Jim’s Quote of the Day:
“Ask yourself, why do I hold some of my wealth in the form of money? The answer is, because you like the unique flexibility that only money can give you. If you have demand for money, it means that you have demand for purchasing power in the form of money. It is not a specific number of paper notes or weight of gold that you desire to hold – neither, by itself, does anything for you – but it is the spending flexibility that the monetary asset gives you, its exchange value, that you demand. From this, some powerful conclusions …