All official currencies (dollar, yen, pound, krona, etc.) starts out as 'virtual' names (then a 'number' is added). For example the 'dollar' was merely a 'virtual' name during our Revolutionary War period (this unit was totally virtual/inner). It was Thomas Jefferson (his thinking) who chose this virtual name (the 'dollar') for our American currency. Thomas was America's leader (at our founding) who understood money better than most. Prior to choosing any currency unit all governments must think up a virtual 'name' for their currency. Then 'numbers' are added to this virtual name. Numbers are also 'virtual' units derived from our virtual consciousness. Numbers have no 'thingness' (which few seem to understand).
Mr. Jefferson rejected the idea that a 'virtual' name (dollar) could act as a viable official currency (on its own merit). He recognized that a virtual name (like 'dollar') is 'subjective' and without any material substance. So what did Jefferson choose so that our American currency (the dollar) would have substance/value? He chose to 'tie' the virtual currency to a physical commodity which the people viewed as having some intrinsic 'value'. He noticed that people in the marketplace liked SILVER and GOLD as commodities which had perceived intrinsic 'value'. Most nations did similar when they started their official currency.
All official currencies on this planet started out in a similar manner. A virtual 'name' (and 'number') were chosen (by someone) and then this virtual name/number was 'tied' to some item which people perceived as having intrinsic value. Silver and gold have been the people's choice (historically) for thousands of years. Rome chose silver, Britain chose silver. Sweden chose silver, and America chose silver. Gold was also chosen as this metal was perceived as equal in intrinsic value to silver. Both are commodities which the marketplace have viewed as having intrinsic value.
The American dollar (a virtual unit) was given a definition by Thomas Jefferson (in 1785) so that this definition could serve as a reference point for value. Thomas chose 371.25 grains of silver as the definition for the American dollar. This definition was then agreed to by our Congress in 1792 and the first silver coin was minted in Philadelphia as America's official currency. America now had a currency which was viewed as having 'intrinsic' value. Thomas understood that a 'virtual' name (dollar) attached to a mere virtual 'number' did not have any substance and/or intrinsic value.
All this worked great for some 143 years. In 1929 America had a great economic depression and then Franklin D. Roosevelt was elected as President. FDR changed everything so as to gain CONTROL of the dollar (which the people had converted to gold during this time of economic collapse). FDR called in all the people's hoarding of gold and gave them in return a paper dollar managed by the Federal Reserve System. This paper dollar (with a 'number') was then called a 'fiat' unit of value (based totally on the credibility of the official government). Since 1934, America has had merely a 'fiat' dollar (now it has become totally virtual).
With the advent of our COMPUTER technology, our 'fiat' dollar (now 95% virtual), has become a digital dollar (circulating in cyberspace). This digital/virtual dollar is managed by our Federal Reserve System (today Jerome Power, et al.). Jerome and his chosen administrators manage this virtual/digital dollar with the click of a COMPUTER key. Our dollar is increased in supply by a decision of the FED (all operating behind closed doors). This process is often called creating 'money/currency' out of NOTHING (thin air). I call it official 'counterfeiting' of our virtual/digital dollar (as no intrinsic value is associated with this operation).
Today, all the prior 'fiat' currencies (which were viewed as paper currencies) have transitioned to COMPUTER currencies (all are digital/virtual) and they circulate within CYBERSPACE. Cyberspace is an artificial (invisible) space which only a NETWORK of computers produce. Today, our currency system (globally) is mostly digital/virtual/computer operated. The administration of this digital system is by select Central Banks (our Fed is the key Central Bank) along with the British central bank, the Bank of Japan, the Bank of International Settlements, and a few others. Money is now virtual/digital (a cashless world has emerged). None of these virtual currencies are 'tied' to a material/physical commodity.
What is now emerging is a global digital/virtual system of money (currencies) that is 'tied' to the decision-making consciousness of our Central Bankers. These decision makers operate behind closed doors and they inject/reject currency units for the global marketplace. All this is totally corrupt as the select RICH get richer (under this system) and so-called 'WEALTH' gets funneled to a few select entities (like Amazon, Google, Tesla, Microsoft, Warren Buffet, Bill Gates, etc.). A few select billionaires are now ruling over our global marketplace. This is similar in most nations (China, Britain, Japan, Germany, Russia, Brazil, and even Argentina). A few select billionaires (and their contacts) rule our global marketplace. It's a corrupt/criminal and destined for collapse at some point down the road.
Understanding the ORIGIN of a currency should help with your understanding of monetary history and also what is likely to happen as these VIRTUAL currencies collapse as the markets get DISTORTED and corrupted. The entire monetary SYSTEM is now a criminal enterprise as a few select administrators CONTROL the entire system on planet Earth. The election of Mr. Trump will not help us as this leader does not understand reality as it is administered. Neither does Biden, Sunak, Kristersson, Ingves, Jerome Powell, or Andrew Bailey. All these so-called monetary experts lack a philosophical understanding of the above history. Today, most THINK that a digital/virtual currency is a REAL thing of substance (this is illusion)!
At some point REALITY will surface and all these digital/virtual currencies will collapse (as none have ANY intrinsic value). All are created by the click of a computer key and this 'click' is administered by a leader who operates BEHIND CLOSED DOORS. When the virtual system collapses then everyone will become AWARE of these realities. Today, most have no understanding of what a virtual/digital currency actually IS. My sense is that this is because these decision makers THINK that a digital dollar (etc.) has 'thingness' and 'substance'. It reality this is delusion and ignorance. There is ZERO 'thingness' to any virtual currency (even if operating in a cyberspace network). Watch Argentina for evidence!
Understanding the ORIGIN of a currency is KEY to understanding monetary reality. America's origin of the dollar started in 1785 with the thinking of our leader, Thomas Jefferson. He was instrumental in getting our dollar defined (as 371.25 grains of silver) and then approved by our First Congress via the Coinage Act of 1792. His leadership created our First Mint in Philadelphia and America's First official dollar coin emerged in 1794. It was called the Jefferson Liberty Dollar. It was viewed as having intrinsic value in the marketplace. See the image here:
The origin of a currency provides the evidence of why our current monetary system is criminal/corrupt. We now have a few select (unelected) leaders administering our entire global money system. Prices are manipulated, values are distorted, and the wealthy get favored. Wealth disparity is at historical levels where a few billionaires rule over the entire marketplace. You can witness some of this distortion and corruption by viewing this website:
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