Who Owns the World's Gold

[BuckarooBanzai]

Re: Who Owns the World's Gold

Definitions are not the same as axioms, and both are arguable.

Yes, people do use words in different ways. When it is clear, as it is to you in this case, that the other party is using a word in a particular way that doesn't happen to be how you use it, then useful dialog is more likely if you allow them their meaning. Sometimes I do this by suggesting another term, say "currency" instead of "money" in this case. Or, following c1ue's own suggestion, "legal tender."

Insisting on reading someone else's writings while imposing your meanings to his words is indeed a waste of time, his and yours.

A misuse of words is a misuse of words. I am using my definitions properly; others in this thread are not. As Chomsky so wryly noted, I have repeated my definition of what money is at least half a dozen times in this thread; I have done this for a reason. The reason is, not one person in a million seems to know what money is.

Look at the first paragraph of the wikipedia definition of what money is: "The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment.[3][4]" http://en.wikipedia.org/wiki/Money

The first step to understanding anything about finance and economics is to understand EXACTLY what money is. Incidentally, the people who do know exactly what money is, own tremendous amounts of gold.

[Shakespear]

Re: Who Owns the World's Gold

Not much comment on the Rothschild interest in Bullionvault. If these guys are getting into the "electronic" gold business there must be some plan behind this. Yes, I know, to make money.

However my inquiring mind is wondering is it to be done in the old fashion way, Earned, or the regular way, Ponzi ala Madoff.