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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Maurice Winn who wrote (14220)1/30/2002 1:13:43 PM
From: Stock Farmer  Read Replies (1) of 74559
 
clever... but missing of the point.

Which is merely this: hoaxes make a poor store of value.

Gold? Hmmm... jury's out. But at least a physical cost of production puts a lower bound on incremental absolute value provided the existence of marginal demand.

Which cost of production is slightly higher than another piece of specially printed paper, which itself is higher than the cost of shifting a few electron-digits in the bits of a shift register somewhere.

There is a school of thought that would have you measure goodness in a store of value by the ratio of face value to intrinsic value. And if we take as a premise that stocks are a money-transfer vehicle (a.k.a. hoax), then besides our money-at-risk capital ventures (a.k.a. hoaxes not yet played out) we might want to have a means to safeguard our ill-gotten gains from the hoaxes of others being perpetrated upon us (a.k.a. a store of value).

Better than electrons (also hoaxes) and better than paper (a hoax of a different color).

John
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