Greatest AudioBooks | 🪙Gold vs💲'Money' - Wise Quotes @GreatestAudioBooks | Uploaded May 2023 | Updated October 2024, 1 hour ago.
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.' 💳
- - - -
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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This video: Copyright © 2023. GreatestAudioBooks.co All Rights Reserved. Disclaimer: As an Amazon Associate and affiliate with other select companies we may earn from qualifying purchases. Your purchases through Amazon and other affiliate links may generate revenue for this channel at NO COST to you! Thank you for your support.
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.' 💳
- - - -
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.
🌟🎧📚 GreatestAudioBooks.co 🌐
►@GreatestAudioBooks
Follow us on 💙 T w i t t e r
►twitter.com/GAudioBooks
Money & success audiobooks🎧📖
@GreatestAudioBooks
💰 The Science of Getting Rich►youtu.be/vM1wkzRl5ZA
💲 The Art of Money Getting►youtu.be/nMakUxmi4Mg
💰 Playlist: MONEY / SUCCESS / BUSINESS / SELF-HELP►youtube.com/playlist?list=PLnkWWmhVvhc0da9sG9Gfp-G8rXyg_wY1q
🪙 The Art of War by Machiavelli►youtu.be/L6Vx2swaC8Y
📸 I n s t a ►instagram.com/greatestaudiobooks
🕧 T i k T o k ►tiktok.com/@greatestaudiobooks
🔲K o j i ► koji.to/GreatestAudioBooks
- - - -
🎧 30 day Audible audiobooks trial►amzn.to/2Iu08SE
👩🏿🚀 More vids on O d y s e e ►odysee.com/$/invite/@GreatestAudioBooks:c
🎧 Audiobooks .com 🎧 30 day trial►tinyurl.com/2x6ac4ff
🎁 S H O P : amazon.com/shop/GreatestAudioBooks
- - - -
🙌 We're Supporting Child Rescue & Education via our nonprofit partner Compassion United: 👶🏽1) if you'd like to give, you can donate here on YT 👶🏿2) or visit: CompassionUnited.com | Thank you! 100% of your gift goes DIRECTLY to the cause you choose!❤️Compassion United is a registered 501(c)3 non-profit organization. EIN: 47-4319990 | 🇪🇹 Our most recent trip to Africa: youtu.be/DQJNZv3TfVg
🌟🎧📚🪙
#audiobook #audiobooks #freeaudiobooks #greatestaudiobooks #gold #money #quotes #quote #famousquotes #inspiringquotes #moneymindset
This video: Copyright © 2023. GreatestAudioBooks.co All Rights Reserved. Disclaimer: As an Amazon Associate and affiliate with other select companies we may earn from qualifying purchases. Your purchases through Amazon and other affiliate links may generate revenue for this channel at NO COST to you! Thank you for your support.
