Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (14764)	2/10/2002 2:54:50 AM
From: Don Lloyd	Read Replies (1) of 74559

Maurice - ...Money is just another service and as with all services, the production cost needs to be low to compete. Shares and cyberspace can lower the cost of money production from gold, while providing a real foundation in value which is not behind Uncle Al's money. Gold costs a fortune to produce and is defective in all sorts of ways as money. In a sense, you may have this exactly backwards. It is precisely the difficulty and cost of increasing the quantity of gold that makes it the best available basis for money. Gold evolved into money because of a number of characteristics that were important in a physical medium of exchange. Today these characteristics are of little import as even paper money is well on its way to becoming obsolete as electronic accounts and transactions increasing become the means of mediating the exchange of economic goods and services. The primary determination of the quality of money, from the viewpoint of the holder, is the relative inability of the government to arbitrarily inflate its quantity, and thus reduce its unit purchasing power. Regards, Don

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