We have made it possible, without gold and without foreign exchange, to maintain the value of the German mark. Behind the German mark stands the German capacity for work, while some foreign countries, suffocated by gold, have been compelled to devalue their currencies.
Tis a blushing shame-faced spirit that mutinies in a man's bosom. It fills a man full of obstacles. It made me once restore a purse of gold that (by chance) I found. It beggars any man that keeps it.
Then wear the gold hat, if that will move her; If you can bounce high, bounce for her too, Till she cry "Lover, gold-hatted, high-bouncing lover, I must have you!
How strange a thing this is! The Priest telleth me that the Soul is worth all the gold in the world, and the merchants say that it is not worth a clipped piece of silver.
[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.