John Williams wandered around the point: > > On Mon, Dec 8, 2008 at 11:08 AM, Dan M <[EMAIL PROTECTED]> > wrote: > > > That's not the point being argued. You see, all but a few people > understand > > that money is a placeholder; it is a social construct. Numbers in a > > computer or pieces of paper with dead presidents on them have meaning > only > > within a society. > > Sophistry. Money can be converted to gold, and gold has value in every > society. You are just trying to rationalize taking wealth from others > because you think you know how to spend it better than they do. >
Hah! Money is no longer on the gold standard and is completely and totally a social contract dependent on the whims of societies and markets and the fiat of governments. Money only has value anymore because we believe it does. Money by itself is useless. Money is only useful in its buying power, at which point we aren't talking about money we are talking about the velocity of money, the current of money; money's first derivative with respect to time. (I think the analogy between economics and electricity is particularly useful and perhaps under-explored. I'd love to see more economists use circuit diagrams...) As an aside I am completely and stupendously amazed by your superlative assertion that all societies value gold. I would think that it is obvious that history shows that not every society has valued gold. Some actually valued gold for its (limited) functional purpose rather than its over-valued station as a shiny symbol of scarcity (and alchemical romance). There are even societies that never had the skill to mine for the stuff, or the reason or care or availability... Go ahead and convert all your precious wealth that "they" are trying to "stealz" to gold. Good luck doing anything actually useful with all that wealth in gold, however. I certainly won't accept gold in repayment of a debt, but I obviously accept several major fiat currencies, because of the social contract that represents between me and the people I in turn owe debts to, including but not limited to the government and its taxation. -- --Max Battcher--- http://worldmaker.net _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
