Gold : from the Situation Room

July, 27 2012

Money is a human abstraction. Money is an idea that’s harnessed to certain standards. For example, archaeologists tell us that primitive societies used colored stones, seashells or pieces of bone as money.

Then for much of human history (including now, depending where you are), mankind used gold, silver and copper as money. In the 13th century, Kublai Khan introduced what some consider the first paper currency (the “chao”) throughout China — an idea that Marco Polo brought back to Europe.

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