Gawd, don't ask me. I haven't been following this cabbages/gold discussion I'm afraid.
I just think from lofty principles. Currencies always used to be goods of intrinsic value. I just scratch my head and wonder why, after 2,500 years of considering currency in this way, that we should suddenly ditch the whole matter and put up with bits of printed paper instead.
Keith
At 09:15 31/08/03 -0400, you wrote:
Keith, back to my cabbages. Gold may be held at $27 per ounce, but what's to prevent cabbages going from $10 to $100? I would have to use up my savings to keep my family in cabbage.
Ed Weick
----- Original Message ----- From: "Keith Hudson" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Sunday, August 31, 2003 6:26 AM Subject: [Futurework] Greenspan on gold
> This is what Greenspan wrote about gold in 1966: > > <<<< > In the absence of the gold standard, there is no way to protect savings fom > confiscation through inflation. There is no safe store of value. If there > were, the government would have to make its holding illegal, as was done in > the case of gold [in the US in the 1930s]. > > Defecit spending is simply a scheme for the confiscation of wealth. Gold > stands in the way of this insidious process. It stands as a protector of > property rights. > >>>> > > A lot of water has flowed under the bridge since then -- and a lot has > obviously flowed through his brain cells, too. > Keith Hudson, 6 Upper Camden Place, Bath, England, > <www.evolutionary-economics.org> > > _______________________________________________ > Futurework mailing list > [EMAIL PROTECTED] > http://scribe.uwaterloo.ca/mailman/listinfo/futurework
_______________________________________________ Futurework mailing list [EMAIL PROTECTED] http://scribe.uwaterloo.ca/mailman/listinfo/futurework
----------------------------------------------------------------------------------------
Keith Hudson, General Editor, Handlo Music, http://www.handlo.com 6 Upper Camden Place, Bath BA1 5HX, England Tel: +44 1225 311636; Fax: +44 1225 447727; mailto:[EMAIL PROTECTED] ________________________________________________________________________
_______________________________________________ Futurework mailing list [EMAIL PROTECTED] http://scribe.uwaterloo.ca/mailman/listinfo/futurework
