What Gives Money Value?

Discussion in 'Random Thoughts' started by Jimbee68, Nov 16, 2022.

  1. Jimbee68

    Jimbee68 Member

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    I don't know if you know this. But we no longer are on the gold standard. Little background, up till Richard Nixon's administration, 5% of our currency (U.S.) was backed with gold. Now is backed with nothing. So what gives it value?

    Another interesting story. In high school government class, our teacher told us that (up till then, I was under the impression our money was still backed with gold, believe it or not). But then she pointed out something interesting. If someone gave you a hundred dollars, what would you do? Burn it or spend it? Most people would spend it.

    So I'm confused then. What gives it value? :)
     
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  2. Candy Gal

    Candy Gal Lifetime Supporter

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  3. scratcho

    scratcho Lifetime Supporter Lifetime Supporter

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  4. Piney

    Piney Lifetime Supporter Lifetime Supporter

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    its Scarcity.
     
  5. newo

    newo Lifetime Supporter Lifetime Supporter

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    The value of money is the faith people have in it. When that faith is gone it becomes worthless.
     
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  6. PinkEye

    PinkEye Member Lifetime Supporter

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  7. themnax

    themnax Senior Member

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    the usefulness of what its spent on, and a kind social perspective that is kind of circular and based on itself.
    other then that, it has no real value other then what it can be exchanged for.

    it really has not use or value outside of the box of members of the human species and their emotional relationships to each other and to their mythose about their own species.

    thinking back, i could and probably should have, answered that with one word: "humans"
     
    Last edited: Nov 17, 2022
  8. jimandjan

    jimandjan Member

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    When it comes down to having the last bottle of fresh drinking water in the world. Money isn't worth much. Old saying not worth the paper it's printed on!
     

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