unit of account Quotes

Gold is money. Everything else is credit.

Although gold and silver are not by nature money, money is by nature gold and silver.

Money is the representative of a certain quantity of corn or other commodity. It is so much warmth, so much bread.

What is money, after all? Almost nothing, when one has a sufficiency of it.

Goods can serve many other purposes besides purchasing money, but money can serve no other purpose besides purchasing goods.

A currency serves three functions: providing a means of payment, a unit of account and a store of value. Gold may be a store of value for wealth, but it is not a means of payment. You cannot pay for your groceries with it. Nor is it a unit of account. Prices of goods and services, and of financial assets, are not denominated in gold terms.

Money does not arise by convention, any more than the state does. It arises out of exchange, and arises naturally out of exchange; it is a product of the same.