Ep. 511: A Zen Money Perspective with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Mystery of Money
As the economy of the Western world developed it was found that there was not enough gold around if it were to remain constant in value. So all great industrial nations went heavily into debt. We created a thing called the national debt which year by year gets bigger and bigger - even though we pay our bills. You might ponder the question when a banker buys gold with what does he pay for it? The answer is a mystery called credit. Credit is bookkeeping. What this means then is that money is nothing but bookkeeping. It is figures. It is a way of measuring what you over the community and what the community owes you. Because gold was rare and because gold was supposed to have a
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