> > No solution is perfect, but ultimately I think the idea of fiat
> > currency is
> > superior, if it is used responsibly.
>
> Doesn't bother me if it's not compulsory. Any group of individuals can
> trade amongst themselves using any combination of goods, services, or
> notes payable in goods a
On Tuesday, October 7, 2003, at 06:38 AM, Danny Van den Berghe wrote:
No solution is perfect, but ultimately I think the idea of fiat
currency is
superior, if it is used responsibly.
Doesn't bother me if it's not compulsory. Any group of individuals can
trade amongst themselves using any combin
Hello Danny,
>
> Well, interestingly Jim first brought up the examples of Byzantine and
> Italian Renaissance, so I have not been talking about Caliphate.
... Sorry, mea culpa, I was only halfway down the previous thread at the
time I jumped in. My argument for the Caliphate might be a bit superf
Hi Robert,
> What both Jim and you seem to ignore in the argument is the fact that the
> Caliphate flourished not only because(or in your case, despite) of
> Gold/Silver currency, but because of (1) NO INTEREST OF ANY KIND OR FORM
> and (2) low taxes, if any.
Well, interestingly Jim first broug
Hello Danny,
What both Jim and you seem to ignore in the argument is the fact that the
Caliphate flourished not only because(or in your case, despite) of
Gold/Silver currency, but because of (1) NO INTEREST OF ANY KIND OR FORM
and (2) low taxes, if any.
Your argument that people would hoard gold
> You are mentioning the social aspects (or lack thereof?) but don't seem to
> consider that during the height of the Caliphate people practiced what
> they preached. This included the Zakyat or the voluntary taxation of
> wealth where rich merchants and indeed most others who had come into
> wealt
Hello Frank,
It's not such a small point actually and you are absolutely right.
Of course, it was the Muslim scholars who then showed the world what to do
with those numbers ;o)
Cheers,
Robert.
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"The Arabic digits made actual calculations easily possible for the first
time since Sumeria and ancient Egypt."
Just a smal point, but so-called "Arabic numerals" were actually a product
of Hindu culture, exported by the Arabian empire into Europe. In keeping
with a long-cherished white guy trad
Hello Jim,
I didn't read all your recent posts and hence do not know if you mentioned
these:
The Arabic digits made actual calculations easily possible for the first
time since Sumeria and ancient Egypt. Europe was using Roman numerals and
if you ever tried to multiply MCMLXII times XIX or divide
