🪙Gold vs💲'Money' - Wise Quotes

Testifying before Congress, 💰Banker J.P. Morgan said this about 🪙 Gold &💲Money...
►When legendary investment banker and financier John Pierpont Morgan Sr. (April 1837 – March 1913) was called before U.S. Congress and questioned on the banking system, he famously testified that:
...
💲 "Money is gold, and nothing else." 🪙
...
►Today, J. P. Morgan's original quote is commonly paraphrased as:
🪙 'Gold is money, ...everything else is credit.' 💳
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At the time of J.P. Morgan, the U.S. dollar was gold-backed, meaning each $ bill was an actual claim on an amount of gold. Due to actions during the FDR admin and later the Nixon admin, the dollar is no longer linked to gold.

Today, no modern major official currency is backed or redeemable for any precious metal. The euros, yen, renminbi, and dollar currencies are all 'fiat', or by 'arbitrary order or decree' (from the Latin for "let it be done"). Essentially, there is only the official decree of the government which issues the currency, declaring that it has value and must be accepted.

While there are arguably problems and issues with a gold standard, one of the advantages is that it prevents governments from excess spending and debt, as it inhibits the government's ability to inflate the money supply. Inflation of the money supply ("money printing") devalues existing money, and can discourage saving by acting as an 'invisible tax'.

As founder of J.P. Morgan & Company, he grew to become a dominant force of Wall Street corporate finance throughout the Gilded Age. J. P. Morgan remained a generous philanthropist until the end of his life. To this day, his bank remains one of the wealthiest, most powerful financial institutions in the world.

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