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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (93279)11/27/2001 4:11:13 PM
From: Bilow  Read Replies (3) of 132070
 
Hi Knighty Tin; Obviously gold is insufficiently stable, and too easily mined to be used as a standard of wealth. Here's my short list of requirements for a monetary standard:

(1) It should be present all over the world, so no one can easily monopolize the manufacture.
(2) It should be proportional to the population, so that as the world grows the monetary supply remains constant.
(3) It should require difficulty in manufacturing and it should be something that people hold valuable even outside of its monetary use.
(4) It shouldn't have any major use other than as a monetary standard. Otherwise we end up perverting our economy by not using it where it's needed.

This is a pretty difficult set of requirements to meet. My suggestion is that we return to a monetary standard using first born sons.

-- Carl
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