Norman Wildberger Explains Why He Doesn't Have Any Money Either

See The Foundation (Part II) and Pythagoras' Theorem and Dijkstra's Banker's Algorithm.

And this one posted 10 minutes ago:

On events in the early 1870s, see https://www.whitehouse.gov/about-the-white-house/presidents/ulysses-s-grant/:

Although a man of scrupulous honesty, Grant as President accepted handsome presents from admirers. Worse, he allowed himself to be seen with two speculators, Jay Gould and James Fisk. When Grant realized their scheme to corner the market in gold, he authorized the Secretary of the Treasury to sell enough gold to wreck their plans, but the speculation had already wrought havoc with business.

See also Tanked, and my comment on this video, about the Durch National Bank and Gold Bullion Reserves, and Mark Carney's plans to base central banks rereserves on crypto-currency.

The problem is when economic growth is constrained by scarecity of some particular standard of value, and it doesn't matter if that standard is gold, silver or crypto-currency. Once that standard is concentrated in the hands of an "elite", those people have control over all the economic activity people engage in. Then, "economic growth" becomes a process whereby natural and human resources are wasted and the result is the inevitable inflation of that standard. That is not sustainable. So we need to do something else.

So what should we base economic value on? The long-term projected productivity of land: see Why Climate Scientists Shouldn't Set Policy, In Ethiopia's South Omo It Hasn't Rained for Five Years and Why Climate Science is Hard.

See also Lori on a Homework Assignment I Wish My Dog Would Eat, Michelle Greenstein in Corruption and US Meddling in Hong Kong and Extinction Rebellion Gives People A Purpose in Life.