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vox kadavergehorsamkeit
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Monetary Theory: Where Is the Flywheel and other Intellectual Ponderings and Squabbles - Jesse - Le Café Américain

It is good that you have an open mind....i named more than 1 thing. You understood my points and dismissed them with your comment that the valuation of merchandise the gold is exchanged for just shifts, as the law of supply and demand still holds true. Perhaps you missed the implications of what that would mean. In the first case of not enough new gold, while good for savers, it would make it that much more difficult for borrowers to pay off their loans. In the second case, as history has shown, while good for borrowers, it has disasterous consequences for savers.... If money is supposed to be a store of value (one of its prime functions) we see that gold can and has failed miserably. No sensible monetary system can be based on the haphazard discovery of new money. As well, money should have no other other function. Gold is used in electronics, dentistry, photography, medicine and other industries; making it a poor choice to represent money....If gold really is the ideal representation for money, why then is it not used by even a single nation anymore? Is it more sensible to believe that no nation wants to have a monetary system that actually works or that the gold standard was abandoned by all because it does not work very well?

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Beginning of the headline :Money is power. And so like those other loci of power, politics, tribalism, and religion, the discussion can sometimes obscure rather than illuminate the facts and issues, such being the emotional state of people. The discussion can sometimes become very heated, and very particular over the finer points, in a vacuum. A system becomes rigorous and hardened by usage, and effete and elaborate the longer it is parked on the bench. I am thinking of course of the recent case of Krugman v. Sachs... Read More

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