This post “Money Is Gold — and Nothing Else” appeared first on Daily Reckoning . Following the Panic of 1907, John Pierpont Morgan was called to testify before Congress in 1912 on the subject of Wall Street manipulations and what was then called the “money trust” or banking monopoly of J. P. Morgan & Co. In the course of his testimony, Morgan made one of the most profound and lasting remarks in the history of finance.
Morgan: Not always. That is an evidence of banking, but it is not the money itself. Money is gold, and nothing else.
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