[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

Re:The Value of Money




[email protected] writes:
>I understand this much:  there is some gold and other actual metal
>located in a vault, sitting there as a symbolic standard of wealth,
>worth, value.  Everyone stakes a claim to it, and they exchange that
>claim to others in substitution for something else (dog, rifle, gas in
>the car, baby-sitting).  These claims can circulate as fast as a
>computer can calcualte & transfer them, and that is all that circulates
>while the standard continues to sit in the vault, not being used for
>anything by anybody.  As long as you hold a claim to this lump of
>stuff, you're Somebody  -  a force to contend with in the Market Place.

Didn't Nixon take the U.S. off of the gold standard?




                                                     G.C.G.

 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
 | Geoffrey C. Grabow          | "What we demand are rigidly defined    |
 | Oyster Bay, New York        |   areas of doubt and uncertainty!"     |
 |                             |         --------------------           |
 | [email protected]  | Clipper, SkipJack & Digital Telephony  |
 |                             |             JUST SAY NO!!!             |
 |----------------------------------------------------------------------|
 |  PGP fingerprint = C9 95 0F C4 E9 DD 8E 73  DD 99 4E F5 EB 7A B6 1D  |
 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~