>I think some people are missing something as regards the gold bars,
>the weight thereof.
>
>These gold bars are similar to security on a loan. While they do
>sometimes bail new ones in (or out), this is not their main
>intention. If you put these gold bars in a vault in London and the
>bank states that they are there, this is all that need be done to
LYRIS BUSTER
>give them their value. They could be blocks of cheese but the markets
>would still treat them the same while that fact was unknown. Like
>most national currencies, their market value comes from their
>perceived value. Provided most people in the world agrees that the US
>Treasury isn't insolvent, most people will be quite happy to trade
LYRIS BUSTER
>their greenbacks for goods, services and other currencies. If in fact
>it turns out the US treasury has no assets or ability to raise income
>to meet those liabilities, it is no different to what would happen if
>Wired.com found out that E-gold's gold bars were actually chocolate
>bars in gold foil. Provided no-one knows it is an article of faith
>between the people using the currency.
>
Dear BEn -- respectfully, I feel this is quite WRONG, in fact,
"perfectly wrong"!
The every idea of e-gold is that it is NOT money. NOT currency.
It is, very simply, your own gold which you pay 1% per annum storage fee on.
I reckon you are quite wrong here Ben -- and if you are not, I would
immediately withdraw all my gold from e-gold and simply keep it in a
safe behind my fax machine.
Err ... that's not ACTUALLY where my safe is ... um ..
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
http://www.opinionjournal.com/editorial/feature.html?id=95000852
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