Central bank fallacy

At the heart of the stabilizationist ideal is a misunderstanding of the nature of money. Money is considered either a mere numeraire or a grandiose measure of values. Forgotten is the truth that money is desired and demanded as a useful commodity, even when this use is only as a medium of exchange. When a man holds money in his cash balance, he is deriving utility from it. Those who neglect this fact scoff at the gold standard as a primi­tive anachronism and fail to realize that “hoarding” performs a useful social function.

... says Rothbard in Man, Economy and State (chapter 11). Now you know.