[zby]

Money as an abstract 'value store' is not stable. It worked in the past with gold, because we did not have too many ways to speculate on it and transfer value from one asset to another. But it stopped working already in the beginning of the 20th century. This is perhaps a bold claim - but I believe that stability in money can be only an effect of regulation. This regulation does not need to be rigid centralized manipulation - but perhaps it can be a market-driven mechanism (http://mercatus.org/publication/market-driven-nominal-gdp-ta... - have not yet read this one).

Money as an abstract leads only to bubbles, because personal gains the of using it as a zero-sum game (outguessing your peers) dwarf gains of every other human activity.