At 5:09 PM -0800 on 1/13/02, [EMAIL PROTECTED] wrote:
> Yep. Yep^2. Someday, what we call "currencies" will be mere indices of various assets. Look ma, no fiat-state numeraires... Think of a combination of Fama/Black, et. al's early 1980's notion of "new" monetary economics coupled with an index of (bearer-held :-)) assets in transit and in wearhouses, along with commodities, plus the usual equity and debt mixture. Pretty much what the fed does now, only the index will be sold, just like the S&P is now. When IBUC's site's back up, I'll point to an essay I did on it a couple of years ago... Cheers, RAH -- ----------------- R. A. Hettinga <mailto: [EMAIL PROTECTED]> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
