Good Money

And what of Gresham's Law, the tendency of "bad money" to drive out good money? Selgin's account demonstrates something striking: it only holds under a government system of money which overvalue bad money. In a private system, good money – like good products and services in a free market – outcompetes the low-quality money. In a market-based money system, there is an inexorable tendency for good money to win out.

Now think of gold or silver in Zimbabwe.

At some hyper-inflationary point, who in their right mind would trade it for that paper garbage?

Do you have some of that real money in small denominations?

Think about it.

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