Gold is money! Silver is money! Everything else is credit!
J. P. Morgan famously said this in his testimony before Congress in 1912: “Gold is money. Everything else is credit.”
J. P. Morgan was the founder of JPMorgan Chase & Co., an American multinational financial services company headquartered in New York City. It is the largest bank in the United States and the world’s largest bank by market capitalization as of 2023. Continue reading