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Re: The Value of Money
>I understand this much: there is some gold and other actual metal
>located in a vault, sitting there as a symbolic standard of wealth,
>worth, value. Everyone stakes a claim to it, and they exchange that
>claim to others in substitution for something else (dog, rifle, gas in
>the car, baby-sitting).
Actually, there is no connection between the gold and our money. I.e.
you cannot take US $ to Fort Knox (or any other government location) and
get gold for it.
This is why some posters have referred to "fiat money" - the $ is money
because the government says it is.