dr. judy shelton. [applause] >> thank you, matt.hose phrases that sounds good, it sounds right, the sound of the dollar, but what does it really mean to be in favor of sound an honest money? in my days as a university professor, and i taught a course called money and banking and graduate course on international finance. to teach anything, you have to go back to basics, to the fundamentals of what you are talking about. when we talk about money, we need to focus on those primary functions of money that you were all taught in your economics course at college. money is meant to provide a measure of value, a reference point. it is like a ruler. we all may build different houses but we use the measure. this is a foot. this is a yard, to plan the height of the walls and the breadth of the rooms. it is a common remps point that measured the standard when applied to money that allows perfect strangers, buyers and sellers to convey to each other the value of what they bring to marketplace or what they seek from the marketplace, because money

dr. judy shelton. [applause] >> thank you, matt. sound money is one of those phrases that sounds good, it sounds right, the sounder the dollar, but what does it really mean to be in favor of sound an honest money? in my days as a university professor, and i taught a course called -- called money and banking, and a graduate course on international finance. to teach anything, you have to go back to basics, to the fundamentals of what you are talking about. when we talk about money, we need to focus on those primary functions of money that you were all taught in your economics course at college. money is meant to provide a measure of value, a reference point bank, like ruler. we all may build different houses but we use the measure. this is a put, this is a yard. planning the height of the walls and a breath of the rooms, it is a common reference point that is measured as a standard when applied to money that allows perfect strangers, buyers and sellers, to convey to each other the value of what they bring to the marketplace or what th

dr. judy shelton. [applause] >> thank you.ounder money is one of those phrases that sounds good -- sound money is one of those phrases that sounds good, but what does it really mean to be in favor of sound money? and my days as a university professor, i taught a course andht moneya d banking. to teach anything, you have to go back to the basics. when we talk about money, we need to focus on those primary functions of money that you were all taught in your economic course at college. money is meant to provide a measure of value, a reference point. it is like a roller. we all made building apart houses, but we use the same measure. this is a put, this is a yard. -- this is a foot, this is a yard. it is a common reference point when applied to money that allows a perfect strangers to convey to a untethered a value of what they bring to the marketplace or what they see, from the marketplace, because money is the measuring stick through which you set a price. price conveys the value. it is the hold reason free markets work -- whole

dr. judy shelton. [applause] >> thank you. sound money is one of those phrases the sounds after, sounds right -- that sounds good, sounds right, but what does it mean? in my days as a professor, i taught a course called money and banking. to teach anything, you have to go back to basics, to the fundamentals of what you are talking about, and when we talk about money, we need to focus on the primary function of money we are all taught in your economics course in college. money is meant to give a reference point. it is like a ruler. we all may build a different houses, but we use the same measure. this is a foot. this is a yard. it is a common reference point, a standard when applied to money that allows perfect strangers, buyers, and sellers to convey the value of what they bring to the marketplace or what they seek from the marketplace, because money is the measuring stick through which you set a price, and price conveys the value. it is the whole reason free markets work. free markets calibrate supply and demand based on pric