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Politics : Ask Michael Burke
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To: Tommaso who wrote (76919)3/3/2000 9:55:00 AM
From: Freedom Fighter  Read Replies (1) of 132070
 
Tommaso,

I'm not so sure gold is the way to go. But I do think that hard money is a goal that everyone should be in favor of.

The main problem with fiat money is that it's hard for anyone to know how fast the money supply and credit should be growing. Instead of markets determining it via market level interest rates based on savings, investment, return on capital etc..., the Fed is setting the interest rate based on an inflation statistic that is probably politically manipulated or at best difficult to measure. Setting the rate too low or too high can create all sorts of excesses, booms and busts.

Wayne
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