Peter Schiff

Because before we had money,

There was barter, right?

We invented money.

But when there was no money and if two people wanted to trade with each other, they would barter.

So if I was a butcher and you were a baker and you wanted some meat, you would offer me some of your bread, right?

And then I would give you some meat.

And we could trade.

But what if you're a vegetarian, right?

What if you don't want meat?

How am I going to buy your bread if all I have is meat, right?

So it was difficult because you needed a confluence of needs.

But man invented money, right, which was a commodity that everybody would accept.

as payment and so if i had money then i could buy your bread and give you the money and then you could take that money right and buy something else but the money also had to be something of value but not bread which would go stale or meat that would um you know go bad the money had to be a commodity that would hold on to its value and so that's where you know gold came in

So instead of giving you meat that you'd have to eat right away or freeze it or something, I just give you gold.

And you knew that that was valuable and somebody else, the candlestick maker would take gold for his candlesticks.

You don't need to give him meat or you don't need to give him bread.

So, you know, and a lot of things were used as money, you know, throughout societies.

But what ended up being the best money

And they made coins out of it.

And you could easily tell, you know, how much gold was in each coin.