IAUM - A Review Of Nik Bhatia's Layered Money: From Gold And Dollars To Bitcoin And Central Bank Digital Currencies

• Usually, we portray the money as an inverted pyramid, with base money at the base and increasingly wider layers of monetary substitutes above it.
• Gold is the highest money (first layer) with gold certificates issued by the Treasury (and in theory redeemable for the upper layer) forming the second layer.
• After gold was purged from the top layer, the Fed “never lost its position atop the dollar money pyramid.”.

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