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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Zeev Hed who wrote (75165)3/4/2001 11:09:50 AM
From: Don Lloyd  Read Replies (2) of 436258
 
Zeev -

...What you are therefore suggesting is a declining rate of backing of currencies with gold in time...

Not at all. My suggestions are based on NO government- backed currencies whatsoever, although there would be nothing to prevent my next door neighbor from creating his own private currency and trying to compete.

...By tying the world money to a single commodity, you will bring on that money the same instabilities that that specific commodity "enjoys" or "suffer from".

I suspect that most non-government officials would prefer to choose the 'suffering' of a commodity gold standard to that of the political fiat standard. What has to be realized that the idea of a constant store of value is a complete myth, impossible to achieve or even to measure. The rate of exchange between any two economic goods or services, including all possible forms of money, is entirely due to the variable subjective valuations of all individuals and is determined on an ever-changing margin.

Regards, Don
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