by Bill Bonner, Daily Reckoning.com.au:
The airport in Paris must be the most efficient in the world. Our cab drove up at exactly 6 am. By 6:04, we were having a cup of coffee, waiting to board the plane. In just four minutes, we’d gotten our ticket, been inspected by security and made it to the gate.
Now we’re on the plane, flying over the Pyrenees…thinking…
Over the last 10,000 years, humans have tried two different kinds of ‘money’. They began with exchanges based on credit — ‘You give me a chicken…I’ll pay you back later, maybe by helping you build a new wigwam.’
Then, when society became too large and extensive, they switched to gold and silver. The advantage of this was obvious: You didn’t have to remember who owed what to whom. You could settle up right away. ‘You give me a chicken. I give you a little piece of silver. Done deal.’