On Monday, October 6, 2003, at 12:55 AM, Steve Schear wrote:
"Under a gold standard, the amount of credit that an economy can support is determined by the economy's tangible assets, since every credit instrument is ultimately a claim on some tangible asset," ...
This reminds me of another important point. Businesses can always trade in commercial paper when they find gold settlement inconvenient. Commercial paper is, after all, a good and faithful promise to deliver specific goods at a future date.
-- Patrick
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