Gold Isn't Money Yet
by Gary North
December 26, 2002

The crucial issue to the operation of any monetary system is what participants in the market decide to use as money....


The recent move up in the price of gold has strengthened the hand of the camp of gold bugs. But this is a tiny camp. Among professional economists, support of a gold coin standard is limited mainly to members of the Austrian School, which has been a tiny minority in the profession.

There are a few supply-side economists who call for a government-run monetary system comprised mostly of credit money, which in turn is created by a government- licensed monopoly, the commercial banking system. . . .

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