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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Maurice Winn who wrote (21435)7/19/2002 1:21:24 AM
From: Don Lloyd  Read Replies (2) of 74559
 
Maurice -

Printing money costs a few keystrokes and Uncle Al has to sign it. Pixels cost nearly nothing. So, unlike gold, vast value can be created at the stroke of a pen. No hard labour required, as there is with gold, which costs $200 to produce what Uncle Al can do with zero cost. Theft cannot happen. Multiple servers can track all transactions and store the records permanently.

A monetary system with a production cost of $200 per $300 of value can't compete with one costing zero [or nearly zero].

Money can be created at the stroke of a pen, but value can't. Money is the only economic good for which no social utility can conferred by an increase in its supply. Unless otherwise restrained, the objective exchange value of any good, including money, tends to fall to the level of its production cost, as demonstrated by the fiat dollar.

Regards, Don
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