Think of this as Volume 16, Number 37 of A-Clue.com, the online newsletter I've written since 1997. Enjoy.
Money is, in fact, the great mystery of my working life. What is it?
Is gold money? Is a dollar money? What makes them money?
What makes them money is that they're a store of value people understand and accept. There's an assumption that if the world comes crashing down tomorrow people with gold will have money but people with paper won't.
I no longer think that's right, because the only value gold can store is excess value, and if there's no excess value to store it's not money.