The History Of Gold Money, Money And Its Relevancy

Abstract

This purpose of this research was to analyse the history of gold money, money and its relevancy. The present study, casts light, through investigating the current usage of Gold Dinar, chronological history of money and existing usage of Gold as a currency throughout the ages from ancient times to the present day. This research, aims to examine interest in using the Gold Dinar as well as emphasizes its advantages and disadvantages. To achieve the objectives of this research, qualitative research methods including content analysis and interviews were used. The study utilized personal interviews with scholars, and studying books, journals, magazines, as well as the empirical analysis from the available evidence such as documents published by the IMF and UN. The study found the problem exists because the manipulation of paper money or in economic term called inflation. Inflation destroys prosperity. Thus, the soundness of money should be maintained domestically and internationally through a system of fixed exchange rates based on universal gold convertibility. Indeed, stability in the value of money is very important in socio economic. It is a fundamental call for a new approach to financial governance based on balanced budgets, fiscal transparency, and political accountability. Gold, in that sense, is the defense for preserving national financial independence.