The time came to determine a class presidency. We decided as a class not to tax the average student in order to compensate the nominated "public servants". We decided that those elected should be serving the class "out of the goodness of their hearts", and that anyone is free to donate to their benevolence.
In a democratic manner the presidency is such: Isaiah Slemons President, Bryanna Weaver Vice President, and Kate James Secretary. Congratulations to you three and thank you for serving our class.
During the remainder of class we read an excerpt by Murray Rothbard concerning the philosophy behind How Money Begins. We then discussed the various money commodities throughout history and the pros and cons of each, the pros being 1) scarcity (difficult to duplicate) 2) homogeneity 3) mobility 4) some sort of intrinsic value 5) durability 6) divisibility.
Of the various money commodities we had on the board, we decided gold best fit the above criteria. We then discussed the Why behind every government's decision to move to a fiat currency.
