precious metals became money before ‘coins’ Not as a rule, but because of their saleableness No accident or state compulsion effected this State recognition and state regulation of what
3
On the origins of money...
Carl Menger’s essay (1892) is the most important reading source to fully grasp and understand the true origins of money
❖ a social phenomenon of practice/habit ❖ money is... a social (not a state) institution ❖ a gradual realisation of the different degrees