“A currency serves three functions: providing a means of payment, a unit of account and a store of value. Gold may be a store of value for wealth, but it is not a means of payment. You cannot pay for your groceries with it. Nor is it a unit of account. Prices of goods and services, and of financial assets, are not denominated in gold terms.”
Quote by Nouriel Roubini
Author
Nouriel Roubini
Nouriel Roubini is a prominent economist recognized for his precise forecasts of the global financial crisis. He is a professor at New York University's Stern School of Business and has held various roles in government and academia. Roubini's research concentrates on global macroeconomics, international finance, and economic policy. more