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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Donald E. Aken who wrote (82)5/10/1998 12:45:00 PM
From: N   of 3536
 
Don,

Yours is an interesting question.

Some recent academic work on commdity money specifies a commodity money system must have these three elements:

1. the metal, e.g. gold
2. 'free' minting, meaning when you bring in your jewelry, they must coin it for you
3. there must be legal laws of tender present that specify what you can do with the coins if you discharge a debt.

Rereading the BIS statement to see how/if these elements are present, I would guess the following line indicates no gold standard e.g. effective commodity money system exists at present for the member countries:

"The BIS employs the gold franc solely as a unit of account for balance-sheet purposes."

I too second others: this is a great thread.

Nancy Hammond
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