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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (75307)3/4/2001 10:18:13 PM
From: Zeev Hed  Read Replies (2) of 436258
 
tippet, you are just proving my argument, tying money to gold (or making gold itself the money) results in one of two situations, either you put the world economy in a straight jacket and it cannot grow faster than half the growth rate of new gold (and get deflation as you stated), or vice versa, you continuously raise the price of gold relative to all other commodities and you get inflation (the rest of the commodities, with a drag will follow). What is served by having gold as a currency? Nothing but some emotional attachment to some old held tenets about the golden calf. If you fear lack of discipline in "printed money", the free markets in currencies are there to maintain that discipline.

Zeev
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