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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (162372)4/26/2002 11:55:31 AM
From: yard_man  Read Replies (2) of 436258
 
I'm not sure the implication is correct, there, KT. Gonna have to think about that one -- I may even look at what has been written on it.

First off -- I think you are mixing two things there -- oil is a scarce commodity (getting scarcer) that is consumed and should never be contemplated as a currency for that reason.

I'll get back to you on the larger pt -- whether the gold producing country would necessarily be richer than the rest of the world under a gold standard, but I think there's something seriously wrong with the logic underlying the implication.

>>The other problem with asset based money is who becomes rich. Do we want South Africa to be the richest country on Earth? Or, if we use oil, Saudi Arabia? Do we want the world to be at the mercy of cutoffs from these two countries?

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