3/25/23: The Hierarchy Of #Money And The Case For $8,000 #GOLD. At the top of the pyramid sits the ultimate money, which is scarce, universally accepted, and has no counterparty risk because it’s no one’s liability: GOLD. Below gold are national currencies issued by central banks. Then come deposits that are created by commercial banks. Securities, such as bonds and equity, are at the bottom.

https://www.zerohedge.com/commodities/hierarchy-money-and-case-8000-gold