Sound Money


Also found in: Wikipedia.

Sound Money

A somewhat polemical term for a currency backed by a tangible commodity such as gold, silver or platinum. Sound money has an intrinsic value, but is more susceptible to deflation than fiat money. Many countries used sound money throughout most of their histories; however, most countries today use fiat money and have since the United States left the Bretton Woods System in the 1970s. The term "sound money" is often used by those who favor its reintroduction. The more common term is hard money.
References in classic literature ?
It were a pity to let sound money stay in the pockets of such thieving knaves." So saying, he stooped over the burly rascal and searched among his rags and tatters, till presently his fingers felt a leathern pouch slung around his body beneath his patched and tattered coat.
is a national contest that encourages teens to use video to communicate the value of sound money management.
This brings us to Bitcoin, which Ammous contends is the next stage in the evolution of sound money. Having no physical presence or manifestation, Bitcoin is purely digital cash, also called a "cryptocurrency." It is a decentralized network that enables permissionless, peer-to-peer payments without requiring third-party intermediaries.
Put another way, they offer a kind of surety that their value won't crumble, and variations would be minor (this is what is known as 'sound money').
Bitcoin and most other cryptocurrencies are therefore referred to as "sound money."
These relate to government efforts in terms of expenditure, subsidies and investments; a legal system that upholds property rights, has an impartial judicial system as well as enforcement of contracts; sound money policies to handle inflationary threats and money supply growth; the freedom to trade across borders without the burden of high tariffs; and regulations concerning hiring practices as well as having a minimum wage.
If Louisiana had a budget surplus in the past, that news was cheered as a sign of conservative forecasting and sound money management, giving the state the ability to sock away savings and address a backlog of construction needs.
Bitcoin maximalists thus resemble old-fashioned gold bugs in insisting that there is only one truly "sound money": alternative cryptocurrencies are to them what silver coinage was to Grover Cleveland Republicans.
"Through ongoing relationships with knowledgeable financial advisors, military families develop sound money behaviors that help them feel better about today and financially squared away for tomorrow."
Financial literacy at an early age is key to building sound money management skills that will last a lifetime.
The Wyoming Legal Tender Act restores sound money in Wyoming, and on March 14, the bill became law without Governor Matt Mead's signature.